Close the ILC Loophole Act 2021-11-09 Introduced in House Close the ILC Loophole Act

This bill limits the exemption from certain banking regulations applicable to industrial loan companies to those companies approved to receive Federal Deposit Insurance Corporation insurance before September 23, 2021, or companies with an application pending as of September 23, 2021. Industrial loan companies are state chartered institutions that provide several services similar to banks, such as originating loans and processing payments.

Parent companies of such industrial loan companies are subject to the supervision of the Board of Governors of the Federal Reserve System.

The bill also sets forth procedures regarding a change in control of an industrial loan company.

The Government Accountability Office must report on the effects of industrial loan companies, industrial banks, and other similar institutions on the economy, including the effect on competitiveness, market structure, and different industries.

]]> 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 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.