United States 118th Congress Status: In Committee 1 R cosponsors

S 3541 — Fair Audits and Inspections for Regulators’ Exams 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 118th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Fair Audits and Inspections for Regulators’ Exams ActThis 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.

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 and oversight of financial institutions, including timeliness for providing examination reports and creating an independent review process for supervisory determinations.

  • 12 U.S.C. 4806

    `, the Bureau of Consumer Financial Protection,'

    The Bureau of Consumer Financial Protection is added to the list of agencies responsible for establishing an independent appellate process.

  • 12 U.S.C. 4806

    the appellant from retaliation by agency examiners → the insured depository institution or insured credit union from retaliation by an agency referred to in subsection (a)

    Clarifies the protection against retaliation, specifying that it applies to institutions rather than individuals.

  • 12 U.S.C. 4806

    (2) Retaliation.--For purposes of this subsection and subsection (e), retaliation includes delaying consideration of, or withholding approval of, any request, notice, or application that otherwise would have been approved, but for the exercise of the institution's or credit union's rights under this section.

    Defines retaliation more comprehensively in the context of agency actions against institutions exercising their rights.

  • 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 material information by the institution relating to the examination.

    Establishes a timeline requiring agencies to deliver final examination reports within 60 days after the exit interview or submission of additional information.

  • 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.

    Grants financial institutions the right to request an independent review of material supervisory determinations.

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

    Creates an Office of Independent Examination Review within the Council to handle complaints and oversight of examinations.

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.

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Subjects

finance
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Frequently asked questions

What does S 3541 do?
Fair Audits and Inspections for Regulators’ Exams ActThis 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.
Who sponsors S 3541?
S 3541 is sponsored by Moran, Jerry (Republican).
What is the current status of S 3541?
This bill died with 118th 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 3541?
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