Financial Institutions Examination Fairness and Reform Act
Latest action · Sep 16, 2014 Committee on Banking, Housing, and Urban Affairs. Hearings held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 15, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Prohibits federal financial institutions regulatory agencies from requiring a well capitalized financial institution to raise additional capital in lieu of an action prohibited by the examination standards.
Establishes in the Federal Financial Institutions Examination Council an Office of Examination Ombudsman.
Grants a financial institution the right to appeal a material supervisory determination contained in a final report of examination.
Requires the Ombudsman to determine the merits of the appeal on the record, after an opportunity for a hearing before an independent administrative law judge.
Declares the decision by the Ombudsman 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.
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 the CFPB, the National Credit Union Administration (NCUA) Board, or any other federal banking agency for exercising its rights.
Cosponsors 26
Members who signed on, in the order they did. Signatures ran from Apr 15, 2013 to Nov 12, 2014, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-WV | Joe Manchin III | Original | Apr 15, 2013 |
| R-NV | Dean Heller | Jun 27, 2013 | |
| R-ID | James E. Risch | Jun 27, 2013 | |
| R-WY | John Barrasso | Jun 27, 2013 | |
| R-AR | John Boozman | Jun 27, 2013 | |
| R-TX | John Cornyn | Jun 27, 2013 | |
| R-SD | John Thune | Jun 27, 2013 | |
| R-ID | Mike Crapo | Jun 27, 2013 | |
| R-KS | Pat Roberts | Jun 27, 2013 | |
| R-OH | Rob Portman | Jun 27, 2013 | |
| R-GA | Saxby Chambliss | Jun 27, 2013 | |
| R-MS | Thad Cochran | Jun 27, 2013 | |
| R-MS | Roger F. Wicker | Jul 30, 2013 | |
| R-NH | Kelly Ayotte | Sep 10, 2013 | |
| R-SC | Tim Scott | Sep 11, 2013 |
Actions 3
Everything that happened, newest first.
- Sep 16, 2014Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Apr 15, 2013Introduced in Senate
- Apr 15, 2013Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1553 | Financial Institutions Examination Fairness and Reform Act | Related bill | Apr 15, 2013 |
| HR 2767 | Protecting American Taxpayers and Homeowners Act of 2013 | Related bill | Jul 24, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative remedies
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Consumer Financial Protection Bureau
- Credit and credit markets
- Department of the Treasury
- Executive agency funding and structure
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- National Credit Union Administration
Text 1
Each version as it was printed, newest first.
- Apr 15, 2013Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.