Bill > HR940

This bill establishes a comprehensive set of reforms to improve the examination and oversight of financial institutions by federal regulatory agencies. The FAIR Exams Act creates an Office of Independent Examination Review with a three-member Board appointed by the President, which will provide independent oversight of bank examinations. Key provisions include establishing strict timelines for regulatory examinations (270 days maximum) and final examination reports (90 days), requiring exit interviews with financial institutions, and creating a formal process for financial institutions to request guidance and appeal material supervisory determinations. The bill provides financial institutions with the right to an independent review of examination findings, including the ability to request a hearing and obtain testimony from agency employees. The new Office of Independent Examination Review will be responsible for investigating complaints, reviewing examination procedures, ensuring consistency in regulatory practices, and conducting quality assurance assessments. The Board will be required to produce annual reports to Congress about its activities, while maintaining confidentiality of sensitive information. The legislation also includes protections against retaliation by regulatory agencies against financial institutions that exercise their appeal rights, and establishes clear procedures for how these independent reviews will be conducted, with the goal of creating a more transparent and fair regulatory process.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/940/all-info