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| House Passes ILC Restrictions |
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The U.S. House of Representatives overwhelmingly passed a bill this week that would prevent commecial companies like Wal-Mart from owning or operating industrial loan corporations (ILCs), non-commercial banks which nonetheless could issue credit cards, accept deposits and make consumer loans. The measure would allow formation of ILCs only by companies which conduct 85% of their business activities in the financial services sector. It passed the House by a 371-16 margin. A companion measure sponsored by Sen. Sherrod Brown (D-OH) is before the Senate Banking Committee, where its prospects are uncertain. In the past, similar measures have been opposed by banking committee member Sen. Robert Bennett (R-UT). Utah is one of seven states that charter ILCs and is home to the majority of those now operating. |
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| Upcoming Events |
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Strategic Leadership &
Compliance Day November 5-6, 2008 Dallas, TX
2009 ETA Annual Las Vegas, NV |
| 2009 Annual Meeting |
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 2008 Annual Meeting Exhibitor Information is Here! If you're planning to join the leading companies in the payments business in the ETA Annual Meeting exhibiton hall next April, now is the time to reserve your space and make your plans. Everything you need is here . |
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