ABA-backed legislation that would improve the examination process for financial institutions was reintroduced yesterday in both the House and Senate. Reps. Shelly Moore Capito (R-WV) and Carolyn Maloney (D-NY) introduced the House bill -- H.R. 1553 -- and Sens. Jerry Moran (R-KS) and Joe Manchin (D-WV) introduced S. 727.
The legislation, which is one of ABA’s top priorities for 2013, would allow banks to view information used to the make decisions during their examinations, codify guidance, create an ombudsman within the Federal Financial Institutions Examination Council, and institute an independent administrative-law appeals process.
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