Shown Here:
Introduced in House (06/25/2015)

Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015

This bill directs the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Financial Protection Bureau (federal financial institutions regulatory agencies) to:

• take into consideration the risk profile and business models of institutions subject to regulatory action;
• determine the necessity, appropriateness, and impact of applying that action to such institutions; and
• tailor regulatory action so as to limit the burden of regulatory compliance as befits the risk profile and business model involved.

The federal financial institutions regulatory agencies shall also consider:

• the impact that such regulatory action has upon the ability of the institution to flexibly serve evolving and diverse customer needs,
• the potential unintended impact of examination manuals or other regulatory directives that work in conflict with the tailoring of such regulatory action, and
• the underlying policy objectives of the regulatory action and statutory scheme involved.

In addition, a federal financial institutions regulatory agency must disclose in every notice of a proposed and final rulemaking for a regulatory action how it has applied this Act.

The Financial Institutions Examination Council shall report to Congress on the extent to which regulatory actions tailored pursuant to this Act result in differential regulation of similarly-situated institutions of diverse charter types with respect to comparable regulations.

The agencies must also apply the requirements of this Act to all regulations adopted five years before the introduction of this Act and ending on the date of its enactment.