What does industrial loan company mean?
Definitions for industrial loan company
in·dus·tri·al loan com·pa·ny
This dictionary definitions page includes all the possible meanings, example usage and translations of the word industrial loan company.
Princeton's WordNet
industrial bank, industrial loan companynoun
a finance company that makes small loans to industrial workers
ChatGPT
industrial loan company
An Industrial Loan Company (ILC) is a finance institution in the United States that lends money, and may be owned by non-financial institutions. They provide loans to individuals and businesses thus, playing a crucial role in financial intermediation by helping to channel funds from savers to borrowers. Some, but not all, ILCs accept deposits and are subject to the same insurance coverage, reserve requirements and regulations as commercial banks. These companies are state-chartered and regulated, mostly in Utah and Nevada.
Wikidata
Industrial loan company
An industrial loan company or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial institutions. Though such banks offer FDIC-insured deposits and are subject to FDIC and state regulator oversight, a debate exists to allow parent companies such as Wal-Mart to remain unregulated by the financial regulators. "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the parent company." The ILC is permitted to have branches in multiple states. They are state-chartered, and insured by the Federal Deposit Insurance Corporation. They are currently chartered by seven states, with most chartered by Utah. Other states permitting them include California, Colorado, Minnesota, Indiana, Hawaii, and Nevada. Companies that have set up industrial banks include UBS, General Electric, General Motors, Merrill Lynch, Morgan Stanley, American Express, Target Corp, Nordstrom, Harley-Davidson, First Data, UnitedHealth Group, BMW, and Sallie Mae. In May 2005, Warren Buffett's Berkshire Hathaway, Inc. announced plans to operate a Utah industrial bank to handle consumer loans for its R. C. Willey Home Furnishings stores. The Blue Cross and Blue Shield Association, Ford Motor Co., Ceridian Corp. and Home Depot await approval.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of industrial loan company in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of industrial loan company in Pythagorean Numerology is: 4
Translation
Find a translation for the industrial loan company definition in other languages:
Select another language:
- - Select -
- 简体中文 (Chinese - Simplified)
- 繁體中文 (Chinese - Traditional)
- Español (Spanish)
- Esperanto (Esperanto)
- 日本語 (Japanese)
- Português (Portuguese)
- Deutsch (German)
- العربية (Arabic)
- Français (French)
- Русский (Russian)
- ಕನ್ನಡ (Kannada)
- 한국어 (Korean)
- עברית (Hebrew)
- Gaeilge (Irish)
- Українська (Ukrainian)
- اردو (Urdu)
- Magyar (Hungarian)
- मानक हिन्दी (Hindi)
- Indonesia (Indonesian)
- Italiano (Italian)
- தமிழ் (Tamil)
- Türkçe (Turkish)
- తెలుగు (Telugu)
- ภาษาไทย (Thai)
- Tiếng Việt (Vietnamese)
- Čeština (Czech)
- Polski (Polish)
- Bahasa Indonesia (Indonesian)
- Românește (Romanian)
- Nederlands (Dutch)
- Ελληνικά (Greek)
- Latinum (Latin)
- Svenska (Swedish)
- Dansk (Danish)
- Suomi (Finnish)
- فارسی (Persian)
- ייִדיש (Yiddish)
- հայերեն (Armenian)
- Norsk (Norwegian)
- English (English)
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Citation
Use the citation below to add this definition to your bibliography:
Style:MLAChicagoAPA
"industrial loan company." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/industrial+loan+company>.
Discuss these industrial loan company definitions with the community:
Report Comment
We're doing our best to make sure our content is useful, accurate and safe.
If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly.
Attachment
You need to be logged in to favorite.
Log In