CUNA wrote in support of the House version of the Taking Account of Institutions with Low Operation Risk (TAILOR) Act Thursday, which would reduce regulatory burden for financial institutions with lower risk profiles. The bill (H.R. 1116) was introduced by Rep. Scott Tipton (R-Colo.).
“Legislation like the TAILOR Act is needed to ensure that institutions like credit unions can continue to serve their members without excessive regulations,” wrote CUNA President/CEO Jim Nussle. “Credit unions are precisely the type of institutions for which the TAILOR Act is designed to help because they are well-capitalized, with a low risk profile and a long history of meeting their members’ needs.”
Specifically, the bill would require federal regulatory agencies to tailor regulations to fit the business model and risk profile of institutions instead of imposing one-size-fits-all mandates across the board, allowing credit unions and small banks to focus more resources on providing services.
A Senate version of the bill, S. 366, was introduced earlier this year by Sen. Mike Rounds (R-S.D.).
A copy of the letter is available on CUNA’s Removing Barriers Blog.