Simpson Co-Sponsors Banking Regulatory Reform
Washington, May 12, 2016
Tags: Small Businesses , Economy , Banking and Finance
Idaho Congressman Mike Simpson is a cosponsor of H.R. 2896, the Taking Account of Institutions with Low Operation Risk Act of 2015. The TAILOR Act would provide smaller community banks and credit unions with regulatory relief.
H.R. 2896 requires federal financial regulatory agencies to consider the risk profile and business models of financial institutions when taking regulatory action; and requires agencies to tailor regulations accordingly as appropriate and necessary. Currently, small traditional banks and credit unions are subject to one-size-fits-all compliance regulations intended for much larger financial institutions.
“Idaho’s banks and credit unions provide vital, personalized service in our communities and should not be impeded by disproportionate and undue regulation.” Simpson said. “It’s critical that federal regulators focus the majority of their oversight efforts on the institutions with the highest risk instead of burdening our hometown banks with excessive regulation.”
H.R. 2896 is under consideration by the House Financial Services Committee.