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|ABA Applauds Today’s Vote on TAILOR Act|
|Thursday, 03 March 2016|
“We applaud the House Financial Services Committee for passing the TAILOR Act of 2015, a bill introduced by Rep. Scott Tipton to require regulators to consider bank risk profiles and business models when taking regulatory actions. This important legislation would help address the tremendous influx of new regulations that have made it more difficult for banks to meet the needs of consumers and small businesses as well as local and regional economies.
By James Ballentine, ABA’s executive vice president of congressional relations and political affairs
“While regulation is a fact of life for banks, indiscriminately applying rules to institutions whose business models and risk levels don’t warrant it serves only to increase costs and lessen the number of financial products and services available to consumers. Such over-regulation threatens the viability of many smaller institutions that serve as the lifeblood of communities across the country. Regulators should be empowered – and directed – to make sure that rules, regulations and compliance burdens only apply to segments of the industry where it’s warranted.
“This bill offers the possibility of real and targeted relief for America’s hometown banks without rolling back any of the important protections that are in place. We thank Rep. Tipton and the 58 bipartisan members that have co-sponsored this bill, and look forward to working with lawmakers to move this much-needed legislation forward.”
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