New legislation introduced in the Senate aims to address industry concerns about a so-called “loophole” in federal standards that makes fintechs eligible for industrial loan company (ILC) charters.
The bill touches on a long held point of contention for community banking advocates. It proposes to draw a bright line separating banking and commerce in the name of ensuring the safety and soundness of the banking industry.
Learn more about the legislation and the issue it seeks to address.