John Kennedy, January 29, 2026, Kennedy, Kim reintroduce bill to close “shadow banking” loophole and ensure a fair banking system
Americans for Financial Reform, the Bank Policy Institute, the Center for Responsible Lending, the Consumer Federation of America, America’s Credit Unions, Independent Community Bankers of America, National Community Reinvestment Coalition, the National Consumer Law Center, and the U.S. Public Interest Research Group support the Close the Shadow Banking Loophole Act.
“We support the Close the Shadow Banking Loophole Act and urge swift passage of the bill into law. Companies that act like banks should be regulated like banks. The ILC loophole blurs the line between banking and commerce and undermines Congressional safeguards to the detriment of consumers and the safety of the financial system,” the organizations wrote in a joint statement.
