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S 5189 117th Congress Senate 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 Shadow Banking Loophole Act

Introduced: December 6, 2022 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
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
 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.

What's happening now December 6, 2022

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

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1