A congressional measure sponsored by ten lawmakers would create an ombudsman office to evaluate appeals by financial institutions that are displeased with the findings of their regulatory exams. Rep. Shelley Capito (R-WV) introduced the plan Thursday as part of the Financial Institutions Examination Fairness and Reform Act, a bill that would loosen restrictions on lending and capital requirements. The bipartisan measure is supported by nine lawmakers, including Reps. Spencer Bachus (R-AL) and Carolyn Maloney (D-NY). If passed, the bill would require the Federal Financial Institutions Examination Council (FFIEC) to hire an ombudsman to hear complaints about exam findings by banks...
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