NCLC joined banking and consumer organizations in thanking Senators Kennedy and Kim for introducing the Close the Shadow Banking Loophole Act, which would close the industrial loan company (ILC) loophole in current law.
In light of recent approvals by the FDIC of ILC applications for Ford Motor Company and General Motors Company, as well as past applications from commercial and tech companies, it is critical Congress act now to address this gap in law. The loophole violates the longstanding U.S. policy that banking and commerce should remain separate, and we commend Congressional efforts to maintain this separation.
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