TAILOR Act of 2015

Bill: 114-hr-2896
Sponsor: Rep. Tipton, Scott  R. [R-CO-3]
Introduced: 2015-06-25 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Congressional oversight
Consumer Financial Protection Bureau
Department of the Treasury
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
National Credit Union Administration

Summary:
action_date: 2015-06-25
text: 

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 (federal financial institutions regulatory agencies) 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 Act.
 
The Financial Institutions Examination Council shall report to Congress on the extent to which regulatory actions tailored pursuant to this Act 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 Act to all regulations adopted five years before the introduction of this Act and ending on the date of its enactment.

action_date: 2016-12-12
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015

 
(Sec. 2) 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 (federal financial institutions regulatory agencies) 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.


Legislative actions:
action_date: 2016-12-12
text: Placed on the Union Calendar, Calendar No. 680.
action_date: 2016-12-12
text: Reported by the Committee on Financial Services. H. Rept. 114-870.
action_date: 2016-12-12
text: Reported by the Committee on Financial Services. H. Rept. 114-870.
action_date: 2016-03-02
text: Ordered to be Reported by the Yeas and Nays: 34 - 22.
action_date: 2016-03-02
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-10-21
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
action_date: 2015-06-25
text: Referred to the House Committee on Financial Services.
action_date: 2015-06-25
text: Introduced in House
action_date: 2015-06-25
text: Introduced in House