House Measure Would Allow Exam Appeals: Print Preview
If you’ve ever wanted to appeal the results of your credit union’s NCUA examination to someone outside the agency, a bill moving through the House of Representatives would allow you to do that.
Rep. Shelley Moore Capito (R-W. Va.) and Rep. Carolyn Maloney (D-N.Y.) have introduced a measure that would create an examination ombudsman within the Federal Financial Institutions Examination Council that would field complaints filed by credit unions and other financial institutions.
Truliant FCU President/CEO Marc Schaefer said the NCUA and other regulators were caught off guard by the financial crisis and in some cases went too far the other way to compensate for their mistakes. But he expressed concern that trying to solve the problem politically could have unintended consequences.
“The intent sounds good but you have to be careful about whether changes have the unplanned result of making the NCUA or other regulators weaker. Healthy credit unions want the NCUA to be diligent,” said Schaefer, whose Winston-Salem, N.C-based credit union has assets of $1.1 billion.