View or download a PDF of the letter here.
Americans for Financial Reform and partners sent a letter supporting the reintroduction of the Close the Shadow Banking Loophole Act (introduced by Senators Kim (NJ) and Kennedy (LA)) that closes a longstanding loophole that allows commercial firms to control a full-service FDIC-insured bank without being subject to the supervision and regulation required for bank holding companies. The letter was signed by Americans for Financial Reform, America’s Credit Union, Bank Policy Institute, Center for Responsible Lending, Consumer Federation of America, Independent Community Bankers of America, National Consumer Law Center (on behalf of its low-income clients), National Community Reinvestment Coalition, and U.S. PIRG.