Global Conference 2011

Global Conference 2011

Who Can Own a Bank? The Debate Over Industrial Loan Companies

Wednesday, May 4, 2011 / 9:30 am - 10:45 am


Industrial loan companies (ILCs) have been in existence for a century. But the subset of ILCs owned by diversified commercial firms has been a source of controversy, subject to various regulations passed to restrict their operation and expansion. In 2010, the Dodd-Frank Act placed a three-year moratorium on new charters. Should commercial firms be prohibited from owning banking institutions? Should the United States remain the only G20 country opposed to the "mixing of banking and commerce"? Should ILCs be allowed to expand if they prove to be safe, sound and well-capitalized? Should we allow the banking sector to tap into the $13 trillion capital pool owned by nonfinancial firms? Regulators, ILC executives and banking experts will debate the future of the ILC industry.

Moderator

James Barth

Senior Finance Fellow, Milken Institute; Lowder Eminent Scholar in Finance, Auburn University

Speakers

Louise Kelly

President and CEO, EnerBank USA

G. Edward Leary

Commissioner, Utah Department of Financial Institutions

Neil Milner

President and CEO, Conference of State Bank Supervisors

Maurine Padden

Executive Vice President and Chief Administrative Officer, California Bankers Association

Raymond Specht

Vice Chairman, Toyota Financial Savings Bank


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