American vehicle industry urges the House Committee on Financial Services to oppose H.R. 5912 – the Close the ILC Loophole Act.
The undersigned organizations, trade associations and companies that represent a significant portion of the American vehicle industry, write today to urge the House Committee on Financial Services to oppose H.R. 5912 – the Close the ILC Loophole Act. This bill as drafted will adversely impact the vehicle industry by eliminating decades-long Industrial Loan Company (ILCs) charters and unnecessarily creating a prohibition on future auto-related businesses seeking an ILC charter.