Democratic Senators introduce bill to close industrial loan company “loophole”; coalition of financial services and consumer organizations voice support for bill
CFPB Monitor
DECEMBER 8, 2022
the SEC for registered brokers or dealers) or, if Section 2 does not assign a “primary financial regulatory agency,” the FDIC. The ILCs subject to this FDIC authority would include ILCs approved for deposit insurance on or before September 23, 2021. The bill is co-sponsored by Senators Bob Casey (D-Pa.) and Chris Van Hollen (D-Md.).
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