Edward Jones resubmits ILC charter application
From Yahoo Finance: 2025-04-15 08:38:00
Edward Jones re-applies for an industrial bank charter after withdrawing their application in 2022, citing the “environment” at the time. The firm aims to serve more clients completely with an industrial bank, following in the footsteps of GM Financial who re-applied for the same charter in January.
The FDIC’s acting chief, Travis Hill, sees ILC charters as a way to boost new bank formation, indicating a relaxed financial regulation under the Trump administration. However, opponents argue that the ILC designation exempts companies from the definition of a “bank” under the Bank Holding Company Act, potentially bypassing Federal Reserve oversight.
Former Sen. Mitt Romney supports pending ILC charter applications, stating they provide crucial access to credit opportunities within the regulated banking sector. Edward Jones’ new application submission aims to simplify clients’ financial lives and meet their evolving needs with expanded banking products.
If approved, Andrea Moss, CEO of Nelnet Bank, will lead Edward Jones Bank, headquartered in Salt Lake City. Nelnet Bank became one of the first companies to gain an ILC charter in 2020, alongside fintech company Square (now Block), with a total of 14 companies submitting applications since 2017. 1. The US economy added 943,000 jobs in July, exceeding expectations. Unemployment rate dropped to 5.4%, lowest since March 2020. Job growth was driven by leisure and hospitality sectors, with the Delta variant causing some concerns for future growth.
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