Tipton’s TAILOR Act Clears Committee, Headed to House Floor
Washington D.C.—Today, the House Committee on Financial Services advanced with bipartisan support Congressman Scott Tipton’s (R-CO) legislation to ease onerous regulatory burdens on community banks and credit unions. H.R. 2896, the Taking Account of Institutions with Low Operational Risk Act (TAILOR Act),would require federal financial oversight agencies to fine-tune regulations to better fit a bank or credit union’s risk profile and business model.
VIDEO: Watch Tipton’s remarks during the markup HERE.
After the Committee’s mark-up, Tipton issued the following statement:
“This is a positive step toward making sure community banks and credit unions are allowed to do their jobs responsibly under the appropriate amount of federal oversight. It’s a pivotal piece in the larger effort House colleagues are putting together which includes serious and reasonable proposals to end the Dodd-Frank era of one-size-fits-all regulation that has had staggering consequences on small business growth and Main Street job creation..
“This commonsense, much-needed legislation will have a real impact on community banks and credit unions across the nation, including in Colorado. Simply put, these smaller banks will be able to better focus their limited resources on serving the needs of their communities, rather than on filling out endless piles of compliance paperwork to meet regulatory requirements designed for larger institutions with higher risk. Even regulators recognize the need for a more tailored approach.
“I am grateful for the support the TAILOR Act has received from both sides of the aisle and I will continue to work tirelessly to shepherd it through the House.”
The TAILOR Act passed by a 34-22 vote with bipartisan support in the House Financial Services Committee.
- In April of 2015, Tipton participated on the Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing where he stressed that community banks are suffocating under the weight of one-size-fits-all rules.
- In June, Tipton introduced the TAILOR Act in response to the ever-increasing need for relief from onerous regulatory compliance burdens.
- In July, he questioned Federal Reserve Chairwoman, Janet Yellen, about regulations which fail to take into account the size, business model and risk profile of an institution.
- In October of last year, the Subcommittee on Financial Institutions and Consumer Credit held a hearing to examine legislative proposals like the TAILOR Act which sought to reduce regulatory burdens on Main Street job creators.