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:
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.