Audio – Halt to ILC approvals would be “180 degree change” for FDIC

January 10, 2007

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Comptroller of the Currency John Dugan says “it would be an 180 degree change” for the FDIC to stop approving applications from U.S. retailers that want to own an industrial loan company (ILC). Dugan is a member of the FDIC board, which will meet at the end of this month and decide whether to extend a moratorium on ILC applications from Wal-Mart, Home Depot and other retailers. Some Democratic lawmakers want the moratorium extended so they can consider legislation.

Dugan spoke at the Reuters Regulation Summit in Washington.

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