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Senators Reintroduce Exam Fairness Bill
Thursday, March 19, 2015 6:25 AM

Sens. Jerry Moran (R-KS) and Joe Manchin (D-WV) reintroduced S.774, a bill intended to enhance safety and soundness by increasing the consistency and fairness of the regulatory examination system today.

CUNA supports the legislation as a needed step toward improving the federal examination process, and testified in support of it as recently as yesterday's House Financial Services Committee hearing on regulatory relief.

The 2015 exam fairness bill is nearly identical to the senators' 2013 legislation and would:

  • Make available to financial institutions the information used to make decisions in their examination;
  • Codify certain examination policy guidance; and
  • Establish an ombudsman at the Federal Financial Institution Examination Council to which financial institutions could raise concerns with respect to their examination.

CUNA has said that the legislation will help to ensure the federal financial institution regulatory agencies conduct fair exams for those they supervise, which are consistent with the law and regulation and ensure safety and soundness.