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ICBA urged senators to co-sponsor the Close the Shadow Banking Loophole Act (S. 3538), sponsored by Sens. Sherrod Brown and John Kennedy. S. 3538 would permanently close the industrial loan company (ILC) loophole while grandfathering existing ILCs.
The FDIC recently approved the application of Thrivent Bank, a new ILC headquartered in Utah, which is one of only a handful of states that charter ILCs, though these firms are allowed to operate nationwide. ICBA strongly opposes this action.
ILCs put at risk the deposit insurance fund, financial stability, consumers, and taxpayers. Ironically, as the FDIC approves this new ILC charter, Congress is working to close the ILC loophole.