United States 115th Congress Status: Passed House 1 R cosponsors

HR 4545 — Financial Institutions Examination Fairness and Reform Act

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

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

This bill died with 115th Congress. It reached “Passed House” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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.

Bill Text

What changed in the latest version

6 added · 1 removed

Plain-language change summary

The changes reflected in the text include the addition of a reference indicating the bill's status in the Senate and its referral to the Committee on Banking, Housing, and Urban Affairs. Additionally, a line that indicated the bill's status as "Engrossed in House" has been removed. This matters because it clarifies the legislative process in which the bill is currently involved.

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4545 Engrossed in House (EH)] <DOC> 115th CONGRESS 2d Session H.
4545 Referred in Senate (RFS)] <DOC> 115th CONGRESS 2d Session H.
4545 _______________________________________________________________________ AN ACT To amend the Federal Financial Institutions Examination Council Act of to improve the examination of depository institutions, and for other purposes.
4545 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 19, 2018 Received;
read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ AN ACT To amend the Federal Financial Institutions Examination Council Act of to improve the examination of depository institutions, and for other purposes.
Clerk.
KAREN L.
115th CONGRESS 2d Session H.
HAAS, Clerk.
R.
4545 _______________________________________________________________________ AN ACT To amend the Federal Financial Institutions Examination Council Act of to improve the examination of depository institutions, and for other purposes.
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Sections of law this bill changes

5 sections in 4 laws

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-121).

Federal reserve system · 12 U.S.C. ch. 3 1 section
  • § 289 Dividends and surplus funds of reserve banks; transfer for fiscal year 2000 Amends

    12 U.S.C. § 289 — at 289(a)(3)(A)

    The law today

    (a) Dividends and surplus funds of reserve banks (1) Stockholder dividends (A) Dividend amount After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend on paid-in capital stock of— (i) in the case of a stockholder with total consolidated assets of more than $10,000,000,000, the smaller of— (I) the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend; and (II) 6 percent; and (ii) in the case of a stockholder with total consolidated assets of $10,000,000,000 or less, 6 percent. (B) Dividend cumulative The entitlement to dividends under subparagraph (A) shall be cumulative. (C) Inflation adjustment The Board of Governors of the Federal Reserve System shall annually adjust the dollar amounts of total consolidated assets specified under subparagraph (A) to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis. (2) Deposit of net earnings in surplus fund That portion of net earnings of each Federal reserve bank which remains after dividend claims under paragraph (1)(A) have been fully met shall be deposited in the surplus fund of the bank. (3) Limitation on surplus funds (A) In general The aggregate amount of the surplus funds of the Federal reserve banks may not exceed $6,825,000,000. (B) Transfer to the general fund Any amounts of the surplus funds of the Federal reserve banks that exceed, or would exceed, the limitation under subparagraph (A) shall be transferred to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury. (b)  1 Transfer for fiscal year 2000 (1) In general The Federal reserve banks shall transfer from the surplus funds of such banks to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury, a total amount of $3,752,000,000 in fiscal year 2000. (2) Allocated by Fed Of the total amount required to be paid by the Federal reserve banks under paragraph (1) for fiscal year 2000, the Board shall determine the amount each such bank shall pay in such fiscal year. (3) Replenishment of surplus fund prohibited During fiscal year 2000, no Federal reserve bank may replenish such bank’s surplus fund by the amount of any transfer by such bank under paragraph (1).

