U.S. House resolution would give clarity to financial institutio - WOWK 13 Charleston, Huntington WV News, Weather, Sports

U.S. House resolution would give clarity to financial institutions

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Rep. Shelley Moore Capito, R-W.Va., has cosponsored legislation in the U.S. House of Representatives to give main street financial institutions more stability and a fair examination environment, her office announced April 16.

Capito, chairwoman of the Financial Institutions Subcommittee, joined with Rep. Carolyn Maloney, R-N.Y., ranking member of the Capital Markets and Government Sponsored Enterprises Subcommittee, in introducing House Resolution 1553, the Financial Institutions Examination Fairness and Reform Act. The legislation seeks to stabilize the shifts in the examination process that became evident after the financial crisis.

"In the wake of the financial crisis, we have heard a growing level of concern about inconsistencies in the examination process from financial institutions, in some case leading to a construction of credit," Capito said. "There needs to be more consistency from regulatory agencies so financial institutions in our communities can provide small businesses with the loans they need to expand and create jobs.

"This legislation restores balance to the examination process by providing clarity for regulators and fairness for our local financial institutions."

Maloney said in a statement that she heard from banks in her district that guidance coming out of Washington doesn't match the exam process being conducted in the field.

"I am hopeful that this bill, which codifies existing guidance and gives financial institutions a more consistent appeals process, will help ensure that the examination process is fair and accountable," Maloney said.

Capito has invited bank representatives from West Virginia to testify before the Subcommittee on Financial Institutions and Consumer Credit at the two most recent hearings.