WASHINGTON—A bipartisan group of 133 House members have sent a letter to federal financial regulators calling for more regulations to be tailored to fit an institution’s risk profile.
The letter was spearheaded by Reps. Scott Tipton (R-CO) and David Scott (D-GA), both members of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.
Both NAFCU and CUNA support the letter.
In their letter to regulators, the lawmakers, which represent a cross-section of rural, suburban and urban districts across the U.S., express “our deep concern over the crushing impact that ever-expanding regulatory burdens are having on the ability of our nation’s financial institutions ... to serve the economic needs of our growing economy.”
The legislators asked the regulators to provide them with information on:
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Specific major areas where they have taken action to tailor rules to the business model of risk of institutions, outlining how they have done so;
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Areas where regulators lack the authority to tailor regulations to specific institutions or classes of institutions based on business model or risk, and where they believe additional authority would be helpful; and
- Areas where regulators contemplate taking additional action to tailor regulations based on business model and risk, along with thoughts on how they might do so.
The letter was sent to the heads of the NCUA, CFPB, Federal Reserve, FDIC and Office of the Comptroller of the Currency.