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New Rules for Loan Companies: Increased Oversight and Deposit Protection.

This act introduces stricter rules for loan companies seeking deposit insurance. It aims to enhance financial security and transparency, potentially affecting the availability of certain financial services and the protection of citizens' savings.
Key points
New industrial loan companies will face stricter criteria for obtaining deposit insurance, limiting their banking activities.
Deposit insurance applications submitted before September 23, 2021, will undergo public comment periods and require a 2/3 vote for approval.
Parent companies of industrial loan companies will be subject to increased regulatory oversight, enhancing financial stability.
Changes in control of industrial loan companies will be more difficult, with specific exceptions.
A study will be conducted on the economic impact of industrial loan companies on the U.S. economy.
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Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_5912
Sponsor: Rep. Garcia, Jesus G. "Chuy" [D-IL-4]
Process start date: 2021-11-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Close the ILC Loophole Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5912.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-09.

What are the main provisions?

Key points include:

  • New industrial loan companies will face stricter criteria for obtaining deposit insurance, limiting their banking activities.
  • Deposit insurance applications submitted before September 23, 2021, will undergo public comment periods and require a 2/3 vote for approval.
  • Parent companies of industrial loan companies will be subject to increased regulatory oversight, enhancing financial stability.
  • Changes in control of industrial loan companies will be more difficult, with specific exceptions.
  • A study will be conducted on the economic impact of industrial loan companies on the U.S. economy.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Garcia, Jesus G. "Chuy" [D-IL-4].

What is the latest detailed status?

The latest detailed status is: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Courts and Law