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Fair Audits and Inspections for Regulators’ Exams Act

USA118th CongressS-3541| Senate 
| Updated: 12/14/2023
Jerry Moran

Jerry Moran

Republican Senator

Kansas

Cosponsors (3)
Thomas Tillis (Republican)Joe Manchin (Independent)Bill Hagerty (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Fair Audits and Inspections for Regulators’ Exams Act This bill establishes new requirements for entities responsible for the federal examination of financial intuitions. Specifically, the bill sets deadlines for federal financial regulatory agencies to provide final examination reports and to perform exit interviews of a financial institution. In addition, the agency must list all materials relied upon in support of a material supervisory determination upon the request of the financial institution. The bill also establishes the Office of Independent Examination Review to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. Under the bill, financial institutions have the right to obtain an independent review of a material supervisory determination contained in a final report of examination. The bill sets forth provisions regarding hearings and final decisions. The bill also requires the establishment of an independent internal agency appellate process at the Consumer Financial Protection Bureau (CFPB) for the review of supervisory determinations made at institutions supervised by the CFPB.
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Timeline
Dec 14, 2023
Introduced in Senate
Dec 14, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 18, 2024

Latest Companion Bill Action

HR 118-8071
Introduced in House
  • December 14, 2023
    Introduced in Senate


  • December 14, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 18, 2024

    Latest Companion Bill Action

    HR 118-8071
    Introduced in House

Finance and Financial Sector

Related Bills

  • S 118-2642: Financial Institutions Examination Fairness and Reform Act
  • HR 118-8071: Fair Audits and Inspections for Regulators’ Exams Act

Fair Audits and Inspections for Regulators’ Exams Act

USA118th CongressS-3541| Senate 
| Updated: 12/14/2023
Fair Audits and Inspections for Regulators’ Exams Act This bill establishes new requirements for entities responsible for the federal examination of financial intuitions. Specifically, the bill sets deadlines for federal financial regulatory agencies to provide final examination reports and to perform exit interviews of a financial institution. In addition, the agency must list all materials relied upon in support of a material supervisory determination upon the request of the financial institution. The bill also establishes the Office of Independent Examination Review to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. Under the bill, financial institutions have the right to obtain an independent review of a material supervisory determination contained in a final report of examination. The bill sets forth provisions regarding hearings and final decisions. The bill also requires the establishment of an independent internal agency appellate process at the Consumer Financial Protection Bureau (CFPB) for the review of supervisory determinations made at institutions supervised by the CFPB.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Dec 14, 2023
Introduced in Senate
Dec 14, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 18, 2024

Latest Companion Bill Action

HR 118-8071
Introduced in House
  • December 14, 2023
    Introduced in Senate


  • December 14, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 18, 2024

    Latest Companion Bill Action

    HR 118-8071
    Introduced in House
Jerry Moran

Jerry Moran

Republican Senator

Kansas

Cosponsors (3)
Thomas Tillis (Republican)Joe Manchin (Independent)Bill Hagerty (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • S 118-2642: Financial Institutions Examination Fairness and Reform Act
  • HR 118-8071: Fair Audits and Inspections for Regulators’ Exams Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted