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S. 5189 117th Congress Senate

Close the Shadow Banking Loophole Act

Official title: A bill to address applications for deposit insurance submitted by industrial banks to the Federal Deposit Insurance Corporation, and for other purposes.

Introduced: December 6, 2022 See on congress.gov
Finance and Financial Sector Bank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightCorporate finance and managementGovernment studies and investigations
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed Senate
Passed House
To President
Became law
Dec 6, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 6, 2022
Introduced in Senate
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 Latest action December 6, 2022

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 1

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

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 Cosponsors 1
All 1 Democratic 1
D
Van Hollen, Chris
Maryland · Dec 6, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). S. 5189: Close the Shadow Banking Loophole Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-5189/
MLA
"S. 5189: Close the Shadow Banking Loophole Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-5189/.
Bluebook (legal)
S. 5189, 117th Cong. (2026), https://openamerica.io/bill/117-S-5189/.
Markdown link
[S. 5189: Close the Shadow Banking Loophole Act](https://openamerica.io/bill/117-S-5189/)
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