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Senator Tim Scott’s FIRM Act would stop regulators from debanking American citizens

Summary by atr.org

Senate Banking Committee Chairman Tim Scott (R-S.C) has introduced a bill to prevent regulators debanking disfavored groups. The Financial Integrity and Regulation Management (FIRM) Act is a key step in addressing the politicization of the American financial system stretching back to the Obama Administration. Using the justification of risk management, banks have come under increased scrutiny by regulators to sever ties to industries which may p…

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Senator Tim Scott’s FIRM Act would stop regulators from debanking American citizens

25 days ago

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US Senators Take on Debanking as Top Priority With New Legislation

U.S. senators are pushing to end politically motivated debanking, arguing regulators have misused their authority. The FIRM Act aims to ensure fair …

25 days ago

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financialnewsnetwork.com

Financial News Network - Tim Scott introduces Senate bill to address debanking over 'reputational risk'

Sen. Tim Scott and banking committee Republicans introduced a new bill known as the FIRM Act, which seeks to prevent debanking decisions related to concerns over reputational risk.Read More …

25 days ago

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PYMNTS.com

Senate Bill Would Eliminate Reputational Risk as Measure of Safety and Soundness

Senate Banking Committee Chairman Tim Scott, R-S.C., has introduced a bill that would stop federal banking agencies from using reputational risk as a measure to determine regulated financial institutions’ safety and soundness. Scott was joined on the bill by all other Republicans on the Senate Banking Committee, he said in a Thursday (March 6) press release. The Financial Integrity and Regulation Management Act, or FIRM Act, aims to combat deban…

26 days ago

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American Banker

Sen. Tim Scott proposes bill to eliminate reputational risk

The Financial Integrity and Regulation Management Act aims to stop prudential regulators from writing rules or guidance that involve any use of reputational risk in supervision.

26 days ago

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