Tag Archives: financial policy

News Release: Bank, Credit Union and Consumer Groups Support Committee Vote to Close the Industrial Loan Company Loophole

Washington, D.C. – The U.S. House Committee on Financial Services convened today to mark up a series of proposed laws, including a bill to close the industrial loan company (ILC) loophole. The ILC loophole allows Big Tech and other nonbank companies to offer financial products and services without complying with the safeguards and oversights required of bank holding companies.