Close the ILC Loophole Act
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in house (Nov 9, 2021)
Close the ILC Loophole Act
This bill limits the exemption from certain banking regulations applicable to industrial loan companies to those companies approved to receive Federal Deposit Insurance Corporation insurance before September 23, 2021, or companies with an application pending as of September 23, 2021. Industrial loan companies are state chartered institutions that provide several services similar to banks, such as originating loans and processing payments.
Parent companies of such industrial loan companies are subject to the supervision of the Board of Governors of the Federal Reserve System.
The bill also sets forth procedures regarding a change in control of an industrial loan company.
The Government Accountability Office must report on the effects of industrial loan companies, industrial banks, and other similar institutions on the economy, including the effect on competitiveness, market structure, and different industries.
What just happenedJun 22, 2022
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.
Who’s behind it
- Introduced in HouseNov 9, 2021
- Jun 22, 2022Committee
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.
Financial Services Committee - Jun 22, 2022Committee
Committee Consideration and Mark-up Session Held.
Financial Services Committee - Nov 9, 2021IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Nov 9, 2021IntroReferralIntro-H
Introduced in House
- Nov 9, 2021IntroReferral1000
Introduced in House