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| House to vote on bipartisan Examination Relief Bill today |
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The House is preparing to vote on credit union-supported regulatory relief legislation today, and America’s Credit Unions encouraged support for the bill in a letter to leadership sent Monday.
The Supervisory Modifications for Appropriate Risk-Based Testing (SMART) Act (H.R. 4437) would provide well-managed, well-capitalized credit unions with supervisory regulatory relief in the form of combined safety-and-soundness examinations and consumer compliance examinations, as well as allowing for limited-scope, off-site examinations in alternate years.
Introduced by Reps. William Timmons, R-S.C., and Bill Foster, D-Ill., it passed the House Financial Services Committee last July with a 53-1 vote.
The House is also preparing to vote on the Tailored Regulatory Updates for Supervisory Testing Act of 2025 (H.R 4478), which would raise the consolidated asset threshold for banks to qualify for an 18-month examination cycle.
“The NCUA already possesses the authority to modify the frequency of examination cycle thresholds for well-managed credit unions and does not need a statutory change to do so. America’s Credit Unions hopes that if this legislation is advanced by Congress, that Congress would use its oversight capacity to urge the NCUA to set its examination cycle thresholds equal to those of banks under this legislation,” the letter adds.
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