text: 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.
target: .  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.
feat_title: TAILOR Act of 2015