U.S. Rep. Andy Barr (R-KY) announced last week that he had introduced legislation to increase tailoring for mid-sized banks.
His legislation, the Financial Institution Regulatory Tailoring Enhancement Act” or H.R.6398, would raise regulatory asset thresholds for financial institutions across the country. If passed, the bill would modify he asset thresholds at which financial institutions are subject to various regulatory requirements, Barr’s office said. Specifically, the bill would amend Consumer Financial Protection Act of 2010, the Electronic Fund Transfer Act, the Bank Holding Company Act of 1956, the Truth in Lending Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act, and would increase the asset thresholds from $10 billion to $50 billion. Barr’s office called it a significant shift in current regulations.
“This legislation represents a crucial step towards ensuring that our financial regulatory framework is both effective and appropriately scaled,” Barr said. “By adjusting these thresholds, we aim to alleviate undue burdens on smaller institutions while maintaining robust safeguards for our financial system. This legislation will foster economic growth and support tailoring in the banking industry.”
The legislation was introduced in the House on Nov. 14, and referred to the House Committee on Financial Services. As of Nov. 21, the General Publishing Office had not yet published the text of the bill on the Congressional website.