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NAFCU on Friday told House Financial Services subcommittee leaders of its support for H.R. 3461, noting that the legislation could help ensure the fairness of the current supervisory environment while highlighting the unique examination and regulatory hurdles faced by credit unions.

H.R. 3461 would create a new standard for financial institution examinations and establish a new path for institutions to appeal material supervisory determinations by their prudential regulators.

Writing Friday to House Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito, R-W.Va., and Ranking Member Carolyn Maloney, D-N.Y., Dan Berger, NAFCU's executive vice president of government affairs, said creating additional avenues for credit unions to appeal examinations, including those from the Consumer Financial Protection Bureau, can act as an incentive to ensure the exam process is "conducted in a fair and consistent manner from the onset." NAFCU also appreciates the bill's language requiring regulators, upon request of a financial institution, to provide any information that was collected and subsequently used to support a supervisory determination.

"NAFCU and its member credit unions recognize this bipartisan legislation can be an important step in ensuring that the current supervisory environment is fair and timely for all financial institutions," said Berger.

H.R. 3461, the Financial Institutions Examination Fairness and Reform Act, was introduced in November by Capito with Maloney as the bill's chief cosponsor. The measure currently has 66 cosponsors.