article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Taking Account of Institutions with Low Operation Risk Act of 2015'' or the ``TAILOR Act of 2015''. SEC. 2. REGULATIONS APPROPRIATE TO BUSINESS MODELS. (a) In General.--For any regulatory action occurring subsequent to enactment of this section, and notwithstanding any other provision of law, the Federal financial institutions regulatory agencies shall-- (1) take into consideration the risk profile and business models of the various institutions or classes of institutions subject to the regulatory action; (2) determine the necessity, appropriateness, and impact of applying such regulatory action to such institutions or classes of institutions; and (3) tailor such regulatory action applicable to such institutions or class of institutions in a manner that limits the regulatory compliance impact, cost, liability risk, and other burdens as is appropriate for the risk profile and business model involved. (b) Other Considerations.--In satisfying the requirements of subsection (a) and when implementing such regulatory action, the Federal financial institutions regulatory agencies shall also consider-- (1) the impact that such regulatory action, both by itself and in conjunction with the aggregate effect of other regulations, has on the ability of the institution or class of institutions to flexibly serve evolving and diverse customer needs; (2) the potential unintended impact of examination manuals or other regulatory directives that work in conflict with the tailoring of such regulatory action described in subsection (a)(3); and (3) the underlying policy objectives of the regulatory action and statutory scheme involved. (c) Notice of Proposed and Final Rulemaking.--The Federal financial institutions regulatory agencies shall disclose in every notice of proposed rulemaking and in any final rulemaking for a regulatory action how the agency has applied subsections (a) and (b). (d) Reports to Congress.-- (1) Individual agency reports.-- (A) In general.--The Federal financial institutions regulatory agencies shall individually report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, within twelve months of enactment of this section and annually thereafter, on the specific actions taken to tailor the agency's regulatory actions pursuant to the requirements of this section. (B) Appearance before the committees.--The head of each Federal financial institution regulatory agency shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate after each report is made pursuant to subparagraph (A), to testify on the contents of such report. (2) FIEC reports.-- (A) In general.--The Financial Institutions Examination Council shall report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, within three months after the reports required under paragraph (1)-- (i) on the extent to which regulatory actions tailored pursuant to this section result in differential regulation of similarly- situated institutions of diverse charter types with respect to comparable regulations; and (ii) the reasons for such differential treatment. (B) Appearance before the committees.--The Chairman of the Financial Institutions Examination Council shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate after each report is made pursuant to subparagraph (A), to testify on the contents of such report. (e) Limited Look-Back Application.--The Federal financial institutions regulatory agencies shall conduct a review of all regulations adopted during the period beginning on the date that is five years before the date of the introduction of this Act in the House of Representatives and ending on the date of the enactment of this Act and apply the requirements of this section to such regulations. If the application of the requirements of this section to any such regulation requires such regulation to be revised, the agency shall revise such regulation within three years of the enactment of this section. (f) Definitions.--For purposes of this section, the following definitions shall apply: (1) Federal financial institutions regulatory agencies.-- The term ``Federal financial institutions regulatory agencies'' means 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 Bureau of Consumer Financial Protection. (2) Regulatory action.--The term ``regulatory action'' means any proposed, interim, or final rule or regulation, guidance, or published interpretation.
summary: . Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015 (Sec. 2) 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 bill. The Financial Institutions Examination Council shall report to Congress on the extent to which regulatory actions tailored pursuant to this bill 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 bill to all regulations adopted five years before the introduction of this bill and ending on the date of its enactment.