US HB3461 | 2011-2012 | 112th Congress
Status
Spectrum: Moderate Partisan Bill (Republican 148-45)
Status: Introduced on November 17 2011 - 25% progression, died in chamber
Action: 2012-02-01 - Subcommittee Hearings Held.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 17 2011 - 25% progression, died in chamber
Action: 2012-02-01 - Subcommittee Hearings Held.
Text: Latest bill text (Introduced) [PDF]
Summary
Financial Institutions Examination Fairness and Reform Act - Amends the Federal Financial Institutions Examination Council Act of 1978 to require a federal financial institutions regulatory agency to make a final examination report to a financial institution within 60 days of the later of: (1) the exit interview for an examination of the institution, or (2) the provision of additional information by the institution relating to the examination. Sets a deadline for the exit interview if a financial institution is not subject to a resident examiner program. Sets forth examination standards for financial institutions. Prohibits federal financial institutions regulatory agencies from requiring a well capitalized financial institution to raise additional capital in lieu of an action prohibited by the examination standards. Establishes in the Federal Financial Institutions Examination Council an Office of Examination Ombudsman. Grants a financial institution the right to appeal a material supervisory determination contained in a final report of examination. Requires the Ombudsman to determine the merits of the appeal on the record, after an opportunity for a hearing before an independent administrative law judge. Declares the decision by the Ombudsman on an appeal to: (1) be the final agency action, and (2) bind the agency whose supervisory determination was the subject of the appeal and the financial institution making the appeal. Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require: (1) the Consumer Financial Protection Bureau (CFPB) to establish an independent intra-agency appellate process in connection with the regulatory appeals process; and (2) appropriate safeguards to protect an insured depository institution or insured credit union from retaliation by the CFPB, the National Credit Union Administration (NCUA) Board, or any other federal banking agency for exercising its rights.
Title
Financial Institutions Examination Fairness and Reform Act
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2012-02-01 | House | Subcommittee Hearings Held. |
| 2012-01-12 | House | Referred to the Subcommittee on Financial Institutions and Consumer Credit. |
| 2011-11-17 | House | Referred to the House Committee on Financial Services. |
Same As/Similar To
SB2160 (Related) 2012-03-06 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Administrative remedies
Bank accounts, deposits, capital
Banking and financial institutions regulation
Consumer Financial Protection Bureau
Credit and credit markets
Department of the Treasury
Executive agency funding and structure
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Finance and financial sector
National Credit Union Administration
Bank accounts, deposits, capital
Banking and financial institutions regulation
Consumer Financial Protection Bureau
Credit and credit markets
Department of the Treasury
Executive agency funding and structure
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Finance and financial sector
National Credit Union Administration
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/house-bill/3461/all-info |
| Text | https://www.congress.gov/112/bills/hr3461/BILLS-112hr3461ih.pdf |
