Cheney on ‘Exam Fairness Bill’ Intro in Senate

04/15/2013
  • overview

CUNA President and CEO Bill Cheney on Introduction of “Examination Fairness Bill” by Sens. Joseph Manchin (D-W.V.) and Jerry Moran (R-Kansas)

Bill takes firm steps in right direction to making exam process fairer, more consistent.

This legislation would make available to credit unions and other financial institutions the information used by examiners to make decisions in their examination, which is a key concern to credit unions. In our national exam survey, completed earlier this year, a common concern expressed by credit unions was that examiners tended to focus too much on their own views of best practices, rather than on legal and regulatory requirements. Regulators should address the supervision and examination of credit unions in a professional manner, taking into full account legal requirements credit unions must meet as well as the need for credit unions to have reasonable flexibility to serve their members well. This bill takes firm steps in the right direction toward making the examination process fairer and more consistent. Our thanks to Sens. Manchin and Moran for introducing this much-needed legislation. We also expect introduction in the House very soon of the same legislation by Reps. Shelley Moore Capito (R-W.V.) and Carolyn Maloney (D-N.Y.).

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