WASHINGTON—With just two weeks left before they are no longer separate organizations, NAFCU and CUNA have joined with other financial services trade groups in sending a letter of support to the Senate Banking Committee over the Close the Shadow Banking Loophole Act, which seeks to close the industrial loan company (ILC) loophole in current law.
In the letter, the groups argue “the time is now for Congress to close the ILC loophole before it is further exploited by firms seeking to gain all of the advantages of an FDIC-insured bank charter without the concomitant supervision and regulation that Congress has established for the corporate owners of full-service insured banks.”
Support for Predatory Lending Elimination Act
Separately, Sen. Jack Reed (D-RI) recently reintroduced the Predatory Lending Elimination Act. The legislation would impose a limitation to fees and interest charged on consumer loans through an all-in national rate cap of 36%.
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