WASHINGTON (4/29/15)--A bill that would reform federal examinations of financial institutions is a strong step forward ensuring fair exams are conducted by federal regulators, CUNA believes.
CUNA President/CEO Jim Nussle sent a letter Tuesday to Reps. Lynn Westmoreland (R-Ga.) and Carolyn Maloney (D-N.Y.), sponsors of the Financial Institution Examination Fairness and Reform Act (H.R. 1941).
"CUNA strongly supports this legislation and views it as a strong step in the right direction toward ensuring the federal financial institution regulators conduct fair exams for those they supervise consistent with the law and regulation and ensure safety and soundness," Nussle wrote.
Specifically, the bill would:
"We do not view [this] legislation as weakening the federal examination system," Nussle wrote. "To the contrary, by increasing the consistency and fairness of the system, safety and soundness can also be enhanced."