With the Senate convening this week for the first time in 2024, Democrats on the Senate Banking Committee released their 2024 priorities document, which includes issues relevant to community banking.
The 2024 agenda includes measures to limit corporate investors from buying single family homes and “ensure that AI, big banks and big tech are supporting consumers and not taking advantage of them.”
Notably, Chairman Sherrod Brown (D-OH) is joined by Senators John Kennedy (R-LA), Bob Casey (D-PA), Chris Van Hollen (D-MD), Mike Braun (R-IN) and Roger Wicker (R-MS) to close the ILC loophole via the Close the Shadow Banking Loophole Act. The measure is meant to prevent big tech companies from becoming banks without the same regulatory oversight as all other bank holding companies.
IBAT will continue to monitor Senate Banking Committee efforts to close the ILC loophole and advocate for such a policy during IBAT’s 30th Annual Congressional Visit.
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