Some grandfathered states have allowed their ILCs to exercise many of the same powers as commercial banks and have begun to charter new ILCs. Today, several ILCs are owned by large, internationally active financial or commercial firms.
In addition, a number of ILCs themselves have grown large, with one holding more than $ billion in deposits and an additional six holding more than $ billion in deposits. Affirmatively granting ILCs the ability to offer business NOW accounts would permit ILCs to become the functional equivalent of full-service insured banks.