Financial Institutions Examination Fairness and Reform Act
USA115th CongressHR-4545| House
| Updated: 3/19/2018
Scott R. Tipton
Republican Representative
Colorado
Cosponsors (7)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Financial Institutions Examination Fairness and Reform Act (Sec. 2) This bill amends the Federal Financial Institutions Examination Council Act of 1978 to apply specified procedures related to reporting and review, as established by the bill, to a nondepository covered person that is subject to Consumer Financial Protection Bureau (CFPB) supervision. (Sec. 3) The bill sets deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency. (Sec. 4) The Office of Independent Examination Review is established to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. (Sec. 5) Financial institutions have the right to an independent review of a material supervisory determination. The bill also establishes a limited review by the Federal Financial Institutions Examination Council (FFIEC) if there is evidence that the final decision reached by the office would pose an imminent threat to the financial institution's safety and soundness. Certain retaliatory actions by regulatory agencies with respect to such review are prohibited. (Sec. 6) The bill also requires the establishment of an independent internal agency appellate process at the CFPB for the review of supervisory determinations made at institutions supervised by the CFPB. The proportion of FFIEC costs covered by regulatory agencies is raised. (Sec. 7) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 50 - 10.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 447.
Reported by the Committee on Financial Services. H. Rept. 115-589.
Rules Committee Resolution H. Res. 773 Reported to House. Rule provides for consideration of H.R. 4545, H.R. 1116 and H.R. 4263. Rule provides for consideration of H.R. 4545 under a structured rule, and makes in order amendments printed in the report, with one motion to recommit with or without instructions. Rule also provides for consideration of H.R. 1116 and H.R. 4263 under closed rules. The rule provides for one hour of debate equally divided and controlled by the Chair and Ranking Minority Member of the Committee on Financial Services for each measure, and one motion to recommit with or without instructions for each measure.
ORDER OF BUSINESS - Mr. Hensarling asked unanimous consent that the question of adopting amendment No. 1 printed in Part B of House Report 115-595 to H.R.4545 may be subject to postponement as though under clause 8 of rule 20. Agreed to without objection.
Considered under the provisions of rule H. Res. 773. (consideration: CR H1624-1634; text of measure as reported in House: CR H1624-1625)
Rule provides for consideration of H.R. 4545, H.R. 1116 and H.R. 4263. Rule provides for consideration of H.R. 4545 under a structured rule, and makes in order amendments printed in the report, with one motion to recommit with or without instructions. Rule also provides for consideration of H.R. 1116 and H.R. 4263 under closed rules. The rule provides for one hour of debate equally divided and controlled by the Chair and Ranking Minority Member of the Committee on Financial Services for each measure, and one motion to recommit with or without instructions for each measure.
DEBATE - The House proceeded with one hour of debate on H.R. 4545.
DEBATE - Pursuant to the provisions of H.Res. 773, the House proceeded with 10 minutes of debate on the Waters Part B amendment No. 1.
The previous question was ordered on the amendment and the bill without objection.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Maxine Waters amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Ms. Waters demanded the yeas and nays, and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
Considered as unfinished business. (consideration: CR H1642-1643)
On passage Passed by the Yeas and Nays: 283 - 133 (Roll no. 112).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer Financial Protection BureauExecutive agency funding and structureFederal Reserve SystemGovernment studies and investigationsJudicial review and appealsPerformance measurement
Financial Institutions Examination Fairness and Reform Act
USA115th CongressHR-4545| House
| Updated: 3/19/2018
Financial Institutions Examination Fairness and Reform Act (Sec. 2) This bill amends the Federal Financial Institutions Examination Council Act of 1978 to apply specified procedures related to reporting and review, as established by the bill, to a nondepository covered person that is subject to Consumer Financial Protection Bureau (CFPB) supervision. (Sec. 3) The bill sets deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency. (Sec. 4) The Office of Independent Examination Review is established to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. (Sec. 5) Financial institutions have the right to an independent review of a material supervisory determination. The bill also establishes a limited review by the Federal Financial Institutions Examination Council (FFIEC) if there is evidence that the final decision reached by the office would pose an imminent threat to the financial institution's safety and soundness. Certain retaliatory actions by regulatory agencies with respect to such review are prohibited. (Sec. 6) The bill also requires the establishment of an independent internal agency appellate process at the CFPB for the review of supervisory determinations made at institutions supervised by the CFPB. The proportion of FFIEC costs covered by regulatory agencies is raised. (Sec. 7) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 50 - 10.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 447.
Reported by the Committee on Financial Services. H. Rept. 115-589.
Rules Committee Resolution H. Res. 773 Reported to House. Rule provides for consideration of H.R. 4545, H.R. 1116 and H.R. 4263. Rule provides for consideration of H.R. 4545 under a structured rule, and makes in order amendments printed in the report, with one motion to recommit with or without instructions. Rule also provides for consideration of H.R. 1116 and H.R. 4263 under closed rules. The rule provides for one hour of debate equally divided and controlled by the Chair and Ranking Minority Member of the Committee on Financial Services for each measure, and one motion to recommit with or without instructions for each measure.
ORDER OF BUSINESS - Mr. Hensarling asked unanimous consent that the question of adopting amendment No. 1 printed in Part B of House Report 115-595 to H.R.4545 may be subject to postponement as though under clause 8 of rule 20. Agreed to without objection.
Considered under the provisions of rule H. Res. 773. (consideration: CR H1624-1634; text of measure as reported in House: CR H1624-1625)
Rule provides for consideration of H.R. 4545, H.R. 1116 and H.R. 4263. Rule provides for consideration of H.R. 4545 under a structured rule, and makes in order amendments printed in the report, with one motion to recommit with or without instructions. Rule also provides for consideration of H.R. 1116 and H.R. 4263 under closed rules. The rule provides for one hour of debate equally divided and controlled by the Chair and Ranking Minority Member of the Committee on Financial Services for each measure, and one motion to recommit with or without instructions for each measure.
DEBATE - The House proceeded with one hour of debate on H.R. 4545.
DEBATE - Pursuant to the provisions of H.Res. 773, the House proceeded with 10 minutes of debate on the Waters Part B amendment No. 1.
The previous question was ordered on the amendment and the bill without objection.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Maxine Waters amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Ms. Waters demanded the yeas and nays, and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
Considered as unfinished business. (consideration: CR H1642-1643)
On passage Passed by the Yeas and Nays: 283 - 133 (Roll no. 112).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Scott R. Tipton
Republican Representative
Colorado
Cosponsors (7)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- S 115-2237: A bill to amend the Federal Financial Institutions Examination Council Act of 1978 to improve the examination of depository institutions, and for other purposes.
- HRES 115-773: Providing for consideration of the bill (H.R. 4545) to amend the Federal Financial Institutions Examination Council Act of 1978 to improve the examination of depository institutions, and for other purposes; providing for consideration of the bill (H.R. 1116) to require the Federal financial institutions regulatory agencies to take risk profiles and business models of institutions into account when taking regulatory actions, and for other purposes; and providing for consideration of the bill (H.R. 4263) to amend the Securities Act of 1933 with respect to small company capital formation, and for other purposes.
- HR 115-6147: Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019
- HR 115-6746: To protect American taxpayers and homeowners by creating a sustainable housing finance system for the 21st century, and for other purposes.
- HR 115-10: Financial CHOICE Act of 2017
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer Financial Protection BureauExecutive agency funding and structureFederal Reserve SystemGovernment studies and investigationsJudicial review and appealsPerformance measurement