H.R. 2702, known as the "Financial Integrity and Regulation Management Act" or "FIRM Act," aims to prevent federal banking agencies from using reputational risk as part of their oversight of banks and financial institutions. The bill defines reputational risk as the potential harm from...
Simple Explanation
H.R. 2702, called the "FIRM Act," is a rule that says people who check on banks must stop worrying about whether the bank might look bad because of what others say, so they can focus on more important things.