The financial services industry took note of several legislative pieces recently passed by the House Financial Services Committee as Congress prepares to enter its summer recess. Learn about some of these bills in this regulatory roundup:
FDIC Accountability Act
The “FDIC Board Accountability Act” (H.R. 3446), introduced by Rep. Bill Huizenga (R-Mich.), passed out of committee 26-23 in a party-line vote. If adopted, the bill would require the appointment of a member of the Federal Deposit Insurance Corp. (FDIC) board of directors with experience in small depository institutions – meaning those with less than $10 billion in total assets. The measure also would impose a two-term, 12-year limit on board members and remove FDIC voting status for the Consumer Financial Protection Bureau director, designating them as a non‑voting observer on the FDIC board instead.
TRUST Act
The “Tailored Regulatory Updates for Supervisory Testing (TRUST) Act” of 2025 (H.R. 4478) received strong bipartisan support, passing 49-0 out of committee. Reps. Tim Moore (R-N.C.) and Ritchie Torres (D-N.Y.) introduced the measure to raise the consolidated asset threshold for banks to qualify for an 18-month examination cycle from $3 billion to $6 billion. The bill aims to reduce regulatory burden on well-managed smaller banks and credit unions that present low financial stability risk, allowing them to allocate resources away from regulatory priorities.
Bringing the Discount Window into the 21st Century Act
The “Bringing the Discount Window into the 21st Century Act” (H.R. 3390) passed out of committee by a 48-1 vote. The measure seeks to modernize the Federal Reserve’s discount window lending programs to make them more effective as tools for managing liquidity risk. The bill, introduced by Rep. Monica De La Cruz (R-Texas), would amend the Federal Reserve Act to require the Federal Reserve to conduct a comprehensive review of discount window operations within 60 days of its enactment to be completed within 240 days.