Close the Shadow Banking Loophole Act

3.0.0 3538 2025-05-27T14:16:13Z 2025-05-27T14:16:13Z Senate S S 2023-12-14 118 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred To 2023-12-14T18:28:07Z 2023-12-14 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2023-12-14 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA 2023-12-14 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2023-12-14 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2023-12-14 True B001310 Sen. Braun, Mike [R-IN] Mike Braun R IN 2023-12-14 True W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2023-12-14 True Finance and Financial Sector Finance and Financial Sector 2024-01-26T18:15:17Z

00 2023-12-14 Introduced in Senate 2024-08-09T17:25:32Z Close the Shadow Banking Loophole ActThis 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.

Close the Shadow Banking Loophole Act Display Title 45 Close the Shadow Banking Loophole Act 2024-07-24T15:19:37Z Short Title(s) as Introduced 101 Close the Shadow Banking Loophole Act 2024-05-24T13:34:59Z Introduced in Senate IS Official Title as Introduced 6 A bill to address applications for deposit insurance submitted by industrial banks to the Federal Deposit Insurance Corporation, and for other purposes. 2024-01-05T01:59:15Z Introduced in Senate IS Introduced in Senate 2023-12-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s3538is/xml/BILLS-118s3538is.xml 2023-12-14 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.