GOP Lawmakers Reintroduce House Version of the “TAILOR” Act
On February 22, Congressman Scott Tipton (R-CO) and eight GOP cosponsors reintroduced the Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 1116), a bill intended to “provide smaller community banks and credit unions relief from onerous regulatory compliance burdens” by “requiring federal regulatory agencies to tailor regulations to fit the business model and risk profile of institutions instead of imposing one-size-fits-all mandates across the board.” According to Rep. Tipton, the various provisions contained within the measure are ultimately intended to provide a means of reducing “often unworkable” compliance costs that community and independent banks and credit unions face when forced to adhere to "regulations designed and intended for big banks.”
In a February 17 press release, the American Bankers Association (ABA) “strongly supported” the bill, which it anticipates would effectively “address the huge flow of new regulations that have made it more difficult for banks to meet the needs of consumers and small businesses as well as local and regional economies.”
The TAILOR Act received bipartisan support when it was previously introduced before the 114th Congress. The June 2015 version of the bill—which was substantially similar to the current iteration—received bipartisan support and was twice approved by the House Financial Services Committee. And, as previously covered on InfoBytes, a companion Senate-version of the TAILOR Act (S. 366) was introduced earlier this month by Sen. Mike Rounds (R-SD).