On the recordMarch 15, 2018
I would like to convey my deep appreciation to my colleague on the Financial Services Committee, Mr. Tipton, for his efforts to improve and reform the examination process for our Nation's financial institutions. H.R. 4545 is designed to address enduring concerns about the lack of consistency and quality in the bank examination process. The current exam process can be both opaque and secretive. Coupling this with overburdensome regulations and increased compliance costs have forced many community banks and credit unions to close up shop or reduce their ability to provide for consumers. Look no further than my State, North Carolina, which has lost about 50 percent of its banks since the financial crisis. In my own city of Charlotte, a decade ago, we had six community banks. Today, we only have one because of the burdensome and costly compliance requirements. Mr. Tipton's legislation creates a fair and impartial process for financial institutions to appeal their examinations, which gives the necessary clarity for banks and credit unions to provide services to their customers, leading to a job creation and economic prosperity environment. That is why I want to thank the gentleman from Colorado for working on this bipartisan piece of legislation. It is long past time that we provide commonsense reforms in a transparent approach regarding regulators' decisionmaking during the examination process.
