United States 117th Congress Status: In Committee 1 R cosponsors

S 5049 — Financial Institutions Examination Fairness and Reform Act

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Financial Institutions Examination Fairness and Reform Act This bill (1) sets deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency, and (2) establishes the Office of Independent Examination Review to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. 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.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill establishes new requirements and processes for the examination of financial institutions, including timelines for reports and independent reviews of supervisory determinations.

  • 12 U.S.C. § 3301 et seq.

    SEC. 1012. TIMELINESS OF EXAMINATION REPORTS. (a) In General.-- (1) Final examination report.--A Federal financial institutions regulatory agency shall provide a final examination report to a financial institution not later than 60 days after the later of-- (A) the exit interview for an examination of the institution; or (B) the provision of additional information by the institution relating to the examination.

    This section mandates that federal agencies must deliver final examination reports to financial institutions within 60 days after the exit interview.

  • 12 U.S.C. § 3301 et seq.

    SEC. 1013. OFFICE OF INDEPENDENT EXAMINATION REVIEW. (a) Establishment.--There is established in the Council an Office of Independent Examination Review.

    This section creates an Office of Independent Examination Review within the Council to oversee complaints and quality assurance in examinations.

  • 12 U.S.C. § 3301 et seq.

    SEC. 1014. RIGHT TO INDEPENDENT REVIEW OF MATERIAL SUPERVISORY DETERMINATIONS. (a) In General.--A financial institution shall have the right to obtain an independent review of a material supervisory determination contained in a final report of examination.

    This section establishes the right for financial institutions to seek an independent review of material supervisory determinations made during examinations.

  • 12 U.S.C. § 4806

    (1) In general.--In establishing independent appellate process, the appropriate Federal banking agency, the Bureau of Consumer Financial Protection, shall ensure that appropriate safeguards exist for protecting the insured depository institution or insured credit union from retaliation by any agency referred to in subsection (a) for exercising its rights under this subsection.

    This amendment ensures that protections against retaliation are explicitly included in the independent appellate process.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does S 5049 do?
Financial Institutions Examination Fairness and Reform Act This bill (1) sets deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency, and (2) establishes the Office of Independent Examination Review to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. 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.
Who sponsors S 5049?
S 5049 is sponsored by Moran, Jerry (Republican).
What is the current status of S 5049?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 5049?
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