WASHINGTON -- Institutions that object to their exam ratings, loan classifications, or loan loss reserve requirements will soon have a new means of appeal.
The Riegle Community Development and Regulatory Improvement Act of 1994 requires the agencies to have a new appeals process in place by March 22.
For some agencies, the changes are relatively minor. The Comptroller's office, for example, merely proposed expanding the duties of its ombudsman.
The Federal Deposit Insurance Corp. is planning to comply by establishing a new review committee composed of its vice chairman and senior staff members from various divisions. The National Credit Union Administration also plans to set up a supervisory review commitee composed of senior staff members.
The Federal Reserve Board's proposal would require each appeal to be decided within 30 days by a disinterested person selected by the local Federal Reserve Bank.
The Office of Thrift Supervision plans to publish its proposal for comments this week. Comments are due at the NCUA by Jan. 18, the Comptroller's office by Jan. 21, and the Fed by Feb. 6.
