U.S. House resolution would give clarity to financial institutio - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

U.S. House resolution would give clarity to financial institutions

Posted: Updated:
  • BusinessBusinessMore>>

  • WV workforce lacks oil and gas expertise — for now

    WV workforce lacks oil and gas expertise — for now

    Sunday, August 31 2014 5:00 PM EDT2014-08-31 21:00:19 GMT
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
  • Highmark Foundation gives $74K

    Highmark Foundation gives $74K

    Sunday, August 31 2014 3:00 PM EDT2014-08-31 19:00:17 GMT
    The Highmark Foundation recently awarded $74,000 in the form of 16 grants to schools in West Virginia through its “Creating a Healthy School Environment” program that aim at helping schools create innovative, healthy programs during the academic year.
    The Highmark Foundation recently awarded $74,000 in the form of 16 grants to schools in West Virginia through its “Creating a Healthy School Environment” program that aim at helping schools create innovative, healthy programs during the academic year.
  • Energy expert has more than 30 years in the business

    Energy expert has more than 30 years in the business

    Sunday, August 31 2014 1:00 PM EDT2014-08-31 17:00:13 GMT
    Energy Corporation of America, or ECA, Senior Vice President and General Counsel Don Supcoe started working for the company in 1981. ECA was founded in 1963 in Glenville, where it has since grown into a company that stretches throughout the country. 
    Energy Corporation of America, or ECA, Senior Vice President and General Counsel Don Supcoe started working for the company in 1981. ECA was founded in 1963 in Glenville, where it has since grown into a company that stretches throughout the country. 

Rep. Shelley Moore Capito, R-W.Va., has cosponsored legislation in the U.S. House of Representatives to give main street financial institutions more stability and a fair examination environment, her office announced April 16.

Capito, chairwoman of the Financial Institutions Subcommittee, joined with Rep. Carolyn Maloney, R-N.Y., ranking member of the Capital Markets and Government Sponsored Enterprises Subcommittee, in introducing House Resolution 1553, the Financial Institutions Examination Fairness and Reform Act. The legislation seeks to stabilize the shifts in the examination process that became evident after the financial crisis.

"In the wake of the financial crisis, we have heard a growing level of concern about inconsistencies in the examination process from financial institutions, in some case leading to a construction of credit," Capito said. "There needs to be more consistency from regulatory agencies so financial institutions in our communities can provide small businesses with the loans they need to expand and create jobs.

"This legislation restores balance to the examination process by providing clarity for regulators and fairness for our local financial institutions."

Maloney said in a statement that she heard from banks in her district that guidance coming out of Washington doesn't match the exam process being conducted in the field.

"I am hopeful that this bill, which codifies existing guidance and gives financial institutions a more consistent appeals process, will help ensure that the examination process is fair and accountable," Maloney said.

Capito has invited bank representatives from West Virginia to testify before the Subcommittee on Financial Institutions and Consumer Credit at the two most recent hearings.