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