House committee passes ICBA-advocated reg relief bills

The House Financial Services Committee passed several ICBA-supported bills during a two-day markup.

Newly Passed Bills: The committee voted to advance:

• The FDIC Board Accountability Act (H.R. 3446) by a 26-23 vote. Introduced by Rep. Bill Huizenga (R-Mich.), it would require the appointment of a member of the FDIC board of directors with experience in small depository institutions.

• The Tailored Regulatory Updates for Supervisory Testing (TRUST) Act of 2025 (H.R. 4478) by a 49-0 vote. From Reps. Tim Moore (R-N.C.) and Ritchie Torres (D-N.Y.), this bill would raise the consolidated asset threshold from $3 billion to $6 billion for banks to qualify for an 18-month examination cycle.

• Rep. Monica De La Cruz’s (R-Texas) Bringing the Discount Window into the 21st Century Act (H.R. 3390) by a 48-1 vote. It would modernize the Federal Reserve's discount window lending programs to improve its effectiveness as a tool for managing liquidity risk.

Prior Vote: The panel on Tuesday voted 53-1 to pass the Supervisory Modifications for Appropriate Risk-based Testing (SMART) Act of 2025 (H.R. 4437). Introduced by Reps. William Timmons (R-S.C.) and Bill Foster (D-Ill.), the bill would provide well-managed and well-capitalized financial institutions under $6 billion in assets with regulatory relief, such as alternating limited-scope exams and a combined safety-and-soundness exam and consumer compliance exam.

ICBA View: ICBA urged the committee to pass these bills in a letter ahead of the markup. The regulatory reform bills align with ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.