In a bipartisan 247-169 vote, the House today passed the Tailor Act. Vigorously advocated by the American Bankers Association and the state bankers associations and championed by Rep. Scott Tipton (R-Colo.), the bill would require regulators to tailor their actions to meet the diverse characteristics of different banks.
“While regulation is often a fact of life for financial institutions, the indiscriminate application of many rules to institutions whose business models and risk levels do not warrant it adds little to overall safety and soundness and much to the costs of financial products in this country,” ABA said in a letter urging House members to pass the bill. “At its extreme, such over-regulation threatens the viability of many smaller institutions that provide essential banking services and products to communities across this country.”
