Fed's Kohn on industrial loan companies

In testimony 'Industrial loan companies' given on 25 April Donald Kohn of the Federal Reserve said called on Congress to close a loophole that encourages the rapid growth in U.S. specialty banks owned by financial companies and retailers.

"The way to level the playing field is to close the loophole," Kohn told a House Financial Services Committee hearing.

"We're really at the cusp of a change, a wave of change in how the ILC charter has been used," he said. "If something isn't done, it'll grow

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