H.R.4545 - Financial Institutions Examination Fairness and Reform Act115th Congress (2017-2018) |
|Sponsor:||Rep. Tipton, Scott R. [R-CO-3] (Introduced 12/04/2017)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-589|
|Latest Action:||Senate - 03/19/2018 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4545 — 115th Congress (2017-2018)All Information (Except Text)
Passed House amended (03/15/2018)
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.