Reps. Shelley Moore Capito (R-W. Va.) and Carolyn Maloney (D-N.Y.) and Sens. Jerry Moran (R-Kan.) and Joe Manchin (D-W. Va.) reintroduced legislation on Monday that would promote fairness in credit union examinations.
The bills, H.R. 1553 and S. 727, are identical to one another and to legislation put forth by the same lawmakers during the previous session of Congress.
The measures, which apply to examinations by the CFPB, National Credit Union Administration and other regulators, would require that financial institutions receive examination reports, as well as codify standards for examinations, establish an appeals process and establish an independent examination ombudsman within the Federal Financial Institutions Examination Council.
Additionally, the legislation reflects changes advocated by the National Association of Federal Credit Unions through its five-point plan, which also includes proposals for administrative improvements to the NCUA, capital reforms, structural improvements, operational improvements and data security reforms.
“We thank Reps. Capito and Maloney and Sens. Moran and Manchin for their continued commitment to ensuring fairness and consistency in federal examinations of credit unions,” Dan Berger, NAFCU’s executive vice president of government affairs, said. “We look forward to working with all four lawmakers and their staffs to enact fairness legislation.”