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January 26, 2012

NAFCU to testify on exam fairness

Jan. 26, 2012 – Jeanne Kucey, president and CEO of JetStream FCU in Miami Lakes, Fla., and a NAFCU Board member, will detail NAFCU's views on the Financial Institutions Examination Fairness and Reform Act in a Feb. 1 hearing of the House Financial Institutions Subcommittee on Financial Institutions and Consumer Credit.

The bill, H.R. 3461, was introduced Jan. 12 by subcommittee Chairman Shelley Moore Capito, R-W.Va., with Ranking Member Carolyn Maloney, D-N.Y., as its chief Democratic cosponsor. The bill has 77 cosponsors in all.

H.R. 3461 would create a new standard for financial institution examinations and establish another path for institutions to appeal supervisory determinations. NAFCU backed the measure in a letter last week to Capito and Maloney. The bill would apply to examinations by all federal financial institution regulators, including NCUA and the Consumer Financial Protection Bureau.

Wednesday's hearing is set for 2 p.m. Eastern.

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