Bill seeking to eliminate ‘one size fits all’ rules moves forward

March 2, 2016 -- Legislation aimed at providing regulatory relief to smaller institutions – by requiring federal regulators of credit unions and bank, including NCUA and the CFPB, to consider the institution’s business model and possible unintended consequences of new regulations -- is headed for the House floor after action Wednesday in the Financial Services Committee.

H.R. 2896, the Taking Account of Institutions with Low Operation Risk Act (TAILOR Act), would also require federal regulators to perform a five-year review on past regulations and report annually to the House Financial Services and Senate Banking Committees on steps that are being taken to comply with the measure.

The legislation was introduced by Reps. Scott Tipton, R-Colo., and Andy Barr, R-Ky., and cosponsored by Rep. Ed Perlmutter, D-Colo. All are members of the Financial Services Committee. The measure now awaits full House action.