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The FDIC (Federal Deposit Insurance Corporation) proposed a set of standards this week for how it would consider special charters to allow non-banks to accept deposits and engage in other limited banking activities.
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The proposal, which the FDIC board approved Tuesday, would codify standards already applied to existing ILCs. Newly chartered firms would have to confirm they will be financially backed by their parent companies, consent to FDIC examinations and annual external audits, and agree to record-keeping requirements, among other standards. "This proposal would ensure that parent companies serve as a source of strength for their industrial bank subsidiaries," said McWilliams in a statement.
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