BPI Joins ABA to Oppose Ratuken ILC Charter in Letter to FDIC

BPI Joins ABA to Oppose Ratuken ILC Charter in Letter to FDIC

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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The views expressed do not necessarily reflect those of the Bank Policy Institute’s member banks, and are not intended to be, and should not be construed as, legal advice of any kind.