NCUA's Marquis to Testify on Exam Measure
NCUA Executive Director David Marquis and officials of other financial regulators are set to testify at next Wednesday's House hearing on a bill that would give financial institutions the chance to appeal the results of their examinations to an independent ombudsman.
Marquis will be testifying on a panel with officials of the Federal Reserve, the FDIC, and the Comptroller of the Currency.
The NCUA has so far declined to state its position on the measure.
West Virginia Credit Union League President/CEO Ken Watts is testifying on behalf of CUNA and JetStream FCU President/CEO Jeanne Kucey is doing so on behalf of NAFCU. Her Miami Lakes, Fla., credit union has assets of $125 million
There will also be representatives of the ABA and the Independent Community Bankers of America.
The hearing is being held by the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit. The panel’s chairman, Rep. Shelley Moore Capito (R-W.Va.) and ranking Democrat Rep. Carolyn Maloney (D-N.Y.) are the lead sponsors of the measure.
Under the bill, a financial institution that is unhappy with the results of its examination would have the right to appeal it to an administrative law judge who would submit his or her findings to the ombudsman of the Federal Financial Institutions Examination Council, which is made up of representatives of federal and state regulatory entities.
NCUA Chairman Debbie Matz is the council’s current chairman.
The bill requires federal financial regulators to produce examination reports within 60 days of an examination’s completion. In addition, if the financial institution wants it, the agency must include an appendix to the report listing all the facts that were used as a basis for the conclusions.