FIRM Act
Sponsored By: Representative Barr
In Committee
Summary
Removes "reputational risk" from federal bank supervision. This bill would bar Federal banking agencies from using reputational risk as a basis for rules, exams, ratings, or enforcement against depository institutions.
Show full summary
- Banks and credit unions: Would no longer face supervision or enforcement actions that rely on reputational risk. Agencies must remove references to reputational risk from guidance, rules, and examination manuals.
- Federal banking agencies: Would be prohibited from any activity related to reputational risk in regulation, supervision, or examination. Each agency must report to the House and Senate banking committees within 180 days after enactment describing the policy changes.
- Consumers, communities, and businesses: The bill aims to reduce instances where reputational concerns limit access to financial services. That seeks to protect people or groups who were denied banking for reputational reasons.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Limit bank oversight for 'reputational risk'
This bill would bar federal banking agencies from using "reputational risk" when they supervise banks. Agencies would not be able to set rules, run exams, issue ratings, or take enforcement based on it. They would also need to remove that term from their guidance and manuals. Agencies would report to Congress within 180 days on how they carried this out. If enacted, banks could face fewer checks tied to public image, which could have mixed effects for customers.
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Sponsors & CoSponsors
Sponsor
Barr
KY • R
Cosponsors
Torres (NY)
NY • D
Sponsored 4/8/2025
McClain
MI • R
Sponsored 4/8/2025
Lucas
OK • R
Sponsored 4/8/2025
Loudermilk
GA • R
Sponsored 4/8/2025
Rose
TN • R
Sponsored 4/8/2025
Wagner
MO • R
Sponsored 4/8/2025
Stutzman
IN • R
Sponsored 4/8/2025
Timmons
SC • R
Sponsored 4/8/2025
Moore (NC)
NC • R
Sponsored 4/8/2025
Messmer
IN • R
Sponsored 4/8/2025
Fitzgerald
WI • R
Sponsored 4/8/2025
Ogles
TN • R
Sponsored 4/8/2025
Downing
MT • R
Sponsored 4/8/2025
Sessions
TX • R
Sponsored 4/8/2025
LaMalfa
CA • R
Sponsored 4/8/2025
Grothman
WI • R
Sponsored 4/8/2025
Williams (TX)
TX • R
Sponsored 5/5/2025
Schmidt
KS • R
Sponsored 5/5/2025
Garbarino
NY • R
Sponsored 5/19/2025
Roll Call Votes
No roll call votes available for this bill.
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