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Banks, Credit Unions and Consumer Groups Urge Congress to Close the Industrial Loan Company Loophole

April 5, 2022
Payday and Other Small Dollar Loans
Small Consumer Loans
Letters to Congress

A broad coalition of bank and credit union associations and consumer organizations submitted a letter to the U.S. House Committee on Financial Services urging passage of the bipartisan Close the ILC Loophole Act. The bill would help prevent more companies from running what is essentially a bank without the necessary regulatory oversight.