FIRM Act

This bill stops federal banking agencies from using "reputational risk" when they oversee or examine banks and credit unions. Reputational risk means the chance that bad publicity or public attention could hurt a bank by lowering trust, causing lawsuits, or reducing its income. Under this bill, banking agencies would no longer be allowed to consider that kind of risk when regulating these financial institutions, and the agencies would have to report on how they are following the new rule.

Your Vote