SMART Act of 2025
What changed between versions
New Section 3(a) requires that on-site examinations of insured depository institutions with less than $6 billion in total assets be led by experienced examiners, minimize the number of examiners and time spent, be scheduled at convenient times for the institution, and provide advance notice of issues to be covered.
New Section 3(b) imposes parallel examination practice standards on the National Credit Union Administration for insured credit unions with less than $6 billion in total assets, including experienced examiner leadership, minimized staffing and time, convenient scheduling, and advance notice of examination topics.
New Section 3(a) requires each Federal banking agency to include in its annual report to Congress information on compliance with the new examination relief and practices provisions, plus aggregate data on average examiner experience, average number of examiners used, and average time spent at institutions under $6 billion.
New Section 3(b) requires NCUA to include compliance information and aggregate examination practice data in its annual report to Congress for credit unions under $6 billion.
