WASHINGTON, Aug. 10 -- Sen. Jerry Moran issued the following press release:
U.S. Senators Jerry Moran (R-Kan.) and Bill Hagerty (R-Tenn.) this week introduced the Fair Audits and Inspections for Regulators' (FAIR) Exams Act to help create a fair appeals process for banks and increase transparency for the bank examination process.
The legislation would bring greater accountability to bank and credit union examinations by establishing statutory timelines for examinations and examination reports, creating a prudential private letter ruling and creating a robust appeals process if there is a legitimate disagreement between a regulator and the institutions they oversee. In addition, the FAIR Exams Act would provide small lenders with more clar...