WASHINGTON (4/17/13)--The Credit Union National Association on Tuesday thanked U.S. House and Senate lawmakers for introducing bills that would enhance safety and soundness by increasing the consistency and fairness of the regulatory examination system. CUNA President/CEO Bill Cheney said CUNA looks forward to working with Congress to ensure timely enactment of exam fairness legislation.
The letters to the bills' chief sponsors followed the Monday introduction of legislation that would improve the federal examination process for credit unions and other financial institutions.
Sens. Joe Manchin (D-W. Va.) and Jerry Moran (R-Kan.) introduced the Senate version (S. 727) Monday afternoon. Reps. Shelly Moore Capito (R-W. Va.) and Carolyn Maloney (D-N.Y.) dropped their House legislation (H.R. 1553) just hours later. (Use the resource link to read April 16 News Now story: Senate, House Introduce Exam Fairness Bills)
Cheney in the letters said both bills take needed steps "toward ensuring the federal financial institution regulatory agencies conduct fair exams for those they supervise which are consistent with the law and regulation and ensure safety and soundness."
The exam fairness bills would:
- Make available to financial institutions the information used to make decisions in their examination;
- Codify certain examination policy guidance; and
- Establish an ombudsman at the Federal Financial Institution Examination Council to which financial institutions could raise concerns with respect to their examination.
Removing legislative and regulatory barriers is one of the key objectives outlined in CUNA's Unite for Good initiative. Unite for Good calls on credit unions to rally in support of a common vision where "Americans choose credit unions as their best financial partner."
For the CUNA letters and a full list of Unite for Good action steps, use the resource links.