CUNA-backed bill for examination fairness reintroduced

WASHINGTON, DC (March 18, 2015) — Senators Jerry Moran (R-KS) and Joe Manchin (D-WV) reintroduced the Exam Fairness Bill (S. 774), CUNA-backed legislation that would enhance safety and soundness by increasing the consistency and fairness of the regulatory examination system.

“This is a needed step toward improving the federal examination process that would provide regulatory relief to credit unions,” said Jim Nussle, President and CEO of CUNA. “Examinations should be based on the laws Congress passes and the regulations that NCUA enacts, not on examiner interpretation of ‘best practice’ or guidance.”

Patrick Miller, president and CEO of CBC Federal Credit Union, testified in support of the legislation today on behalf of CUNA before the U.S. House Financial Services Committee hearing on regulatory relief.

The 2015 exam fairness bill is nearly identical to the senators’ 2013 legislation and would:

  • Make available to financial institutions the information used to make decisions in their examination;
  • Codify certain examination policy guidance; and
  • Establish an independent ombudsman at the Federal Financial Institutions Examination Council to which financial institutions could raise concerns with respect to their examination.

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