TAILOR Act of 2015

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taking Account of Institutions with 
Low Operation Risk Act of 2015'' or the ``TAILOR Act of 2015''.

SEC. 2. REGULATIONS APPROPRIATE TO BUSINESS MODELS.

    (a) In General.--For any regulatory action occurring subsequent to 
enactment of this section, and notwithstanding any other provision of 
law, the Federal financial institutions regulatory agencies shall--
            (1) take into consideration the risk profile and business 
        models of the various institutions or classes of institutions 
        subject to the regulatory action;
            (2) determine the necessity, appropriateness, and impact of 
        applying such regulatory action to such institutions or classes 
        of institutions; and
            (3) tailor such regulatory action applicable to such 
        institutions or class of institutions in a manner that limits 
        the regulatory compliance impact, cost, liability risk, and 
        other burdens as is appropriate for the risk profile and 
        business model involved.
    (b) Other Considerations.--In satisfying the requirements of 
subsection (a) and when implementing such regulatory action, the 
Federal financial institutions regulatory agencies shall also 
consider--
            (1) the impact that such regulatory action, both by itself 
        and in conjunction with the aggregate effect of other 
        regulations, has on the ability of the institution or class of 
        institutions to flexibly serve evolving and diverse customer 
        needs;
            (2) the potential unintended impact of examination manuals 
        or other regulatory directives that work in conflict with the 
        tailoring of such regulatory action described in subsection 
        (a)(3); and
            (3) the underlying policy objectives of the regulatory 
        action and statutory scheme involved.
    (c) Notice of Proposed and Final Rulemaking.--The Federal financial 
institutions regulatory agencies shall disclose in every notice of 
proposed rulemaking and in any final rulemaking for a regulatory action 
how the agency has applied subsections (a) and (b).
    (d) Reports to Congress.--
            (1) Individual agency reports.--
                    (A) In general.--The Federal financial institutions 
                regulatory agencies shall individually report to the 
                Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate, within twelve months 
                of enactment of this section and annually thereafter, 
                on the specific actions taken to tailor the agency's 
                regulatory actions pursuant to the requirements of this 
                section.
                    (B) Appearance before the committees.--The head of 
                each Federal financial institution regulatory agency 
                shall appear before the Committee on Financial Services 
                of the House of Representatives and the Committee on 
                Banking, Housing, and Urban Affairs of the Senate after 
                each report is made pursuant to subparagraph (A), to 
                testify on the contents of such report.
            (2) FIEC reports.--
                    (A) In general.--The Financial Institutions 
                Examination Council shall report to the Committee on 
                Financial Services of the House of Representatives and 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate, within three months after the reports 
                required under paragraph (1)--
                            (i) on the extent to which regulatory 
                        actions tailored pursuant to this section 
                        result in differential regulation of similarly-
                        situated institutions of diverse charter types 
                        with respect to comparable regulations; and
                            (ii) the reasons for such differential 
                        treatment.
                    (B) Appearance before the committees.--The Chairman 
                of the Financial Institutions Examination Council shall 
                appear before the Committee on Financial Services of 
                the House of Representatives and the Committee on 
                Banking, Housing, and Urban Affairs of the Senate after 
                each report is made pursuant to subparagraph (A), to 
                testify on the contents of such report.
    (e) Limited Look-Back Application.--The Federal financial 
institutions regulatory agencies shall conduct a review of all 
regulations adopted during the period beginning on the date that is 
five years before the date of the introduction of this Act in the House 
of Representatives and ending on the date of the enactment of this Act 
and apply the requirements of this section to such regulations. If the 
application of the requirements of this section to any such regulation 
requires such regulation to be revised, the agency shall revise such 
regulation within three years of the enactment of this section.
    (f) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Federal financial institutions regulatory agencies.--
        The term ``Federal financial institutions regulatory agencies'' 
        means the Office of the Comptroller of the Currency, the Board 
        of Governors of the Federal Reserve System, the Federal Deposit 
        Insurance Corporation, the National Credit Union 
        Administration, and the Bureau of Consumer Financial 
        Protection.
            (2) Regulatory action.--The term ``regulatory action'' 
        means any proposed, interim, or final rule or regulation, 
        guidance, or published interpretation.
                                                 

Summary: Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015 This bill directs the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Financial Protection Bureau to: take into consideration the risk profile and business models of institutions subject to regulatory action. Determine the necessity, appropriateness, and impact of applying that action to such institutions. And tailor regulatory action so as to limit the burden of regulatory compliance as befits the risk profile and business model involved. The federal financial institutions regulatory agencies shall also consider: the impact that such regulatory action has upon the ability of the institution to flexibly serve evolving and diverse customer needs, the potential unintended impact of examination manuals or other regulatory directives that work in conflict with the tailoring of such regulatory action, and the underlying policy objectives of the regulatory action and statutory scheme involved. In addition, a federal financial institutions regulatory agency must disclose in every notice of a proposed and final rulemaking for a regulatory action how it has applied this bill. The Financial Institutions Examination Council shall report to Congress on the extent to which regulatory actions tailored pursuant to this bill result in differential regulation of similarly-situated institutions of diverse charter types with respect to comparable regulations. The agencies must also apply the requirements of this bill to all regulations adopted five years before the introduction of this bill and ending on the date of its enactment.