Streamlined Examinations for Well-Managed Financial Institutions
This act aims to reduce regulatory burdens for smaller, well-managed, and well-capitalized banks and credit unions. These institutions will face less frequent and less intrusive examinations, potentially leading to lower operating costs and better services for customers. Citizens may indirectly benefit from a more stable and efficient financial sector.
Key points
Smaller banks and credit unions (up to $6 billion in assets) will alternate between full and limited-scope examinations.
These institutions can request to combine different types of examinations (e.g., safety and soundness, consumer compliance, IT) into a single, simultaneous review.
Examinations will be led by experienced examiners, with efforts to minimize examiner numbers and time spent on-site, scheduled conveniently, and with advance notice of issues.
Regulatory agencies retain the authority to conduct additional examinations if deemed necessary for safety, soundness, or compliance.
Placed on Calendar
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