America’s Credit Unions endorses bill to establish independent exam office
Legislation would set up an independent appeals process for MSDs
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America’s Credit Unions is throwing its support behind bipartisan House legislation that would establish an independent office to consider appeals of credit union and bank examinations.
In a Tuesday letter to the bill’s sponsors, Reps. French Hill, R-Ark., and David Scott, D-Ga., America’s Credit Unions President/CEO Jim Nussle wrote, “Your legislation will facilitate transparency and improve consistency in the examination process; provide a resource for financial institutions to express concern about their examination experience; and establish an independent adjudicatory process for the appeal of material supervisory determinations.”
The lawmakers introduced the measure, H.R. 8071, on April 18. The legislation would establish a new Office of Independent Examination Review within the Federal Financial Institutions Examination Council to consider appeals of “Materially Supervisory Determinations,” issues that could significantly affect the operation of a financial institution.
The bill also would require credit union and bank examiners to complete examinations no later than 60 days after the exam exit interview. If an examiner reports a “Materially Supervisory Determination,” the examiner would be required to share the documentation the examiner relied on in making that determination. The legislation would allow a financial institution to appeal that determination to the U.S. Circuit Court of Appeals.
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