S 2839
Eliminating Corporate Shadow Banking Act of 2019
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Bill overview
The Eliminating Corporate Shadow Banking Act of 2019 aims to regulate industrial bank holding companies to prevent activities similar to those of traditional banks from occurring through non-depository parent companies. Specifically, the bill establishes a new category of ‘covered industrial bank holding companies’ and subjects them to increased reporting, examination, and ownership requirements. It also restricts these companies from acquiring control of other depository institutions after October 1, 2019, and mandates that they comply with existing banking regulations. The legislation seeks to reduce risks associated with these companies operating in a manner akin to traditional banks without the same regulatory oversight.
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