Taking Account of Institutions with Low Operation Risk Act of 2017

Floor Speech

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Mr. EMMER. Mr. Speaker, I thank the chairman for the time.

Mr. Speaker, on countless occasions, my colleagues on the House Financial Services Committee have called out the challenges faced by our family-owned community banks and credit unions created by the one- size-fits-all regulatory approach of this Federal Government. We keep repeating this message because this is what all of us, Republicans and Democrats, are hearing from our constituents on Main Street U.S.A.

As a direct result of the overly burdensome and unnecessary Federal regulation, members of the Ideal Credit Union in Minnesota pay an additional $225, and it now takes over 44 days to close a home mortgage. Ideal told me that, if the credit union could return to a more normal, reasonable processing time, their members would be better served and the process would be more efficient.

My colleague from Colorado has heard similar examples from his constituents, too. That is why he introduced the TAILOR Act, to change the way agencies regulate our small town financial institutions that are telling us time and time again they need relief.

Representative Tipton's legislation will direct the Federal regulatory agencies responsible for regulating our local Main Street financial institutions to consider a few factors when they are regulating, such as the impact their actions have on the ability of banks and credit unions to serve their customers, the risk profile and business models of the institutions they regulate, and the necessity and appropriateness of the regulations they are imposing.

Tailored regulations are smart regulations and will help to limit the regulatory burden our community banks and credit unions continue to face.

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Mr. EMMER. Mr. Speaker, I urge my colleagues on both sides of aisle to listen to the stories of their constituents and support the relief they are asking for. I urge my colleagues to vote ``yes'' on H.R. 1116, the TAILOR Act.

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