February 14, 2017

Rounds reintroduces NAFCU-backed 'TAILOR Act'

Sen. Mike Rounds, R-S.D., on Monday reintroduced the NAFCU-backed "TAILOR Act," which would require that rules be tailored to fit financial institutions' business models and risk profiles.

Rounds first introduced the "Taking Account of Institutions with Low Operation Risk (TAILOR) Act" during the last Congress; the bill mirrors the House version, which was introduced last year by Reps. Scott Tipton, R-Colo., and Andy Barr, R-Ky., and cosponsored by Rep. Ed Perlmutter, D-Colo. (All three lawmakers are House Financial Services Committee members.) The House version was approved by the House Financial Services Committee last year.

Rounds is a member of the Senate Banking Committee and cofounder of the bipartisan caucus on payments. He spoke at NAFCU's Congressional Caucus in September.