On August 30, BPI joined the American Bankers Association in a letter to the FDIC opposing Japanese e-commerce firm Rakuten’s application to operate as an insured industrial loan company (ILC). Of note, the letter highlights the risk posed by the close affiliation of Rakuten’s financial and non-financial businesses and potential threats to privacy associated with its proposed business plan, which would rely on use of customer information across its bank and non-financial affiliates.
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