There is added support for the Financial Institutions Exam Fairness and Reform Act, H.R. 3461, now that Rep. Cliff Stearns (R-FL) has signed on to co-sponsor this legislation.
H.R. 3461 would make available to financial institutions the information used by examiners to make decisions in their examination; codify certain examination policy guidance; establish an ombudsman at the Federal Financial Institution Examination Council (FFIEC) to which financial institutions could raise concerns with respect to their examination; and, establish an appeals process before an independent administrative law judge.
Credit unions support strong but fair and appropriate safety and soundness regulation and supervision to protect the financial resources of credit unions and their members and to minimize costs to the National Credit Union Share Insurance Fund (NCUSIF) borne by all federally insured credit unions. Examinations should be based on the laws Congress enacts, and the regulations that the NCUA promulgates, and the appeals process should protect from examiner retaliation.
The League's federal delegation of co-sponsors include: They are: Reps. Spencer Bachus (R-AL), chairman of the Financial Services Committee, Mario Diaz-Balart (R-FL), Gus Bilirakis (R-FL), Corrine Brown (D-FL), Vern Buchanan (R-FL), Ileana Ros-Lehtinen (R-FL), Richard Nugent (R-FL), Bill Posey (R-FL), David Rivera (R-FL), Thomas Rooney (R-FL), Dennis Ross (R-FL), Debbie Wasserman Schultz (D-FL), Sandy Adams (R-FL), Jo Bonner (R-AL), Allen West (R-FL), Kathy Castor (D-FL) and Ander Crenshaw (R-FL).