CUNA wrote in strong support of a Senate examination fairness bill Wednesday, viewing it as a strong step toward ensuring regulators conduct fair exams. The Financial Institution Fairness and Reform Act (FIEFRA) (S. 2237) was introduced by Sens. Jerry Moran (R-Kansas) and Joe Manchin (D-W. Va.).
“The examination process is but one of the challenges credit unions and other financial institutions face as the country recovers from the recent financial crisis,” wrote CUNA President/CEO Jim Nussle. “FIEFRA will facilitate transparency and improve consistency in the examination process; provide a resource for financial institutions to express concern about their examination experience; and establish an independent adjudicatory process for the appeal of material supervisory determinations.”
Specifically, the bill would:
Nussle also noted that CUNA does not view FIEFRA as weakening the federal examination system, but to the contrary, “by increasing the consistency and fairness of the system, safety and soundness can also be enhanced.”
A CUNA-supported House version of the bill, H.R. 4545, was passed by the House Financial Services Committee last week.