Legislators and witnesses at a Wednesday’s U.S House subcommittee hearing provided reasons why three CUNA-supported bills under discussion would better serve consumers and the credit union system.

During the proceedings of the House Financial Services subcommittee on financial institutions and consumer credit, most legislators and witnesses agreed that one-size-fits-all regulatory policies hurt small financial institutions such as credit unions.

Rep. Scott Tipton (R-Colo.), sponsor of the Taking Account of Institutions with Low Operation Risk Act (TAILOR) of 2015 (H.R. 2896), said his bill would combat that one-size-fits-all approach. The bill would force federal regulators to shape regulations that fit the risk profile and business model of institutions.

“Banks and credit unions are currently regulated under a one-size-fits-all approach, regardless of size or risk profile,” he said. “This means regulations designed and intended for big banks are also applied to small community and independent banks and credit unions, and posing compliance regimens and costs that many of them find unbearable.”

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