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H.R. 2702119th CongressPlaced on the calendarLatest action Jun 20, 2025Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
The FIRM Act would ban federal banking regulators from using reputational risk in bank exams or enforcement.
40-second read · 4 questions answered below
The FIRM Act would stop banking regulators from using "reputational risk" when examining or supervising banks and credit unions. Agencies would have to strip references to reputational risk from rules, guidance, and exam materials, and could not issue findings, ratings, or enforcement actions based on it. Each agency must report to Congress within 180 days confirming compliance.
Affects the FDIC, Federal Reserve, OCC, National Credit Union Administration, and CFPB, along with banks, credit unions, and their customers.
Supporters say it would prevent regulators from pressuring banks to cut ties with legal but controversial businesses, as in "Operation Choke Point." Regulators could still examine banks for financial safety, fraud, or other legal compliance issues.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it was placed on the House floor calendar, and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Placed on the Union Calendar, Calendar No. 131.