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H.R. 924 (115th): Financial Institutions Due Process Act of 2017


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 7, 2017.


Financial Institutions Due Process Act of 2017

This bill amends the Federal Financial Institutions Examination Council Act of 1978 to establish an Independent Examination Review Panel. The panel shall have exclusive jurisdiction of an appeal of a final material supervisory determination of a federal financial institutions regulatory agency.

A financial institution may request from a federal financial institutions regulatory agency a written determination of the agency's: (1) permission to take an action, and (2) interpretation of a law or regulation. An agency must respond to such a request within a specified timeframe.

The bill also establishes timeframes within which a federal financial institutions regulatory agency must: (1) conduct an exit interview with respect to the examination of a financial institution, and (2) provide a final examination report.