WASHINGTON, DC (March 2, 2016) — National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler today applauded the House Financial Services Committee’s passage of the NAFCU-backed H.R. 2896, the “TAILOR Act.” It is a regulatory relief measure that would require that rules be tailored to fit financial institutions’ business models and risk profiles.
“We thank Representatives Tipton, Barr and Perlmutter for their leadership on this measure and their attention to the overwhelming regulatory burden facing today’s credit unions,” said Thaler. “We look forward to continuing to work with Congress to help advance this critical legislation.”
H.R. 2896, the “Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2015,” would ensure that NCUA, CFPB and other regulators do not use a one-size-fits-all approach to rulemaking.
The bill was introduced by House Financial Services Committee members Scott Tipton, R-Colo., and Andy Barr, R-Ky., and cosponsored by committee member Rep. Ed Perlmutter, D-Colo. The bill would also require NCUA and CFPB to testify annually before the House Financial Services and Senate Banking Committees on specific actions taken to comply with the measure.
In a letter to committee leaders Tuesday urging support of the bill, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt said the bill would require NCUA, and other regulators, “to consider the aggregate impact a new rule will have along with existing regulations.”
“As you are aware, many regulations are promulgated without this consideration, resulting in the current regulatory environment where smaller institutions are unable to keep up with the onslaught of regulations in the wake of the Dodd-Frank Act,” Hunt noted.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
