Financial Institution Regulatory Tailoring Enhancement Act

Bill: 118-hr-6398
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2023-11-14
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Financial services and investments

Housing finance and home ownership

Securities

User charges and fees
Latest action: action_date: 2023-11-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-11-14
action_desc: Introduced in House
text: <p><strong>Financial Institution Regulatory Tailoring Enhancement Act</strong></p><p>This bill increases several different asset levels which determine the applicability of specific regulations to financial institutions.</p><p>The bill raises the asset level above which insured depository institutions and credit unions become subject to supervision by the Consumer Financial Protection Bureau for purposes of compliance with consumer financial laws and for risk assessments of products and services.</p><p>The bill also raises the asset level below which debit card issuers are exempt from interchange transaction fee regulations.</p><p>The bill raises the asset level above which banks must comply with the Volcker Rule, which prohibits banks from proprietary trading and having an ownership interest in private funds.</p><p>The bill raises the asset level below which financial institutions must comply with less prescriptive <em>ability-to-repay</em> determinations for residential mortgages.</p><p>Finally, the bill raises the asset level below which certain depository institutions and depository institution holding companies qualify as community banks and are therefore subject to a simplified leverage ratio.</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: I 118th CONGRESS 1st Session H. R. 6398 IN THE HOUSE OF REPRESENTATIVES November 14, 2023 Mr. Barr introduced the following bill; which was referred to the Committee on Financial Services A BILL To increase the asset thresholds at which financial institutions become subject to certain requirements, and for other purposes.

1. Short title This Act may be cited as the Financial Institution Regulatory Tailoring Enhancement Act . 2. Increased asset thresholds (a) Bureau Supervision Section 1025(a) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5515 ) is amended by striking $10,000,000,000 each place it occurs and inserting $50,000,000,000 . (b) Durbin Amendment requirements Section 921(a)(6) of the Electronic Fund Transfer Act ( 15 U.S.C. 1693o–2(a)(6) ) is amended by striking $10,000,000,000 and inserting $50,000,000,000 . (c) Volker rule requirements Section 13(h)(1)(B)(i) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851(h)(1)(B)(i) ) is amended by striking $10,000,000,000 and inserting $50,000,000,000 . (d) Qualified mortgage requirements Section 129C(b)(F)(i) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(F)(i) ) is amended by striking $10,000,000,000 and inserting $50,000,000,000 . (e) Leverage and risk-Based capital requirements Section 201(a)(3)(A) of the Economic Growth, Regulatory Relief, and Consumer Protection Act ( 12 U.S.C. 5371 note (a)(3)(A)) is amended by striking $10,000,000,000 and inserting $50,000,000,000 .