3.0.0 5189 2023-09-01T12:45:20Z 2023-09-01T12:45:20Z Senate S 2022-12-06 117 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2022-12-06T16:34:59Z 2022-12-06 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2022-12-06 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2022-12-06 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2022-12-06 True Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Corporate finance and management Government studies and investigations Finance and Financial Sector 00 2022-12-06 Introduced in Senate 2023-03-02T18:33:09Z Close the Shadow Banking Loophole Act

This bill (1) provides for the federal regulation and supervision of industrial banks, also known as industrial loan companies (ILCs), and their parent companies; and (2) sets forth a deadline for the consideration of pending ILC Federal Deposit Insurance Corporation (FDIC) deposit insurance applications. 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. The parent companies are not subject to supervision by the Federal Reserve Board. Under current law, the Federal Deposit Insurance Corporation (FDIC) may grant deposit insurance to these institutions.

]]> Close the Shadow Banking Loophole Act Display Title Close the Shadow Banking Loophole Act Short Title(s) as Introduced Close the Shadow Banking Loophole Act Introduced in Senate IS Official Title as Introduced A bill to address applications for deposit insurance submitted by industrial banks to the Federal Deposit Insurance Corporation, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-12-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s5189is/xml/BILLS-117s5189is.xml 2022-12-06 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.