H.R. 5912: Close the ILC Loophole Act
Legislation Details
117th Congress
To reform the regulation of industrial loan companies and their parent companies, and for other purposes.
Sponsor: Rep. Jesús García — D — IL
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 i...
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