
Industrial Banks: Providing safe and sound credit to millions of Americans.
Important News Updates
The Senate is in session this week, but the House has canceled votes after staying in D.C. last week to pass the reconciliation package.
Both chambers are back this week before a scheduled recess next week for the 4th of July. It is a busy week ahead, but we are still basking in the glow of the OKC Thunder’s clinching of the NBA title yesterday. The extra sunlight from the solstice doesn’t hurt, either.
Thrivent Bank is the sixteenth FDIC-insured industrial bank operating in Utah. Thrivent Bank is the first de novo industrial bank to open in the state since 2021.
May was an eventful month, with the reconciliation bill sticking to timelines (against many predictions) and passing the House of Representatives. This month will be devoted to the Senate, as Majority Leader John Thune pushes to get the bill on the President’s desk by July 4th.
We write this knowing that the moment we hit send, it will become obsolete, because such is the pace of change these days. The main event we are watching continues to be reconciliation.
Last week, several committees in the House marked up their portions of the reconciliation bill, marking another step in the process toward completion of President Trump’s signature legislative effort.
NAIB filed a letter of support for OneMain Bank's application for an industrial bank charter. OneMain Financial has been a long-term member of the Utah Association of Financial Services, an affiliated organization of NAIB.
Resources

Reports & Studies
Reports show that ILCs are safe and sound and should be viewed and regulated differently.

Comment Letters
Association letters regarding the potential changes to the regulatory landscape for ILCs.

Upcoming Events
NAIB & UAFS Annual Convention
Park City, UT
October 1-3, 2025

Who we are:
Industrial banks, also known as industrial loan companies (ILCs) have been an integral part of the US financial system for over a century. These visionary companies have built the National Association of Industrial Bankers (NAIB) to champion innovative financial services for Americans by expanding access to credit, guaranteeing consumer choice, and providing unique banking services.
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