In advance of the House Financial Services Committee’s plans to vote on several regulatory reform bills tomorrow and Friday, the American Bankers Association today sent a memo to committee members outlining the association’s support for 10 bills on the agenda.
Several of the bills have long been championed by ABA and the state bankers associations and are key planks in ABA’s Blueprint for Growth. ABA urged the committee to advance the Tailor Act (H.R. 1116), which would require regulators to tailor their actions to meet the diverse characteristics of different banks, as well as the Systemic Risk Designation Improvement Act (H.R. 3312), which would replace the automatic $50 billion asset threshold to be designated a systemically important financial institution with a more nuanced, customized measurement.
ABA also expressed support for bills that would address custody bank issues (H.R. 2121), ensure Operation Choke Point is never repeated (H.R. 2706), provide relief for smaller banks from new Home Mortgage Disclosure Act reporting (H.R. 2954), codify the “valid-when-made” doctrine that facilitates secondary markets for credit (H.R. 3299), repeal the Department of Labor’s fiduciary rule (H.R. 3857) and provide relief for smaller lenders with respect to escrow practices (H.R. 3791). Finally, ABA urged the committee to advance H.R. 2396, which would provide technical clarifications on privacy notices.