The examination process at the NCUA went on trial last week. Not before a court but before Congress, though it could end up in court, too, if legislation in Congress makes it through to law. The Financial Institution Examination Fairness and Reform Act (H.R. 3461) would create an ombudsman within...
While industry representatives said new legislation on financial institution exams is sorely needed, an NCUA executive more than begged to differ.
The examination process at the NCUA went on trial last week. Not before a court but before Congress, though it could end up in court, too.
Agency executive director tells House panel that bill would raise NCUSIF tab, add regulation and not give any assurance of added benefit.
The NCUA’s decisions aren’t reviewed by third parties and credit unions don’t receive consistent messages, trades testify to Congress.
The deadline for meeting the new authentication requirements is now and examinations with the new guideline are getting under way.
Wednesday House hearing will focus on bill that would give financial institutions ability to appeal results of examinations to an independent ombudsman.
NAFCU, CUNA sending credit union executives to testify on the Hill for measure that would allow financial institutions to contest examinations.
EVP Berger tells lawmakers that exam consistency "is a key component to providing results accurately reflecting safety and soundness."
CUNA chief Cheney calls proposed law "firm step in the right direction."