Granting specialty bank charters to
The Federal Deposit Insurance Corp. should stop reviewing applications for nonfinancial companies to open their own banks while Congress examines and potentially closes a legal loophole that subjects those banks to less stringent regulatory requirements, Sens. Elizabeth Warren (Mass.) and Andy Kim (N.J.) said in a Monday letter obtained by Bloomberg Law.
Tightening up the rules for industrial loan companies is critical since tech giants such as