The most pressing issue facing financial institutions in the Third Congressional District is the compliance burden from Dodd-Frank regulations. The Dodd-Frank regulations were meant to lift the economy out of recession and end the “too big to fail” phenomenon that came out of the 2008 financial crisis. Instead, the one-size-fits-all regulations have hurt community banks, stunted the growth of small businesses, and limited credit options for lower-income Americans. As a member of the House Financial Services Committee, I am working to provide our small banks and credit unions relief from heavy-handed Dodd-Frank regulations that should never have been applied to them in the first place.
More on Financial Services
Congressman Scott Tipton’s (CO-03) Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 1116) has passed through the House Committee on Financial Services with a bipartisan vote and will now move to the House floor. The bill provides community banks and credit unions relief from onerous regulatory compliance burdens by requiring federal regulatory agencies to tailor regulations to fit the business model and risk profile of institutions.
During a hearing in the House Committee on Financial Services, Congressman Scott Tipton (CO-03), pressed former Equifax Chief Executive Officer, Richard Smith, about the company’s protocol for notifying customers that their data has been breached and how to prevent harm to consumers in the future.