Bills on financial regulation and investment

FAIR Exams Act

• Set deadlines for examinations: Regulators would generally have to complete an examination within 270 days, hold an exit interview within 30 days after completing it, and deliver the final report within 90 days after the later of the exit interview or the institution’s submission of additional material information. A regulator could extend the examination or interview period by giving written notice with specific reasons
• Create an independent review office: A new office within the Federal Financial Institutions Examination Council would investigate complaints, review examination practices and quality, and hear appeals of material supervisory determinations. Its three-member board would include members with regulatory, consumer-affairs, and private-sector financial-services experience; the listed agencies would each pay one-fourth of the office’s costs
• Allow appeals of examination findings: A financial institution could seek an independent review of a material supervisory determination in a final examination report. The board could uphold, cancel, or change the determination, or hold a hearing; its decision would bind the agency and institution, subject to judicial review, while regulators could still act when needed for safety and soundness

1. Introduced
2. In committee
3. Reported▲ THIS MARKUP
4. Passed House
5. Passed Senate
6. Law

What’s next: a floor vote. None is scheduled.