The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB). Along with the FDIC’s final rule regarding brokered deposits, the adoption of the final rule represents a significant development for fintech companies and other commercial companies seeking to establish ILCs. The final rule is effective on April 1, 2021 and substantially adopts the FDIC’s proposal. The final rule makes the following substantive changes to the proposal: