[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3555 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 3555
To enhance the reporting and testimony requirements for Federal banking
agencies.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 22, 2023
Ms. De La Cruz (for herself and Mr. Barr) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To enhance the reporting and testimony requirements for Federal banking
agencies.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Banking Regulator Accountability
Act''.
SEC. 2. REPORTS AND TESTIMONY TO CONGRESS ON SUPERVISION.
(a) Testimony and Reports to Congress on Federal Reserve System
Supervision.--Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is
amended by adding at the end the following:
``(d) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) In general.--The Vice Chairman for Supervision shall
submit a semi-annual report to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives regarding
the efforts, activities, objectives, and plans of the Board
with respect to the conduct of supervision and regulation of
depository institution holding companies and other financial
firms supervised by the Board.
``(2) Minimum contents.--At a minimum, each report under
paragraph (1) shall include--
``(A) conditions of financial firms, including
examination or inspection ratings, on an aggregate
basis by firm asset size;
``(B) granular data on outstanding material
supervisory determinations by type of determination,
including the types of risks covered, on an aggregate
basis by firm asset size;
``(C) changes in the number and types of
outstanding material supervisory determinations over
the previous 5 years;
``(D) aggregate data on the ratings of financial
firms over the previous 3 years;
``(E) the number of informal and formal enforcement
actions, by type of enforcement order and showing
changes in the last 3 years, against supervised
financial firms on an aggregate basis by firm asset
size; and
``(F) a description of the organization of the
supervisory functions of the Board with respect to
financial firms, including information on roles,
responsibilities, accountability, and talent
management.
``(3) Confidential report.--Concurrent with each report
under paragraph (1), the Vice Chairman for Supervision shall
submit a confidential report to the chair and ranking member of
each committee described under paragraph (1) identifying--
``(A) each supervised financial firm with less than
satisfactory examination or inspection ratings; and
``(B) each supervised financial firm with an active
formal or informal enforcement action, and the status
of each provision of each enforcement action.''.
(b) Testimony and Reports to Congress on Federal Deposit Insurance
Corporation Supervision.--Section 17 of the Federal Deposit Insurance
Act (12 U.S.C. 1827) is amended by adding at the end the following:
``(h) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) Appearances before congress.--The Chairman of the
Corporation shall appear before the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives at semi-
annual hearings regarding the efforts, activities, objectives,
and plans of the Corporation with respect to the conduct of
supervision and regulation of depository institutions
supervised by the Corporation.
``(2) Report to congress.--
``(A) In general.--The Chairman of the Corporation
shall transmit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
semi-annual reports regarding the efforts, activities,
objectives, and plans of the Corporation with respect
to the conduct of supervision and regulation of
depository institutions supervised by the Corporation.
``(B) Minimum contents.--At a minimum, each report
under subparagraph (A) shall include--
``(i) conditions of depository
institutions, including examination or
inspection ratings, on an aggregate basis by
institution asset size;
``(ii) granular data on outstanding
material supervisory determinations by type of
determination, including the types of risks
covered, on an aggregate basis by institution
asset size;
``(iii) changes in the number and types of
outstanding material supervisory determinations
over the previous 5 years;
``(iv) aggregate data on the ratings of
depository institutions over the previous 3
years;
``(v) the number of informal and formal
enforcement actions, by type of enforcement
order and showing changes in the last 3 years,
against supervised depository institutions on
an aggregate basis by institution asset size;
and
``(vi) a description of the organization of
the supervisory functions of the Corporation
with respect to depository institutions,
including information on roles,
responsibilities, accountability, and talent
management.
``(C) Confidential report.--Concurrent with each
report under subparagraph (A), the Chairman of the
Corporation shall submit a confidential report to the
chair and ranking member of each committee described
under subparagraph (A) identifying--
``(i) each supervised depository
institution with less than satisfactory
examination or inspection ratings; and
``(ii) each supervised depository
institution with an active formal or informal
enforcement action, and the status of each
provision of each enforcement action.''.
