The record

LegislationLegislation· May 2026
HR 4437 Passed House — in Senate

Sponsored by William R. Timmons (R)

SMART Act of 2025

Lets well-managed banks and credit unions under $6 billion in assets skip full exams every other year.

Tradeoff

Reduces regulatory burden on smaller financial institutions by allowing alternating limited exams. Regulators retain authority to conduct full exams if safety or compliance concerns arise.

What's in it

See official bill text

Passed the House by on May 12, 2026 — sitting in the Senate.

  1. House

    Introduced

    (Jul 16, 2025)

  2. House

    Committee on Financial Services(Jul 16, 2025)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 53 - 1(Jul 22, 2025)

    Committee report H. Rept. 119-249.

  4. House

    Passage of the bill

    Passed by (May 12, 2026)

    No individual votes were recorded.

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(May 13, 2026)