Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: Exam Fairness Bill Introduced In Senate
WASHINGTON (UPDATED: 4/15/13, 4:25 P.M. ET)--Legislation that would improve the federal examination process for credit unions and other financial institutions has been introduced by Sens. Jerry Moran (R-Kan.) and Joe Manchin (D-W. Va.).

The exam fairness bill, backed by the Credit Union National Association, would:

  • Make available to financial institutions the information used to make decisions in their examination;
  • Codify certain examination policy guidance;
  • Establish an ombudsman at the Federal Financial Institution Examination Council to which financial institutions could raise concerns with respect to their examination; and
  • Establish an appeals process before an independent administrative law judge.
CUNA has called examination fairness legislation "a firm step in the right direction toward ensuring the federal financial institution regulatory agencies conduct fair exams which are consistent with the law and regulation and ensure safety and soundness."

A House version of similar legislation is expected to be released soon, perhaps as early as today.


RSS print
News Now LiveWire
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
1 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
2 hours ago
#creditunions are a compass on the path away from bank fees, according to Daily Finance http://t.co/FcMVTrYyoc
2 hours ago
.@CUANYtweets young professionals shine during Hike the Hill visit. See #NewsNow http://t.co/8nKW7m2KzQ
3 hours ago
Online comment letter tool--PowerComment--rolled out nationwide by @CUNA @CANVgovaffairs See #NewsNow http://t.co/SLIxOaVe8H
4 hours ago