Large standalone banks would have to follow the same strict safety rules as similar-size bank holding companies. The bill does not create new rules. It expands who must follow the current ones.
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Closing the Enhanced Prudential Standards Loophole Act is a House bill in committee. The latest recorded action: Referred to the House Committee on Financial Services.
Latest action on H.R. 7888: Referred to the House Committee on Financial Services.
Who this affects: This bill mainly affects large banks that operate without a bank holding company. These banks could face the same stricter safety rules as similar-size banking groups. It also affects federal bank regulators, especially the Federal Reserve, because they would oversee a wider set of large banks under the existing law.
Why this matters: This matters because large banks can pose risks beyond their own customers if they run into serious trouble. The bill would make bank size matter more than company structure when applying stricter safety rules. It could improve oversight of large standalone banks. It could also raise costs for those banks, but the bill text does not show how banks would respond.
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