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Showcase Your Photos


institutions that have typically specialized in financing the products of a corporate partner, like an auto company (stlouisfed.org/publications/regional-economist/july-2007/ industrial-loan-companies-come-out-of-the-shadows). Five states currently charter ILCs: California, Indiana, Minnesota, Nevada and Utah; the vast majority of ILCs are Utah- chartered. In exchange for their charters and access to the federal safety net, including federal deposit insurance, the Federal Reserve discount window and the payments system, ILCs must comply with federal safety and soundness and consumer protection laws that apply generally to institutions insured by the Federal Deposit Insurance Corporation. ILC parent companies that are nonfinancial in nature are not supervised by the Federal Reserve. Tis feature, among others, has made ILCs controversial, and the FDIC imposed a moratorium on new deposit insurance applications between 2006 and 2008 when Walmart and Home Depot both sought them. Another three-year moratorium was imposed in the Dodd-Frank Act.


In the last several years, a number of fintech firms have expressed an interest in an ILC charter, and the FDIC has approved deposit insurance applications for Square, a payments service provider, and Nelnet, an originator and servicer of student and other consumer loans. Several applications remain in the pipeline.


A CROWDED FIELD Digital banking options, like the online banking option for traditional banks, received a boost from pandemic-induced shutdowns of bank branches and limited banking hours. Most analysts expect double-digit growth rates in users and transactions to continue as more competitors enter the field. As digital banking companies increase in prevalence and market share, competitive, regulatory and consumer issues will become more important.


Carl White is senior vice president of the Supervision, Credit, Community Development and Learning Innovation Division for the Federal Reserve Bank of St. Louis. He has served in various other roles within safety and soundness. White has served as lead instructor and course developer on numerous Fed System training courses. He served as the central point of contact for the district’s largest state-member bank before and during 


In MBA’s 2022 Scenes Of Missouri Calendar!


Calling all


photographers! The Missouri Bankers Association is accepting


 of Missouri calendar. These photos depict the beauty of the Show-Me State — from the Bootheel to the Ozarks to the northern farmland, our great cities and all points in between — anything that features Missouri scenery, historical locations, the changing seasons, city scenes, wildlife and more. And, you could win $100 if your photo is chosen as “Best of Show!”


MBA’s calendar features photographs from MBA-member bank employees, directors and their family members. For more than a decade, dozens of Missouri photographers have had 


 these calendars make fantastic gifts for customers to enjoy year-round and to promote your bank.


Only digital photos are being accepted for consideration. Email photos to photos@ mobankers.com or submit them on a CD. The deadline to submit entries is Monday, May 31.


For complete entry details and a photo contest entry form, visit mobankers.com. If you have questions, contact Carol Barnett at MBA at 573-636-8151 or cbarnett@mobankers.com.


THE MISSOURI BANKER 27


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