ICBA sent a letter to Sens. John Kennedy (R-La.) and Andy Kim (D-N.J.) thanking them for reintroducing the Close the Shadow Banking Loophole Act and expressing continued support for this critical legislation to close the industrial loan company loophole in current law. ICBA and the other groups said:

• In light of recent approvals by the FDIC of ILC applications for automakers, as well as past applications from commercial and tech companies, it is critical Congress act now to address this gap in law.
• The loophole violates the longstanding U.S. policy that banking and commerce should remain separate.