March 5, 2018

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FSR Urges Senate Passage of Crapo Regulatory Modernization Bill

In crafting S. 2155, Chairman Crapo and a bipartisan group of key Senators have provided thoughtful leadership in an effort to modernize regulatory requirements so financial institutions can better serve clients, communities and the broader goal of job growth.

FSR Urges Senate Passage of Crapo Regulatory Modernization Bill
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FSR Urges Senate Passage of Crapo Regulatory Modernization Bill

Calls for additional regulatory tailoring to optimize economic growth 

 

WASHINGTON – The Financial Services Roundtable (FSR) today sent a letter to Senate leadership in support of the “Economic Growth, Regulatory Relief and Consumer Protection Act,” bipartisan legislation scheduled for debate in the Senate this week to improve the nation’s financial regulatory system. As the Senate considers a manager’s amendment to the bill, FSR encourages inclusion of further regulatory tailoring so that customers, no matter where they bank, will have access to safe and affordable financial products.

“In crafting S. 2155, Chairman Crapo and a bipartisan group of key Senators provided thoughtful leadership in an effort to modernize regulatory requirements so financial institutions can better serve clients, communities and the broader goal of job growth,” wrote FSR CEO Tim Pawlenty. “This bipartisan legislation takes important steps to improve our nation’s financial regulatory system.”

The bill includes FSR member priorities such as the MOBILE Act, allowing banks to offer products and services entirely through online and mobile channels outside their geographic footprint.

“FSR believes regulators should apply an activities-based approach, rather than using arbitrary asset thresholds, to assess risk and determine when heightened standards need to be applied to a particular financial institutions,” Pawlenty wrote. “FSR urges Senators to consider including such additional ‘tailoring’ in this legislation so regulations relating to all financial institutions are properly calibrated. This would allow regulators to consider multiple factors in assessing risk and the need for enhanced standards and review.”

To read FSR’s full letter, click here.

 

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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