WASHINGTON, DC - The National Association of Federal Credit Unions (NAFCU) lauded the reintroduction of credit union examination fairness legislation in the Senate and House. The Senate bill, S. 727, was introduced by Senate Banking Committee members Jerry Moran, R-Kan., and Joe Manchin, D-W.Va. The House bill, H.R. 1553, was introduced by Rep. Shelley Moore Capito, R-W.Va., chairman of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, and committee member Carolyn Maloney, D-N.Y.
The two new bills are identical to S. 2160 and H.R. 3461, introduced in the 112th Congress.
“NAFCU thanks Sens. Moran and Manchin and Chairman Capito and Rep. Maloney for their continued commitment to ensuring fairness and consistency in federal examinations of credit unions,” said B. Dan Berger, NAFCU’s executive vice president of government affairs. “Enacting new provisions that provide for more fairness in the examination process is a key component of NAFCU’s five-point plan for regulatory relief. We look forward to working with lawmakers and their staffs to enact fairness legislation.”
NAFCU testified last year in favor of H.R. 3461, which drew 192 cosponsors.
The exam fairness legislation would apply to the National Credit Union Administration, as well as the Consumer Financial Protection Bureau.
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.