Consumer and Financial Industry Groups Support New Bipartisan Senate Bill: Close the Shadow Banking Loophole Act
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senator John Kennedy (R-LA) and additional bipartisan cosponsors, reintroduced the Close the Shadow Banking Loophole Act , a bill to require that industrial loan companies (ILCs) abide by the same rules, supervision, and consumer protections as traditional banks. “We commend Chairman Brown and Senator Kennedy’s bipartisan effort to close the loophole allowing Industrial Loan Companies to evade oversight. This bill advances the basic principle that