December 06, 2022 • 1 min read

Coalition Supports Close the Shadow Banking Loophole Act

CFA TC

Today CFA joined a coalition of financial services and consumer organizations in a letter of support for new legislation to close the industrial loan company (ILC) charter loophole, the “Close the Shadow Banking Loophole Act.”

Introduced by Senate Banking Committee Chairman Sherrod Brown (D-OH), Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), this bill would prohibit shadow banks and nonbank commercial entities from taking advantage of legal loopholes.

Related Articles

CFA TC
September 30, 2026 / Testimony & Comments
Coalition Sends Letter to Congress to Stop Growing Threat of Tech-Enabled Scams by Holding Companies Accountable When Their Products Facilitate Fraud
CFA TC
September 22, 2026 / Testimony & Comments
SAFE Platforms Act Model Legislation
CFA TC
September 22, 2026 / Blogs
Kitchen Table AI Policy – CFA’s Proposal for Addressing How AI is Hurting People Right Now
CFA TC
September 01, 2026 / Testimony & Comments
CFA Letter Opposing H.R. 7866, the American Lending Fairness Act