S. 875, known as the "Financial Integrity and Regulation Management Act" or the "FIRM Act," aims to prevent Federal banking agencies from using reputational risk as a reason to supervise or regulate depository institutions. The bill argues that such risks have been used to...
Simple Explanation
The FIRM Act is like a rule that tells banks they can't stop helping people just because they might look bad. It wants to make sure banks and those in charge don't use silly reasons to limit who can use money services.