The Independent Community Bankers of America (ICBA) is lobbying Congress to block fintech firms from obtaining an Industrial Loan Company charter; the ICBA distributed a policy paper in Washington calling for an immediate moratorium on providing federal deposit insurance to ILCs; they will be lobbying members of Congress including the Senate Banking and House Financial Services committees; Nat Hoopes of the Marketplace Lending Association pushed back saying this, “As thousands of traditional bank branches close, many communities are losing banking options. Limiting consumers’ banking choices in these circumstances is not going to help the American economy.” Source.
