ARLINGTON, Va.—In advance of Wednesday’s House Financial Services Committee mark-up for HR 2896, NAFCU sent a letter to the Committee supporting the bill that would reduce regulatory burden on smaller FIs.
HR 2896, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act, would ensure regulators like NCUA and CFPB do not use a one-size-fits-all approach to rulemaking. The bill, introduced last year by committee members Scott Tipton (R-CO) and Andy Barr (R-KY), would provide regulatory relief to smaller community banks and credit unions by requiring federal regulators to tailor their rulemaking to fit the institutions’ business models and risk profiles.
“NAFCU strongly supports the (bill) introduced by Representatives Scott Tipton and Andy Barr, and urges the Committee to favorably report this measure,” wrote NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “This legislation will provide relief to credit unions by ensuring that the National Credit Union Administration and other regulators do not regulate with a one-size-fits-all approach and consider more factors when tailoring new regulations."