A bill to address applications for deposit insurance submitted by industrial banks to the Federal Deposit Insurance Corporation, and for other purposes.
Close the Shadow Banking Loophole Act
This bill (1) provides for the federal regulation and supervision of industrial banks, also known as industrial loan companies (ILCs), and their parent companies; and (2) sets forth a deadline for the consideration of pending ILC Federal Deposit Insurance Corporation (FDIC) deposit insurance applications. ILCs are state chartered institutions owned by nonfinancial businesses (parent companies) that provide several services similar to banks, such as originating loans and processing payments. The parent companies are not subject to supervision by the Federal Reserve Board. Under current law, the Federal Deposit Insurance Corporation (FDIC) may grant deposit insurance to these institutions.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line