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For Immediate Release
February 17, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Strongly Supports TAILOR Act of 2017 (S. 366 and H.R. 1116)

By James Ballentine, ABA’s executive vice president of congressional relations and political affairs

​     “ABA strongly supports the TAILOR Act of 2017, commonsense legislation introduced by Sen. Mike Rounds and Rep. Scott Tipton that would require regulators to consider varying bank risk profiles and business models when taking regulatory actions. This important bill would help address the huge flow of new regulations that have made it more difficult for banks to meet the needs of consumers and small businesses as well as local and regional economies.
 
     “While regulation is a fact of life for banks, indiscriminately applying rules to institutions whose business models and risk levels don’t warrant it serves only to increase costs and cut the number of financial products and services available to consumers.  Regulators should be empowered – and directed – to make sure that rules, regulations and compliance burdens only apply to segments of the industry where warranted. 
 
     “The House Financial Services Committee passed a similar bill in 2016 with a bipartisan majority. Reintroducing the TAILOR Act is an important step, and we look forward to working with lawmakers on both sides of the aisle once again to advance this much-needed legislation.”
 
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The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $9 trillion in loans.