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Lawmakers fret over backdoor entry to banking for big companies Caitlin Reilly © Provided by Roll Call “If you want to be a bank, you need to be regulated like a bank,” says Rep. Blaine Luetkemeyer. Lawmakers from both parties are expressing concerns about potential risks posed by state-chartered industrial loan companies that can blend financial services and other commercial activities. At a hearing last week, they questioned whether the process sought by financial technology companies that have no history of taking deposits will give these companies a backdoor entry into banking that could exempt them from some oversight. Rep. Ed Perlmutter, D-Colo., said the entry of commercial companies into the financial services arena poses questions about “market fairness and financial stability.”

United statesBlaine luetkemeyerErik gerdingDonald trumpEd perlmutterKristin johnsonSquare incDeposit insurance corporationEmory university school of lawFederal reserveSquare financial service incCommunity bankers of americaUniversity of colorado law schoolOffice of the comptrollerKraken bankHouse financial services consumer protection