A group of Congressional members recently submitted a bill to be passed at the federal level, asking financial regulators to treat banks fairly during their examination process. The bill was introduced to address concerns from banks regarding the increase in regulatory compliance issues and the fairness of the examination process after the financial crisis.
Title, the “Financial Institutions Examination Fairness and Reform Act,” the bill was referred to the House Committee on Financial Services in November. It requires federal financial institutions’ regulatory agencies to provide timely final examination reports to banks, streamline the examination standards, and assign the rights for banks to appeal the regulators’ decisions.
