February 16, 2017

Tipton reintroduces NAFCU-backed 'TAILOR Act'

Rep. Scott Tipton, R-Colo., on Thursday reintroduced the House version of the NAFCU-backed "TAILOR Act," which would require that rules be tailored to fit financial institutions' business models and risk profiles.

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

Cosponsors for this year's bill include Barr and Reps. Ed Royce, R-Calif., Robert Pittenger, R-N.C., Bill Posey, R-Fla., Roger Williams, R-Texas, Mia Love, R-Utah, Barry Loudermilk, R-Ga., and Dave Trott, R-Mich. All are members of the Financial Institutions Subcommittee.

Earlier this week, Sen. Mike Rounds, R-S.D., reintroduced the Senate version of the TAILOR Act from last Congress.