FAIR Exams Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The FAIR Exams Act aims to improve the process by which banks and credit unions are examined by federal regulators. It establishes an independent review office within the Federal Financial Institutions Examination Council (FFIEC) to allow financial institutions to challenge examination findings and request a review of key supervisory decisions. The bill also sets deadlines for regulators to complete examinations and provide reports, and mandates that regulators list the information used to support their findings upon request. Finally, it creates a process for financial institutions to appeal examination results and prohibits regulators from retaliating against institutions for exercising their appellate rights.
Key provisions
- Establishes the Office of Independent Examination Review within the FFIEC to handle appeals and reviews of examination reports.
- Requires federal financial regulatory agencies to provide final examination reports within 60 days of the exit interview or the provision of additional information.
- Mandates that agencies list all examination materials relied upon in support of a material supervisory determination upon request from the financial institution.
- Grants financial institutions the right to obtain an independent review of a material supervisory determination.
- Sets deadlines for appeals and administrative hearings related to supervisory determinations.
- Requires agencies to provide a final recommendation to the head of the agency within 60 days of receiving a Director’s recommendation.
- Prohibits regulators from retaliating against financial institutions for exercising their appellate rights.
Bill text
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Sponsors
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11 on record
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