League supports closing bank charter loopholes

Published by: Jared Weiser

November 17, 2022 | Regulatory

Ensuring a level playing field for all financial service providers is crucial to protecting your credit union’s ability to serve its members. That’s why the League supports U.S. Senator Sherrod Brown’s (D-OH) recently introduced legislation to close the Industrial Loan Company (ILC) bank charter loophole. The current ILC loophole allows fintechs and other companies to obtain a banking charter without complying with the same capital standards or regulatory requirements as credit unions and banks. Unregulated digital financial service providers take advantage of this loophole and offer financial services products that put consumers’ hard-earned assets at risk. The League will continue supporting common-sense consumer protections and regulations, like those already in place for banks and credit unions, to ensure an equal regulatory playfield for all financial services providers to minimize consumer risk and preserve safety and soundness in the national financial system.

Contact Jared Weiser for questions or assistance.

Jared Weiser
Jared Weiser Director, Legislative Affairs E: jweiser@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Advocacy on track at Churchill Downs

Ohioans and communities are best served when credit unions and regulators work together to cultivate a financial services industry that puts people first. That is why the Ohio Credit Union […]

League advocates for an updated CTR threshold

Constantly increasing regulatory pressures put a strain on a credit union’s resources and ability to focus on what matters most: serving members; thus, the League is always looking for opportunities […]
Member Benefits

Unlocking Strategic Insights with Peer Suite

Data-driven decision-making is paramount for credit unions striving to grow and better serve their members. Recognizing this need, the League offers Peer Suite as a powerful member benefit. This comprehensive […]