CUNA to Testify Today Before the House Financial Services Committee (Misc News: February 1, 2012)
Ken Watts, president and CEO of the West Virginia Credit Union League will testify on behalf of CUNA at a Wednesday afternoonhearing on H.R. 3461, the Financial Institution Examination Fairness and Reform Act.
The hearing will take place at 2 p.m. and can be viewed at the committee’s website. Watts is expected to tell lawmakers that the proposed legislation would help strengthen the safety and soundness of the financial system by increasing the consistency and fairness of financial institution examinations.
NCUA Executive Director David Marquis is also scheduled to testify.
CUNA supports the legislation, calling it a firm step toward ensuring that federal regulators conduct fair exams which are consistent with the law and ensure safety and soundness.
In addition to Marquis and Watts, testimony is expected from a broad range of financial industry leaders, including representatives from the Federal Reserve, the FDIC, the American Bankers Association and the Independent Community Bankers of America.
To read the full text of Watts’ prepared testimony, click here.