Close the Shadow Banking Loophole Act

Summary

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.

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Timeline

1. 6 December 2022

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 6 December 2022

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 6 December 2022 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 December 2022

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 December 2022

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 December 2022

  Open at official source

Sponsors

• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Chris Van Hollen · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Close the Shadow Banking Loophole Act