The House Financial Services Committee this week advanced six bills supported by the American Bankers Association, including legislation concerning the Federal Reserve’s discount window, the FDIC board and de novo bank formation.
ABA submitted a statement ahead of the votes urging committee members to support the following bills:
- H.R. 3390, the Bringing the Discount Window into the 21st Century Act, sponsored by Rep. Monica De La Cruz (R-Texas). The bill would require the Fed to review its discount window lending programs, develop a remediation plan to address deficiencies and enhance the effectiveness of the programs. The committee vote was 48-1.
- H.R. 4460, the Stop Agency Fiat Enforcement of Guidance (SAFE Guidance) Act, sponsored by Rep. Dan Meuser (R-Pa.). The legislation would require each financial regulator to include a guidance clarity statement with any guidance issued by that agency. The vote was 26-23.
- H.R. 3446, the FDIC Board Accountability Act, sponsored by Rep. Bill Huizenga (R-Mich.). The bill would revise the membership requirements for the FDIC board by making the CFPB director a nonvoting member of the board, mandating that one member have state bank supervisory experience, and that one member have primary experience working in or supervising depository institutions with less than $10 billion in total assets. The vote was 26-23.
- H.R. 4544, The American Access to Banking Act, sponsored by committee Ranking Member Maxine Waters (D-Calif). The bill would encourage the formation of de novo financial institutions by, among other things, directing agencies to streamline and simplify the application process. The vote was 49-0.
- H.R. 4478, the Tailored Regulatory Updates for Supervisory Testing Act of 2025 (TRUST Act), sponsored by Reps. Tim Moore (R-N.C.) and Ritchie Torres (D-N.Y.). The bill would increase the total asset threshold under which institutions qualify for an 18-month exam cycle from $3 billion to $6 billion. The vote was 49-0.
- H.R. 4437, the Supervisory Modifications for Appropriate Risk-Based Testing Act of 2025 (SMART Act), sponsored by Reps. William Timmons (R-S.C.) and Bill Foster (D-Ill.). The bill would increase the total asset threshold under which institutions qualify for a limited-scope examination directly after an on-site, full-scope exam from $3 billion to $6 billion. It also requires that if an institution is otherwise subject to a separate safety and soundness exam and a consumer compliance exam, at the request of the institution, the regulatory agency shall combine and carry out the exams at the same time. The vote was 53-1.
