Momentum is building on Capitol Hill to outlaw unsolicited loan checks.

Sen. Richard Bryan, D-Nev., introduced a bill Thursday that would make it a violation of the Truth-in-Lending Act to enclose a loan check with a solicitation to open a credit account. Sen. Lauch Faircloth, chairman of Senate Banking's financial institutions and regulatory relief subcommittee, said he may co-sponsor the bill and plans to hold a hearing on the issue next month.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.