S. 3538 · 118th Congress
Close the Shadow Banking Loophole Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BrownSponsor5 cosponsors · 2 D, 3 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill provides for the federal regulation and supervision of industrial banks, also known as industrial loan companies (ILCs), and their parent companies. 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.
What it does: CRS summary · Introduced in Senate · Dec 14, 2023
Close the Shadow Banking Loophole Act
This bill provides for the federal regulation and supervision of industrial banks, also known as industrial loan companies (ILCs), and their parent companies. 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. Under current law, the parent companies are not subject to federal banking supervision, however, the Federal Deposit Insurance Corporation (FDIC) may grant deposit insurance to these institutions.
Under the bill, certain pending ILC deposit insurance applications must receive votes from two-thirds of the FDIC board to be approved. The bill also sets a deadline for FDIC to consider pending applications. If FDIC does not approve an application before this deadline, the application is deemed to have been denied.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Close the Shadow Banking Loophole Act
Latest action (Dec 14, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 14, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.