Capito, Maloney Introduce Legislation To Address Concerns Regarding Fairness Of Bank Examinations11/18/11
Financial Institutions Subcommittee Chairman Shelley Moore Capito, R-W.Va., and Ranking Member Carolyn Maloney, D-NY, introduced the “Financial Institutions Examination Fairness and Reform Act” to clarify concerns regarding the increase in regulatory compliance issues for financial institutions and the fairness of the examination process since the recent financial crisis.
This bipartisan legislation is the result of extensive subcommittee hearings and conversations with many members from across the country about the challenges facing financial institutions in their communities.
“We have heard significant concerns about the fairness of the examination process for financial institutions and their ability to effectively appeal regulator decisions. This legislation provides financial institutions with a fair and impartial process to appeal examination reports for federal financial regulators and providing further clarity to regulators,” stated Capito. “I appreciate the hard work of Congressmen Westmoreland and Posey and many other Members for their ardent advocacy in bringing these concerns to the committee’s attention.”
“I have heard from banks in my district who feel that there is a disconnect between guidance coming out of Washington and exams that are being done in the field. I am hopeful that this bill, which codifies existing guidance, will help ensure that the examination process is being conducted consistently and will offer banks an impartial outlet when they feel wrong determinations have been made,” stated Ranking Member Maloney.