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 the Federal Financial Institutions Examination Council to help ensure the consistency across the regulators and financial institutions.

The legislation is none too late given that the regulators–not just the NCUA–were a key piece that malfunctioned leading up to the financial crisis. With financial institutions receiving more oversight from their regulators as well as the Consumer Financial Protection Bureau, the federal regulators should be called upon to bear their own compliance burdens. 

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