WASHINGTON (11/22/11)--The Credit Union National Association (CUNA) has welcomed H.R. 3461, which would allow financial institutions to appeal examination reports from federal financial regulators and provide further clarity to those regulators, saying the bill is "recognition that Congress is taking the concerns that we and others have raised regarding examinations seriously."
· Portions of the bill that would establish a new Office of Examination Ombudsman to investigate complaints about examinations and look at examination quality assurance;
· Language that would require regulatory agencies to list any information that was used to support a certain regulatory action or request;
· Language that would allow financial institutions to appeal any material supervisory determination in an exam report to an independent administration law judge.
"There are also areas where CUNA will ask the sponsors to improve the bill, and we want to work with Congress to find solutions to improve the examination process in these challenging economic times," Donovan added.
A hearing on the bill is scheduled to take place in the House financial institutions subcommittee on Dec. 6 at 2:00 p.m. ET.
For more on the bill, use the resource link.