Washington, D.C. – Today, Congressman Andy Barr (KY-06) introduced the "Financial Institution Regulatory Tailoring Enhancement Act" which would raise critical regulatory asset thresholds for financial institutions across our country.
The bill proposes substantial modifications in the asset thresholds at which financial institutions become subject to various regulatory requirements. Specifically, it seeks to amend the 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. These amendments will increase the asset thresholds from $10 billion to $50 billion, marking 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,” said Congressman Barr. “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.”