The House Financial Services Committee advanced ICBA-supported legislation to improve the exam environment as well as an ICBA-opposed measure to repeal the National Credit Union Administration’s risk-based capital rule for credit unions.
Introduced by Reps. Scott Tipton (R-Colo.) and Carolyn Maloney (D-N.Y.), the Financial Institutions Examination Fairness and Reform Act (H.R. 4545) would create a workable appeals process and expedited review of material supervisory determinations through an Office of Independent Examination Review. It passed 50-10.
Rep. Bill Posey’s (R-Fla.) Common Sense Credit Union Capital Relief Act (H.R. 4464) runs counter to ICBA’s push for comparable regulatory capital requirements for community banks and tax-exempt credit unions. That bill passed on a narrower 33-25 vote.
ICBA expressed its views on the measures in a letter this week to the committee.