ICBA is calling on community bankers to urge their senators to support Senate legislation to permanently close the industrial loan company loophole.

Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to express support for the Close the Shadow Banking Loophole Act (S. 3538).

Bill Details: Introduced by Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and Sen. John Kennedy (R-La.), S. 3538 would require companies that acquire an ILC to be subject to the same consolidated supervision by the Federal Reserve as any other bank holding company.

Capital Summit: Meanwhile, registration is open for the 2024 ICBA Capital Summit, scheduled for April 28-May 1 in Washington, D.C. The event brings community bankers from across the country to the nation’s capital to advocate on key issues. Register here.