The House Financial Services Committee today advanced eight American Bankers Association-backed regulatory reform bills, including several that ABA and the state bankers associations have long championed as part of ABA’s Blueprint for Growth. The Tailor Act (H.R. 1116), which would require regulators to tailor their actions to meet the diverse characteristics of different banks, cleared on a bipartisan 39-21 vote. 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 — sailed through on a 41-19 vote.
““We hope the full House will move quickly to approve these important bills, and that the Senate will also act expeditiously to approve commonsense regulatory reform that will allow America’s banks to do even more to grow the economy and create jobs,” said ABA EVP James Ballentine.
Also passing with bipartisan support were ABA-supported bills that would provide relief for smaller banks from new Home Mortgage Disclosure Act reporting (H.R. 2954), offer relief for smaller lenders with respect to escrow practices (H.R. 3791) and provide technical clarifications on privacy notices (H.R. 2396).
Other ABA-backed bills passed with unanimous or near-unanimous votes, including measures that would address custody bank issues (H.R. 2121) and ensure Operation Choke Point is never repeated (H.R. 2706). A bill that would repeal the Department of Labor’s fiduciary rule (H.R. 3857) passed on a party-line vote.