(c) Testimony and Reports to Congress on Comptroller of the
Currency Supervision.--The second section 333 of the Revised Statutes
of the United States (12 U.S.C. 14; relating to the annual report) is
amended--
(1) by striking ``The Comptroller'' and inserting the
following:
``(a) Annual Report.--The Comptroller''; and
(2) by adding at the end the following:
``(b) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) Appearances before congress.--The Comptroller of the
Currency shall appear before the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives at semi-annual
hearings regarding the efforts, activities, objectives, and
plans of the Office of the Comptroller of the Currency with
respect to the conduct of supervision and regulation of
national banks and other financial firms supervised by the
Office of the Comptroller of the Currency.
``(2) Report to congress.--
``(A) In general.--The Comptroller of the Currency
shall transmit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
semi-annual reports regarding the efforts, activities,
objectives, and plans of the Office of the Comptroller
of the Currency with respect to the conduct of
supervision and regulation of national banks and other
financial firms supervised by the Office of the
Comptroller of the Currency.
``(B) Minimum contents.--At a minimum, each report
under subparagraph (A) shall include--
``(i) conditions of national banks and
other financial firms, including examination or
inspection ratings, on an aggregate basis by
asset size;
``(ii) granular data on outstanding
material supervisory determinations by type of
determination, including the types of risks
covered, on an aggregate basis by asset size;
``(iii) changes in the number and types of
outstanding material supervisory determinations
over the previous 5 years;
``(iv) aggregate data on the ratings of
national banks and other financial firms over
the previous 3 years;
``(v) the number of informal and formal
enforcement actions, by type of enforcement
order and showing changes in the last 3 years,
against supervised national banks and other
financial firms on an aggregate basis by firm
asset size; and
``(vi) a description of the organization of
the supervisory functions of the Office of the
Comptroller of the Currency with respect to
national banks and other financial firms,
including information on roles,
responsibilities, accountability, and talent
management.
``(C) Confidential report.--Concurrent with each
report under subparagraph (A), the Comptroller of the
Currency shall submit a confidential report to the
chair and ranking member of each committee described
under subparagraph (A) identifying--
``(i) each supervised national bank or
other financial firms with less than
satisfactory examination or inspection ratings;
and
``(ii) each supervised national bank or
other financial firms with an active formal or
informal enforcement action, and the status of
each provision of each enforcement action.''.
(d) Testimony and Reports to Congress on National Credit Union
Administration Supervision.--Section 102 of the Federal Credit Union
Act (12 U.S.C. 1752a) is amended by adding at the end the following:
``(g) Semi-Annual Testimony and Report to Congress on
Supervision.--
``(1) Appearances before congress.--The Chairman of the
Board shall appear before the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives at semi-annual
hearings regarding the efforts, activities, objectives, and
plans of the Administration with respect to the conduct of
supervision and regulation of credit unions supervised by the
Administration.
``(2) Report to congress.--
``(A) In general.--The Chairman of the Board shall
transmit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
semi-annual reports regarding the efforts, activities,
objectives, and plans of the Administration with
respect to the conduct of supervision and regulation of
credit unions supervised by the Administration.
``(B) Minimum contents.--At a minimum, each report
under subparagraph (A) shall include--
``(i) conditions of credit unions,
including examination or inspection ratings, on
an aggregate basis by credit union asset size;
``(ii) granular data on outstanding
material supervisory determinations by type of
determination, including the types of risks
covered, on an aggregate basis by credit union
asset size;
``(iii) changes in the number and types of
outstanding material supervisory determinations
over the previous 5 years;
``(iv) aggregate data on the ratings of
credit unions over the previous 3 years;
``(v) the number of informal and formal
enforcement actions, by type of enforcement
order and showing changes in the last 3 years,
against supervised credit unions on an
aggregate basis by credit union asset size; and
``(vi) a description of the organization of
the supervisory functions of the Board with
respect to credit unions, including information
on roles, responsibilities, accountability, and
talent management.
``(C) Confidential report.--Concurrent with each
report under subparagraph (A), the Chairman of the
Board shall submit a confidential report to the chair
and ranking member of each committee described under
subparagraph (A) identifying--
``(i) each supervised credit union with
less than satisfactory examination or
inspection ratings; and
``(ii) each supervised credit union with an
active formal or informal enforcement action,
and the status of each provision of each
enforcement action.''.
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