Newsroom
NAFCU backs exam fairness bill
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.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.