CFA joined a broad cross-section of regulated banks, credit unions, and consumer protection organizations in a letter strongly urging Congress to promptly close the industrial loan company (ILC) loophole in current law by passing the bipartisan H.R. 5912, The Close the ILC Loophole Act, introduced by Representatives Chuy Garcia (D-IL) and Lance Gooden (R-TX). The current loophole allows any type of organization, company or corporation to control a full-service FDIC-insured bank without being subject to the same oversight and prudential standards or limitations on the mixing of banking and commerce, that Congress has established for the U.S. financial system.