Sens. Float Counterpart To House's Bank Exam Reform Bill

Law360, New York (March 6, 2012, 7:56 PM EST) -- Two senators introduced a bill Tuesday that they said would bring increased transparency and fairness to bank examination, the companion to a U.S. House of Representatives proposal that regulators said last month would undermine their ability to properly examine banks.

The Financial Institutions Examination Fairness and Reform Act, S. 2160, would provide for a new, interagency ombudsman empowered to hear complaints about bank examinations and supervisory rulings, require regulators to provide bankers timely responses during examinations, and prohibit regulators from retaliating based on a bank's complaint...
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