Congress should pass pending legislation to close the industrial loan company loophole, ICBA President and CEO Rebeca Romero Rainey wrote in an op-ed on Medium.
Romero Rainey said the ILC loophole violates the longstanding U.S. separation of banking and commerce while leaving a dangerous gap in safety and soundness oversight.
Community bankers can use ICBA's Be Heard grassroots action center to urge their senators to co-sponsor legislation to close the ILC loophole.
