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Prohibits federal banking regulators from using the phrase “reputational risk” (or similar concepts) in guidance, examination manuals, rules, ratings, or enforcement actions and requires agencies to remove such references from their materials. Agencies must report within 180 days to confirm they implemented the change and describe policy updates.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced March 6, 2025 by Tim Scott · Last progress 1 year ago
FIRM Act