The exemption for certain ILCs in the BHC Act permits a company to own an  12  BIS Review 14/2006  FDIC-insured ILC and avoid the activity restrictions and consolidated supervisory requirements that generally apply to the corporate owners of other insured banks. 31. Contractual arrangements with a failed bank (Matrix No.
155) Amendment would prohibit a party, for 90 days after the FDIC is appointed receiver or conservator for an insured depository institution, from exercising any contractual right the party may have to terminate, accelerate or declare a default under a contract with the failed institution, or obtain possession of collateral pledged under such a contract, unless the FDIC consented to the action. 32.