Contact: Laura Peavey
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lpeavey@fsforum.com
Forum Applauds House Committee Passage of Measures to Improve Bank Supervision
Washington D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement after the House Financial Services Committee voted today to advance the Financial Integrity and Regulation Management (FIRM) Act, the Fair Audits and Inspections for Regulators’ (FAIR) Exams Act, and the Halting Uncertain Methods and Practices in Supervision (HUMPS) Act:
“We appreciate the House Financial Services Committee for advancing common sense legislation that brings greater clarity and helps create a more effective and efficient supervisory environment for financial institutions and the customers they serve. The FIRM Act, the FAIR Exams Act, and the HUMPS Act represent important steps toward a supervisory system that is consistent and transparent.”
The FIRM Act, sponsored by Rep. Andy Barr, removes reputational risk as a factor in federal bank supervision, ensuring oversight is based on objective financial measures.
The FAIR Exams Act, sponsored by Chairman French Hill, strengthens the review process for supervisory decisions by allowing independent appeals, promoting fairness and accountability.
The HUMPS Act, sponsored by Rep. Scott Fitzgerald, enhances the evaluation of banks by requiring clearer standards and more consistent application of ratings.
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The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
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