    21 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Federal credit unions · 12 U.S.C. ch. 14 1 section
  • § 1785 Requirements governing insured credit unions Amends

    12 U.S.C. § 1785 — at 1785(j)

    The law today

    (a) Insurance logo (1) Insured credit unions (A) In general Each insured credit union shall display at each place of business maintained by that credit union a sign or signs relating to the insurance of the share accounts of the institution, in accordance with regulations to be prescribed by the Board. (B) Statement to be included Each sign required under subparagraph (A) shall include a statement that insured share accounts are backed by the full faith and credit of the United States Government. (2) Regulations The Board shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs. (3) Penalties For each day that an insured credit union continues to violate this subsection or any regulation issued under this subsection, it shall be subject to a penalty of not more than $100, which the Board may recover for its use. (b) Restrictions (1) Except as provided in paragraph (2), no insured credit union shall, without the prior approval of the Board— (A) merge or consolidate with any noninsured credit union or institution; (B) assume liability to pay any member accounts in, or similar liabilities of, any noninsured credit union or institution; (C) transfer assets to any noninsured credit union or institution in consideration of the assumption of liabilities for any portion of the member accounts in such insured credit union; or (D) convert into a noninsured credit union or institution. (2) Conversion of insured credit unions to mutual savings banks.— (A) In general.— Notwithstanding paragraph (1), an insured credit union may convert to a mutual savings bank or savings association (if the savings association is in mutual form), as those terms are defined in section 1813 of this title, without the prior approval of the Board, subject to the requirements and procedures set forth in the laws and regulations governing mutual savings banks and savings associations. (B) Conversion proposal.— A proposal for a conversion described in subparagraph (A) shall first be approved, and a date set for a vote thereon by the members (either at a meeting to be held on that date or by written ballot to be filed on or before that date), by a majority of the directors of the insured credit union. Approval of the proposal for conversion shall be by the affirmative vote of a majority of the members of the insured credit union who vote on the proposal. (C) Notice of proposal to members.— An insured credit union that proposes to convert to a mutual savings bank or savings association under subparagraph (A) shall submit notice to each of its members who is eligible to vote on the matter of its intent to convert— (i) 90 days before the date of the member vote on the conversion; (ii) 60 days before the date of the member vote on the conversion; and (iii) 30 days before the date of the member vote on the conversion. (D) Notice of proposal to board.— The Board may require an insured credit union that proposes to convert to a mutual savings bank or savings association under subparagraph (A) to submit a notice to the Board of its intent to convert during the 90-day period preceding the date of the completion of the conversion. (E) Inapplicability of chapter upon conversion.— Upon completion of a conversion described in subparagraph (A), the credit union shall no longer be subject to any of the provisions of this chapter. (F) Limit on compensation of officials.— (i) In general.— No director or senior management official of an insured credit union may receive any economic benefit in connection with a conversion of the credit union as described in subparagraph (A), other than— (I) director fees; and (II) compensation and other benefits paid to directors or senior management officials of the converted institution in the ordinary course of business. (ii) Senior management official.— For purposes of this subparagraph, the term “senior management o...

    19 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Federal financial institutions examination council · 12 U.S.C. ch. 34 1 section Amends the act as a whole
  • § 3302 Definitions Amends

    12 U.S.C. § 3302 — at 3302(3)

    The law today

    As used in this chapter— (1) the term “Federal financial institutions regulatory agencies” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration; (2) the term “Council” means the Financial Institutions Examination Council; and (3) the term “financial institution” means a commercial bank, a savings bank, a trust company, a savings association, a building and loan association, a homestead association, a cooperative bank, or a credit union; 1

    10 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Financial institutions regulatory improvement · 12 U.S.C. ch. 48 1 section
  • § 4806 Regulatory appeals process, ombudsman, and alternative dispute resolution Amends

