Bill Would Amend FI Examination Act To Improve Process

WASHINGTON—Sens. Jerry Moran (R-KS) and Joe Manchin (D-WV) introduced a bill to amend the Federal Financial Institutions Examination Act to improve the examination of depository institutions – including credit unions.
S 2237 is companion legislation to the House Financial Services Committee-passed Financial Institutions Examination Fairness and Reform Act (HR 4545), NAFCU noted.
The bill would set standards for examination fairness for federal financial institution regulators, including the NCUA. The legislation would incorporate clear guidance from regulators, ensure consistency from one exam to another, require timely results and create an independent channel for exam appeals, NAFCU reported.
More specifically, the bill would ensure that financial institutions get results within 60 days after the close of the examination.