WASHINGTON, Feb. 11 -- Sen. John Kennedy issued the following press release:
Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today joined Sens. Ted Budd (R-N.C.), Andy Kim (D-N.J.), and Angela Alsobrooks (D-Md.) in introducing the Tailored Regulatory Updates for Supervisory Testing (TRUST) Act.
Currently, banks with more than $3 billion in assets are subject to "full-scope" on-site examinations every 12 months, rather than the more lenient 18-month timeline regulators give many banks with fewer assets.
Requiring a demanding examination process on a twelve-month basis creates a significant regulatory burden for small community banks.
By raising the threshold to $6 billion to reflect inflation, the TRUST Act would al...