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Exam fairness legislation adds handful of co-sponsors this week

Rep. Sandy Adams (R-FL)

Rep. Debbie Wasserman Schultz (D-FL)

Support for H.R. 3461, the Financial Institutions Exam Fairness and Reform Act, continues to gain steam in Washington, D.C. Following the LSCU's trip to Washington, D.C. for the CUNA GAC, Reps. 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) have signed on to co-sponsor the examination fairness 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.

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.

Credit union attendees from Alabama and Florida attending the 2012 CUNA Governmental Affairs Conference (GAC) last week spent some time talking about this legislation to members of the League’s Congressional delegation.

The League's federal delegation now has 17 co-sponsors. 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), and Dennis Ross (R-FL), as well as the representatives above.

The bill is currently in committee.