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Exam Fairness legislation gains co-sponsors

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.

Earlier this week, credit union advocates from Alabama and Florida attending the 2012 CUNA Governmental Affairs Conference (GAC) took this message to Capitol Hill and asked members of the League’s Congressional delegation to co-sponsor H.R. 3461, the Financial Institutions Exam Fairness and Reform Act. 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.

The message brought by credit union advocates has resonated with lawmakers as three new Florida delegation members added their name to this bill as co-sponsors. Vern Buchanan (FL-13), Mario Diaz-Balart (FL-21), and Ileana Ros-Lehtinen (FL-18) have joined eight other members of the Alabama and Florida delegations as co-sponsors to H.R. 3461. The others are: Reps. Sepncer Bachus (R-AL), chairman of the Financial Services Committee, Gus Bilirakis (R-FL), Corrine Brown (D-FL), Richard Nugent (R-FL), Bill Posey (R-FL), David Rivera (R-FL), Thomas Rooney (R-FL), and Dennis Ross (R-FL).