By a bipartisan 34-22 margin, the House Financial Services Committee today advanced the ABA-advocated TAILOR Act. The bill — a key part of ABA’s Agenda for America’s Hometown Banks and crafted with the assistance of the state bankers associations and ABA — would direct financial regulators to tailor regulatory actions based on the sizes, business models, risk profiles and other differentiating characteristics of the institutions they supervise.
“This important legislation would help address the tremendous influx of new regulations that have made it more difficult for banks to meet the needs of consumers and small businesses as well as local and regional economies,” said ABA EVP James Ballentine. “While regulation is a fact of life for banks, indiscriminately applying rules to institutions whose business models and risk levels don’t warrant it serves only to increase costs and lessen the number of financial products and services available to consumers.”