Phil Buffington Quoted by Global Market Intelligence About Industrial Loan Company (ILC) Charters

Phil Buffington, partner in the firm’s Jackson office and member of the Banking & Financial Services Practice, was quoted by Global Market Intelligence – Powered by Dow Jones, in the article titled, “Nonbank access to ILCs remains guarded despite approval for Thrivent”.

In the article published July 28, 2024, Phil discusses the role of Industrial Loan Companies (ILCs) and the banking industry's response to them.

While one argument in favor of the ILC charter regime is that it can serve populations that traditional banks may not adequately serve, Phil noted that the banking industry has been increasingly responsive to technological developments, and has been more aggressive in improving services and retaining customers.

"A lot of people suggest the banking industry is trying to keep anybody from entering the industry, and I really take a different view on that. I think that the banking industry is trying to make sure there is competitive quality," Phil was quoted as saying. 

Phil Buffington advises financial institutions throughout the United States on federal and state banking laws and regulations. For more than 30 years, he has served as a trusted advisor to community, regional and national financial institutions, helping them to assess and analyze regulatory, institutional and litigation risks. Phil counsels clients on a full range of issues, including federal and state regulatory matters, corporate governance, mergers and acquisitions, succession planning, strategic planning, capital planning and offerings, evaluating and assisting in the development of new products and services, and responses to examinations and enforcement actions. His practice also includes commercial lending transactions, health care and insurance.

Earlier this year, Phil spoke on succession planning at the Independent Bankers of America Annual Conference and this month, he spoke on the US Supreme Court overturning the Chevron Doctrine at the Alabama Bankers Association CEO Conference. He has been recognized by Mid-South Super Lawyers and The Best Lawyers in America®, including as a former “Lawyer of the Year” in commercial finance law.