Press

NAFCU Hails Sens. Moran and Manchin introduction of S. 774, the “Financial Institutions Examination Fairness and Reform Act”

WASHINGTON, DC (March 18, 2015) — National Association of Federal Credit Unions (NAFCU)President and CEO Dan Berger issued the following statement in response to NAFCU-sought legislation, S. 774, the “Financial Institutions Examination Fairness and Reform Act,”  introduced today by Sens. Jerry Moran (R-Kan.) and Joe Manchin (D-W.Va.). The legislation calls for clear guidance from regulators and an independent appeals process free from examiner retaliation, among other things.

“We appreciate the commitment shown by Senators Moran and Manchin on this issue. This legislation would provide credit unions much-needed clarity in a process that is integral to credit union operations,” said Berger.

The bill, S. 774, also calls for consistency from exam to exam, with exam results provided to the financial institution no later than 60 days after the close of the examination. NAFCU backed this legislation last Congress and also encouraged the National Credit Union Administration to support the bill.

Rep. Lynn Westmoreland (R-Ga.) announced his plan to introduce companion legislation during a House Financial Services Committee hearing today, during which NAFCU testified.

Improving exam fairness is a principle element of NAFCU’s five-point plan for credit union regulatory relief.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

---