Japanese e-commerce giant Rakuten first applied for an ILC charter last year before withdrawing the filing and refiling this May; policy executives at the American Bankers Association, Bank Policy Institute and Consumer Bankers Association say the new application has not made the necessary changes to be approved; “We agree with the FDIC that the Rakuten application’s precedent-setting nature warrants deferral to Congress,” a letter written by the three groups to the FDIC said according to American Banker. “Therefore, unless and until there is federal legislation that specifically addresses this issue, the FDIC should shelve, or alternatively, disapprove the Rakuten application.”; Rakuten Bank America said they are confident in the changes made to the application and are committed to transparency; banks have long opposed charters for non financial companies as they believe it gives retail companies the ability to finance bad loans and trigger a credit crisis. American Banker.