Currently, these provisions do not apply to a company that owns one or more ILCs or credit card banks, but that is not otherwise a bank holding company or savings and loan holding company.
However, as I have recently argued, we should not overemphasize these risks today. Failure to continue acting in accordance with fiscal policy to support households and firms and raise aggregate demand to the levels needed to regain convergence towards our price stability objective could even threaten independence for the opposite reason.