Political Quotes

“I appreciate the opportunity today to be able to advance an important piece of bipartisan legislation. The Financial Institutions Examination Fairness and Reform Act seeks to bring fairness to the Federal financial regulators' examination appeals process by instituting a uniform framework free from examination retaliation. Our community banks and credit unions currently have no independent recourse in the appeals process of examination decisions. These institutions often lack the experience, capacity, and resources needed to effectively resolve challenges to Federal financial regulators' examination determinations as each regulator has its own different rules and standards for the appeals process. Under the current examination appeals framework, appeals of material supervisory determinations, which are decisions of significant consequence that can have serious impact on the financial institution's future, run through the agency that handed down the decision in the first place. {time} 1330 Mr. Speaker, that is like asking an arresting police officer to also be the judge and the jury when a case goes to trial. Put simply, this legislation will move away from that framework and establish an independent office of review to address appeals of serious consequence, and harmonize and consolidate the appeals process across the various Federal regulators so that the review process is fair and predictable.…”