    12 U.S.C. § 4806

    The law today

    (a) In general Not later than 180 days after September 23, 1994, each appropriate Federal banking agency and the National Credit Union Administration Board shall establish an independent intra-agency appellate process. The process shall be available to review material supervisory determinations made at insured depository institutions or at insured credit unions that the agency supervises. (b) Review process In establishing the independent appellate process under subsection (a), each agency shall ensure that— (1) any appeal of a material supervisory determination by an insured depository institution or insured credit union is heard and decided expeditiously; and (2) appropriate safeguards exist for protecting the appellant from retaliation by agency examiners. (c) Comment period Not later than 90 days after September 23, 1994, each appropriate Federal banking agency and the National Credit Union Administration Board shall provide public notice and opportunity for comment on proposed guidelines for the establishment of an appellate process under this section. (d) Agency ombudsman (1) Establishment required Not later than 180 days after September 23, 1994, each Federal banking agency and the National Credit Union Administration Board shall appoint an ombudsman. (2) Duties of ombudsman The ombudsman appointed in accordance with paragraph (1) for any agency shall— (A) act as a liaison between the agency and any affected person with respect to any problem such party may have in dealing with the agency resulting from the regulatory activities of the agency; and (B) assure that safeguards exist to encourage complainants to come forward and preserve confidentiality. (e) Alternative dispute resolution pilot program (1) In general Not later than 18 months after September 23, 1994, each Federal banking agency and the National Credit Union Administration Board shall develop and implement a pilot program for using alternative means of dispute resolution of issues in controversy (hereafter in this section referred to as the “alternative dispute resolution program”) that is consistent with the requirements of subchapter IV of chapter 5 of title 5 if the parties to the dispute, including the agency, agree to such proceeding. (2) Standards An alternative dispute resolution pilot program developed under paragraph (1) shall— (A) be fair to all interested parties to a dispute; (B) resolve disputes expeditiously; and (C) be less costly than traditional means of dispute resolution, including litigation. (3) Independent evaluation Not later than 18 months after the date on which a pilot program is implemented under paragraph (1), the Administrative Conference of the United States shall submit to the Congress a report containing— (A) an evaluation of that pilot program; (B) the extent to which the pilot programs meet the standards established under paragraph (2); (C) the extent to which parties to disputes were offered alternative means of dispute resolution and the frequency with which the parties, including the agencies, accepted or declined to use such means; and (D) any recommendations of the Conference to improve the alternative dispute resolution procedures of the Federal banking agencies and the National Credit Union Administration Board. (4) Implementation of program At any time after completion of the evaluation under paragraph (3)(A), any Federal banking agency and the National Credit Union Administration Board may implement an alternative dispute resolution program throughout the agency, taking into account the results of that evaluation. (5) Coordination with existing agency ADR programs (A) Evaluation required If any Federal banking agency or the National Credit Union Administration maintains an alternative dispute resolution program as of September 23, 1994, under any other provision of law, the Administrative Conference of the United States shall include such program in the evaluation conducted under paragraph (3)(A). (B) Multiple AD...

    11 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Also cites: 12 U.S.C. § 5514

Action History

  1. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. 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.

  3. Considered under the provisions of rule H. Res. 773. (consideration: CR H1624-1634; text of measure as reported in House: CR H1624-1625)

  4. 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.

  5. DEBATE - The House proceeded with one hour of debate on H.R. 4545.

  6. 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.

  7. The previous question was ordered on the amendment and the bill without objection.

  8. 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.

  9. Considered as unfinished business. (consideration: CR H1642-1643)

  10. Passed/agreed to in House: On passage Passed by the Yeas and Nays: 283 - 133 (Roll no. 112).

  11. On passage Passed by the Yeas and Nays: 283 - 133 (Roll no. 112).

  12. Motion to reconsider laid on the table Agreed to without objection.

  13. 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.

  14. Reported by the Committee on Financial Services. H. Rept. 115-589.

  15. Reported by the Committee on Financial Services. H. Rept. 115-589.

  16. Placed on the Union Calendar, Calendar No. 447.

  17. Committee Consideration and Mark-up Session Held.

  18. Ordered to be Reported by the Yeas and Nays: 50 - 10.

  19. Committee Consideration and Mark-up Session Held.

  20. Introduced in House

  21. Introduced in House

  22. Referred to the House Committee on Financial Services.

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.

Show all 546 →

"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
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HR 4545?
HR 4545 is sponsored by Tipton, Scott R. (Republican).
What is the current status of HR 4545?
This bill died with 115th Congress. It reached “Passed House” 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 HR 4545?
Track HR 4545 free on One Click Politics — get push/email alerts when it moves.

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