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CUNA-Backed TAILOR Act, to Trim Burden, Set for Vote
Tuesday, March 1, 2016 6:50 AM

The U.S. House Financial Services Committee will mark up a Credit Union National Association-backed bill this week that would require regulators shape regulations to fit institutions’ risk profile. The Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 2896) could provide regulatory relief for credit unions and is one of 10 bills the committee is expected to mark up Wednesday, starting at 10 a.m. (ET).

“This is an important piece of legislation because it continues this notion that we’ve been trying to push, that in coming out of the financial crisis you have consumer regulations that are certainly targeted toward abusers of consumers, but you also have prudential regulation that is designed to address ‘too big to fail,’” said Ryan Donovan, CUNA’s chief advocacy officer. “Well, credit unions aren’t too big to fail, and they shouldn’t be subject to the same type of 'too big to fail' regulations that the largest banks are.”

The bill, introduced by Rep. Scott Tipton (R-Colo.), would require the federal banking regulators, including the National Credit Union Administration, to take an assessment of their rulemakings and to take into account the impact those rules have on institutions that are not systemically significant.

CUNA supported the bill from the day it was introduced, and will continue to work with the bill’s sponsors it through the house and into law, Donovan said.

Other hearings CUNA will be monitoring this week include:

  • Tuesday, 2 p.m. (ET): House Financial Services Committee’s Terrorism Financing Task Force hearing titled “Helping the Developing World Fight Terror Finance;” and
  • Thursday, 10 a.m. (ET): Senate Banking subcommittee on securities, insurance and investment hearing titled “Regulatory Reforms to Improve Equity Market Structure.”