WASHINGTON—The House has passed legislation to increase fairness and transparency in federal regulators' examination processes.
Ahead of the bill's passage, NAFCU's Brad Thaler wrote House leaders in support of the bill as "credit unions can sometimes face inconsistent and unclear examinations."
The bipartisan Financial Institutions Examination Fairness and Reform Act (HR 4545) passed the House by a vote of 283-133. It would set standards for examination fairness for federal financial institution regulators, including the NCUA, including clear guidance from regulators, consistency from exam to exam, timeliness of reported exam results and an independent appeals process free of examiner retaliation.
Thaler, NAFCU's vice president of legislative affairs, sent the letter to House Speaker Paul Ryan (R-WI) and House Minority Leader Nancy Pelosi (D-CA). The letter also contained support for the Taking Account of Institutions with Low Operation Risk (TAILOR) Act (HR 1116), which was approved by the House Wednesday on a 247-169 vote.
The bills now await Senate action.