S. 774 · 114th Congress
Financial Institutions Examination Fairness and Reform Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MoranSponsor23 cosponsors · 1 D, 22 R
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Ayotte
SC
R
Capito
SD
R
Daines
JM
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Manchin
RP
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Portman
JB
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Barrasso
DF
R
Fischer
TS
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Scott
PR
R
Roberts
SC
R
Collins
JC
R
Cornyn
JB
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Boozman
JI
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Inhofe
DH
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Heller
DP
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Perdue
JT
R
Thune
RB
R
Blunt
LG
R
Graham
JL
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Lankford
ME
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Enzi
MR
R
Rounds
JI
R
Isakson
BC
R
Cassidy5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Federal Financial Institutions Examination Council Act of 1978 to require a federal financial institutions regulatory agency to make a final examination report to a financial institution within 60 days of the later of: (1) the exit interview for an examination of the institution, or (2) the provision of additional information by the institution…
What it does: CRS summary · Introduced in Senate · Mar 18, 2015
Financial Institutions Examination Fairness and Reform Act
Amends the Federal Financial Institutions Examination Council Act of 1978 to require a federal financial institutions regulatory agency to make a final examination report to a financial institution within 60 days of the later of: (1) the exit interview for an examination of the institution, or (2) the provision of additional information by the institution relating to the examination.
Sets a deadline for the exit interview if a financial institution is not subject to a resident examiner program.
Sets forth examination standards for financial institutions.
Establishes in the Federal Financial Institutions Examination Council the Office of Independent Examination Review, headed by a Director appointed by the Council.
Grants a financial institution the right to appeal a material supervisory determination contained in a final report of examination.
Requires the Director to determine the merits of the appeal on the record, or, at the election of the financial institution, refer the appeal to an administrative law judge.
Declares the decision by the Director on an appeal to: (1) be the final agency action, and (2) bind the agency whose supervisory determination was the subject of the appeal and the financial institution making the appeal.
Grants a financial institution the right to petition for judicial review of the Director's decision.
Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require: (1) the Consumer Financial Protection Bureau (CFPB) to establish an independent intra-agency appellate process in connection with the regulatory appeals process; and (2) appropriate safeguards to protect an insured depository institution or insured credit union from retaliation by either the CFPB, the National Credit Union Administration Board, or any other federal banking agency for exercising its rights.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Institutions Examination Fairness and Reform Act
Latest action (Mar 18, 2015): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 18, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.