TAILOR Act of 2017

The TAILOR Act of 2017, also known as Bill 115 hr 1116, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide regulatory relief to community banks and credit unions by requiring federal financial regulatory agencies to tailor regulations to fit the size, risk profile, and business model of these institutions.

The TAILOR Act aims to address concerns that current regulations imposed on financial institutions are too burdensome and do not take into account the differences between large banks and smaller community banks and credit unions. By requiring regulators to tailor regulations to the specific needs of smaller institutions, the bill seeks to promote economic growth and increase access to credit for consumers and small businesses.

Specifically, the TAILOR Act requires federal financial regulatory agencies to conduct a review of their regulations every seven years to ensure that they are appropriately tailored to the size, risk profile, and business model of community banks and credit unions. If a regulation is found to be overly burdensome or not appropriately tailored, the agency must take steps to modify or eliminate the regulation. Overall, the TAILOR Act of 2017 is aimed at reducing regulatory burden on community banks and credit unions in order to promote economic growth and increase access to credit for consumers and small businesses. It is a bipartisan effort to address concerns about the impact of regulations on smaller financial institutions and to ensure that regulations are tailored to fit the needs of these institutions.