Payday/High-cost Loans

Coalition Supports Close the Shadow Banking Loophole Act

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.