Acting Comptroller Issues Statement on FDIC Industrial Loan Company Application — 2024-06-21

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at yesterday’s Federal Deposit Insurance Corporation (FDIC) board meeting regarding the application from Thrivent Financial for federal deposit insurance. I support the deposit insurance application for a proposed industrial bank to be owned by Thrivent Financial for Lutherans (Thrivent Financial). Thrivent Financial, a $113 billion company, and its subsidiaries offer nationwide financial and investment advice, trust services, and investment and insurance products. In addition, Thrivent Financial proposes to merge Thrivent Financial Credit Union, a $832 million federally chartered credit union, into the proposed industrial bank. The proposed industrial bank and combined entity would broaden Thrivent Financial’s reach within the general population and attract new clients beyond the credit union’s restricted field of membership and capital growth limitations.