Industrial Loan Company Loophole Necessitates Congressional Scrutiny and Legislative Solution
Joint statement by BPI, CRL and ICBA in advance of U.S. Subcommittee hearing on “The Future of Banking” Washington, D.C. — This morning, the U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions will meet to discuss the “The Future of Banking,” including whether to prevent companies that are not banks from using an industrial loan company (ILC) charter to expand their business into financial services without meeting the full slate of safeguards and oversight that applies to bank holding companies. The Bank Policy Institute, Center for Responsible Lending