S. 2160 (112th): Financial Institutions Examination Fairness and Reform Act

Introduced:
Mar 06, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Jerry Moran [R-KS]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 727 on Apr 15, 2013. See S. 727 for current action on this subject.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on March 6, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 06, 2012
Referred to Committee Mar 06, 2012
Cosponsors
14 cosponsors (13R, 1D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to improve the examination of depository institutions, and for other purposes.

Summary

No summaries available.

Text

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Last updated Mar 06, 2012.
13 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/6/2012--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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