SMART Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The SMART Act of 2025 aims to reduce the regulatory burden on certain well-managed and well-capitalized financial institutions, including both insured depository institutions and insured credit unions with assets of $6 billion or less. It proposes alternating limited-scope examinations after full-scope reviews and allows for the combined performance of multiple examinations at the same time, upon request from the institution. Certain institutions, such as those facing enforcement actions or recent acquisitions, are exempt from these changes.
Key provisions
- Institutions with $6 billion or less in assets will receive alternating limited-scope examinations after full-scope reviews.
- Regulators can combine separate examinations (safety and soundness, compliance, IT/cybersecurity) into a single review upon request from the institution.
- Recently acquired institutions and those under enforcement proceedings are exempt from these changes.
- Federal banking agencies and the National Credit Union Administration must issue rules to implement the provisions within 12 months.
- The rules will establish procedures for limited-scope exams and review institutions with significant financial changes or compliance issues.
- The act maintains the authority of regulators to conduct off-site monitoring and additional examinations as needed.
- Definitions of ‘well capitalized’ and ‘well managed’ are clarified.
Who is affected
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