The House passed a CUNA-backed regulatory relief bill that would require regulators to tailor their rulemakings to the risk level of the institutions affected. The Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 1116) is consistent with the goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.
“This bill that would ensure financial institutions like credit unions can continue to serve their members by removing barriers that come along with one-size-fits-all regulations,” said CUNA President/CEO Jim Nussle. “Credit unions are precisely the type of institutions that will benefit from this common-sense legislation, since they carry a low risk profile and have a long history of meeting 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 to focus more resources on providing services.
The Senate version of the TAILOR Act was introduced in February 2017.