Small banks and credit unions would be subject to less stringent oversight by federal regulators under the SMART Act, which the House passed by voice vote under suspension of the rules on Tuesday.
The bill (H.R. 4437) would let banks and credit unions with $6 billion or less in assets undergo limited-scope reviews after a full on-site exam, provided they’re also well-capitalized and well-managed. They could also request that regulators merge exams — such as for safety, soundness, and consumer compliance — and conduct them at the same time.
“With the SMART Act, we can ensure well-managed and ...
