CUNA backs bill to tailor rules to risk, biz profiles
WASHINGTON (7/7/15)--A bill introduced last month would reduce regulatory burden on small financial institutions with lower risk profiles and has CUNA support.
In a letter sent Monday, CUNA President/CEO Jim Nussle praised the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2015 (H.R. 2986).
Introduced by Reps. Scott Tipton (R-Colo.) and Andy Barr (R-Ky.), the bill would require federal regulatory agencies to shape regulations to fit the risk profile and business model of institutions.
“We believe credit unions are precisely the type of institutions for which this legislation is designed to help because they are well-capitalized, member-owned financial cooperatives with a long history of meeting their mission to promote thrift and provide access to credit to their members--in good times and bad,” Nussle wrote. “Consumers win when credit unions are able to meet their savings and credit needs, and this legislation would help remove barriers so credit unions can more fully serve their members.”
CUNA has testified a number of times in support of legislation that would reduce regulatory burdens on small financial institutions and has supported a number of bills that would do the same.