Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA backs examination improvement bill

WASHINGTON (11/22/11)--The Credit Union National Association (CUNA) has welcomed H.R. 3461, which would allow financial institutions to appeal examination reports from federal financial regulators and provide further clarity to those regulators, saying the bill is "recognition that Congress is taking the concerns that we and others have raised regarding examinations seriously."

·    Portions of the bill that would establish a new Office of Examination Ombudsman to investigate complaints about examinations and look at examination quality assurance;

·    Language that would require regulatory agencies to list any information that was used to support a certain regulatory action or request;

·    Language that would allow financial institutions to appeal any material supervisory determination in an exam report to an independent administration law judge.

"There are also areas where CUNA will ask the sponsors to improve the bill, and we want to work with Congress to find solutions to improve the examination process in these challenging economic times," Donovan added.

A hearing on the bill is scheduled to take place in the House financial institutions subcommittee on Dec. 6 at 2:00 p.m. ET.

For more on the bill, use the resource link.

Other Resources

RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
11 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
12 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
13 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
14 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
14 hours ago