H.R. 5912 · 117th Congress
Close the ILC Loophole Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GarcíaSponsor3 cosponsors · 1 D, 2 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Close the ILC Loophole Act
Latest action (Jun 22, 2022): Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 9, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.