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HR 5912 117th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Corporate finance and management Government studies and investigations

Close the ILC Loophole Act

Introduced: November 9, 2021 Introduced by: García, Jesús G. "Chuy" Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 22, 2022
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.
Jun 22, 2022
Committee Consideration and Mark-up Session Held.
Nov 9, 2021
Referred to the House Committee on Financial Services.
Nov 9, 2021
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now June 22, 2022

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 1 Republican 2