That act closed the unitary-thrift loophole, which previously allowed  2  See S. Rep. No. 100-19 (1987); S. Rep. No. 91-1084 (1970); H.R. Rep. No. 84-609 (1955). BIS Review 40/2007  3  commercial firms to acquire a federally insured savings association.
At the same time and after lengthy debate, Congress decided to allow financial holding companies to engage in only those activities determined to be financial in nature or incidental or complementary to financial activities. The ILC exception, however, has allowed several large commercial firms to acquire an insured ILC and additional commercial firms currently have ILC acquisition proposals pending before the FDIC. H.R.