WASHINGTON — House Financial Services Committee Chairman-designate Barney Frank (D-Mass.) and Committee Member Paul Gillmor (R-Ohio) were seeking support from colleagues to co-sign a letter asking the FDIC to extend its moratorium on industry loan company charter applications.

The agency had placed a moratorium–set to expire in January–on ILC charters due to controversy kicked up over applications from companies like Wal-Mart and Home Depot, and the congressmen are looking for another six months, Dow Jones Newswires is reporting. Sixty-one companies, including Target and Harley Davidson, already have ILCs and hold about $155 billion in assets.

Frank and Gillmor have co-authored a bill to prevent commercial firms from owning industrial loan companies. "This extension is necessary to allow the 110th Congress, which will take office on January 3, 2007, an opportunity to act on this important public policy issue," the letter reportedly said.