Combining FBAR and 8938 is a step toward simplification of the onerous reporting required of US persons living overseas.

https://americansabroad.org/files/5914/2913/2714/tax-advocate-recommendations-13-april-2015.pdf
One set of nonfiling/inaccuraty penalties would be eliminated and that is a good step.
TAS did not go far enough to reduce the questionable and maybe even unconstitutional FBAR fines. Accounts in those countries are not foreign and should not be treated by such with "foreign account" penalties.
While one may hope that relieving FFI of their reporting obligations for bona fide tax residents, will be a relief for US persons living overseas - the notion is hypothetical. All FFI under FATCA  must vet through their account lists and hunt down US persons among existing accounts, for any new accounts, and this still must be done if the US persons are bona fide tax residents or not. So will this be any help? It will add an extra layer of bureaucracy and questions imposed on the banks at their expense to ask the extra questions.
There is no mention of the foreign nationals in the US getting their accounts shut in their home countries as a result of FATCA regulations.
Also, no mention of US persons with a "foreign address" getting financial accounts closed or services limited on US based accounts. This is still Unamerican!
Clearly with FATCA,FBAR, and Citizenship Based Taxation the US has treated overseas US persons with an expectation that they are to serve the US government, instead of the US government having the prime responsibility to serve them.
Double taxation, without representation, with excessive compliance, and with excessive compliance penalties, and with $0 in US government services in exchange is still wrong and unjust.