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House Passes Bipartisan Bill to Tailor Regulations
Thursday, March 15, 2018 6:45 AM

Yesterday, the House passed H.R. 1116, the Taking Account of Institutions with Low Operation Risk Act, or TAILOR, by a vote of 247-169. The TAILOR Act is a bipartisan regulatory relief bill backed by credit union system partners, which would require regulators to tailor their rulemakings to the risk level of the institutions affected.

"Because of credit unions' low-risk profile and member-centric business model, we're pleased to see that the TAILOR Act has passed in the House," said Cornerstone President/CEO Caroline Willard. "The bipartisan nature of this bill reflects lawmakers' understanding of the negative impact of one-size-fits-all regulations, and we are optimistic that credit unions and their service to members will benefit greatly."

Financial Services Committee Chairman Jeb Hensarling (R-Texas) explained, "As our small banks and credit unions go, so goes the American dream. At a bare minimum, let’s tailor the rules and regulations to the size and complexity of the institution so our credit unions, so our banks can thrive, and thus our constituents can thrive and meet their economic goals and responsibilities.”

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 bill now heads to the Senate.