U.S. Sen. Sherrod Brown (D-OH) speaks to members of the media outside a briefing on the latest development of the COVID-19 outbreak to Senate members at Dirksen Senate Office Building March 12, 2020 on Capitol Hill in Washington, DC.Alex Wong | Getty ImagesSenate Banking Committee Chairman Sherrod Brown will introduce a bill Tuesday that aims to close the so-called shadow banking loophole that allows retail and tech companies to offer banking services without the same stringent oversight as other financial institutions. The bill comes about a month after Twitter’s new CEO Elon Musk shared his plan to transform the social media platform into a payment service and reportedly registered last month with the Treasury Department as a payments processor. Allowing tech and commercial companies to act as banks without proper oversight “will only open doors for predatory lending, invasions of consumer privacy, and broader financial instability,” Brown, D-Ohio, said in a press release. “To protect consumers’ pocketbooks and ensure a strong banking syste …
