SB3538: Close the Shadow Banking Loophole Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to address applications for deposit insurance submitted by industrial banks to the Federal Deposit Insurance Corporation, and for other purposes.
Plain-language summary
This bill addresses how industrial banks—companies that aren't traditional banks but handle financial services—can apply for federal deposit insurance. Deposit insurance protects customer money if a bank fails. The bill targets what supporters call the 'shadow banking loophole,' which allows certain nonbank companies to operate like banks with less oversight. The bill is currently in the introduction stage, meaning it has been submitted to Congress but not yet assigned to a for detailed review.
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SB3538: Close the Shadow Banking Loophole Act
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Sponsors
Sherrod Brown
Primary SponsorCo-sponsors (5)
John Kennedy
Robert Casey
Chris Van Hollen
Mike Braun
Roger Wicker