Remphoto

[Freethinker]

What are the implications of THIS (http://www.dealernews.com/dealernews/Breaking+News/Obama-Financial-Plan-Threatens-Lenders/ArticleStandard/Article/detail/609377?ref=25)?

[Remphoto]

Personally, I would like to see them regulated the same as banks -- makes for a level playing field. They are able to generate FDIC insured deposits so should have to practice safety and soundness at the same level as banks. Most of the entities listed have taken substantial losses as a result of this lax oversight. The ILC loophole has been used by retailers and other non-banking businesses to get into banking without having to meet bank standards. It opens the FDIC up to additional risks. A big fight has been underway for years between Wal-Mart and the banks as Wally has tried to form an ILC and get into the banking business at their stores. This is one of the few times that the bankers and Barney Frank have been on the same page and have been able to keep Wal-Mart out.