Banking Dive: Edward Jones withdraws ILC charter application

Banking Dive, October 12, 2022, Edward Jones withdraws ILC charter application

Ford in July pitched its ILC concept as a way to focus on auto-related lending and help it promote adoption of electric vehicles in the U.S. But four consumer groups called that effort disingenuous, adding it leaves consumers open to privacy violations.

“Ford Motor EVs are connected devices that can download and upload” consumer data, which would be shared between Ford Motor and Ford Credit, the National Community Reinvestment Coalition, the National Consumer Law Center, Americans for Financial Reform Education Fund and the Center for Responsible Lending wrote in August. Then, they added, “information is sold to third parties.”

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