House passes CUNA-backed examination fairness bill

FOR IMMEDIATE RELEASE 

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop           

Washington, DC (March 15, 2018) – The House voted Thursday 283-133 in favor of the CUNA-backed Financial Institutions Examination Fairness and Reform Act (H.R. 4545). The bill was introduced by Rep. Scott Tipton (R-Colo.), who cited CUNA’s examination survey when discussing the bill during a Committee markup in December.

“We strongly support this legislation as a strong step in the right direction to facilitate examination transparency and consistency for credit unions and other financial institutions,” said CUNA President/CEO Jim Nussle. “The examination process is among the challenges credit unions face in a post-financial crisis world, and it’s essential regulators conduct their exams in a fair manner.”

H.R. 4545 would:

• Require federal financial regulators to provide a final examination report to a financial institution no later than 60 days after the examination;
   
• Establish an Office of Independent Examination Review at the Federal Financial Institutions Examination Council; and
   
• Give financial institutions the right to obtain an independent review of a material supervisory determination contained in a final report of examination.

A Senate version of the bill, S. 2237, was introduced by Sens. Jerry Moran (R-Kansas) and Joe Manchin (D-W.V.) in December, a week after H.R. 4545 passed the House Financial Services Committee.

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About CUNA:   

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.