I 

116TH CONGRESS 

1ST SESSION H. R. 4841 

To require the prudential banking regulators to provide annual testimony 

to Congress on their supervision and regulation activities, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 23, 2019 

Mr. PHILLIPS (for himself, Mr. LOUDERMILK, and Mrs. BEATTY) introduced 

the following bill; which was referred to the Committee on Financial Services 

A BILL 

To require the prudential banking regulators to provide annual testimony to Congress on their supervision and regulation activities, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Prudential Regulator 

5 Oversight Act’’. 

6 SEC. 2. ANNUAL TESTIMONY OF PRUDENTIAL REGU7 LATORS. 

8 (a) IN GENERAL.—The Dodd-Frank Wall Street Re9 form and Consumer Protection Act (12 U.S.C. 5301 et 


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1 seq.) is amended by adding at the end of title VI the fol2 lowing: 

3 ‘‘SEC. 629. ANNUAL TESTIMONY OF PRUDENTIAL REGU4 LATORS. 

5 ‘‘(a) SEMI-ANNUAL REPORT.— 

6 ‘‘(1) IN GENERAL.—The prudential regulators 

7 shall each issue a semi-annual report to the Com8 mittee on Banking, Housing, and Urban Affairs of 

9 the Senate and the Committee on Financial Services 

10 of the House of Representatives regarding the ef11 forts, activities, objectives, and plans of the regu12 lator with respect to the conduct of supervision and 

13 regulation of depository institution holding compa14 nies, depository institutions, and credit unions. 

15 ‘‘(2) SPECIFIC CONTENTS.—Each report re16 quired under paragraph (1) shall include a descrip17 tion of— 

18 ‘‘(A) the safety and soundness of deposi19 tory institution holding companies, depository 

20 institutions, and credit unions, including cap21 ital, liquidity, leverage, stress testing, and living 

22 wills, as applicable; 

23 ‘‘(B) the examination and supervision of 

24 depository institution holding companies, depos25 itory institutions, and credit unions, particuVerDate Sep 11 2014 22:00 Oct 30, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4841.IH H4841

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1 larly G–SIBs, including a detailed description 

2 of enforcement actions taken during the report3 ing period, and a description of the regulator’s 

4 exercise of all available tools beyond imposing 

5 fines to ensure compliance with all applicable 

6 laws and regulations, as well as actions to en7 sure accountability for culpable executives; 

8 ‘‘(C) emerging risks that may affect depos9 itory institutions and potential threats to the fi10 nancial stability of the United States, and any 

11 actions the regulator took in coordination with 

12 the Office of Financial Research, to identify 

13 and mitigate those threats; 

14 ‘‘(D) any recent actions taken by the regu15 lator as a voting member of the Financial Sta16 bility Oversight Council and any updates re17 lated to authorities the regulator has under title 

18 I or title VIII of this Act with respect to en19 hanced prudential standards and supervision of 

20 large bank holding companies and firms des21 ignated by the Financial Stability Oversight 

22 Council; 

23 ‘‘(E) the implementation of the regulator’s 

24 diversity and inclusion efforts, including its im25 plementation of section 342 of this Act and the 


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1 regulator’s compliance with section 308 of the 

2 Financial Institutions Reform, Recovery, and 

3 Enforcement Act of 1989 with respect to mi4 nority depository institutions; 

5 ‘‘(F) the implementation of the Community 

6 Reinvestment Act of 1977, including informa7 tion on examinations, guidance, and regula8 tions; 

9 ‘‘(G) any mandatory provision of law that 

10 has not been implemented yet by the regulator, 

11 including the date on which the mandatory pro12 vision will be implemented; 

13 ‘‘(H) an overview of the mergers and ac14 quisitions process, including data and descrip15 tions of any mergers and acquisitions approved 

16 during the reporting period; 

17 ‘‘(I) examinations for Bank Secrecy Act 

18 and anti-money laundering compliance, as well 

19 as coordination with the Financial Crimes En20 forcement Network and appropriate commu21 nication with depository institutions and credit 

22 unions; 

23 ‘‘(J) the utilization of financial technology 

24 as it relates to depository institution holding 

25 companies, depository institutions, and credit 


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1 unions regulated by the regulator, including the 

2 use of various technologies by depository insti3 tutions and credit unions as well as partner4 ships with third-party companies; and 

5 ‘‘(K) cybersecurity of depository institution 

6 holding companies, depository institutions, and 

7 credit unions, including steps taken to enhance 

8 cyber readiness and strengthen the protection 

9 of consumer data. 

10 ‘‘(b) TESTIMONY.— 

11 ‘‘(1) IN GENERAL.—The prudential regulators 

12 shall each appear before the Committee on Banking, 

13 Housing, and Urban Affairs of the Senate and the 

14 Committee on Financial Services of the House of 

15 Representatives at an annual hearing to testify with 

16 respect to the reports required under subsection (a). 

17 ‘‘(2) VICE CHAIRMAN FOR SUPERVISION.—The 

18 Vice Chairman for Supervision of the Board of Gov19 ernors shall appear before the Committee on Bank20 ing, Housing, and Urban Affairs of the Senate and 

21 the Committee on Financial Services of the House of 

22 Representatives at an semiannual hearing to testify 

23 with respect to the reports required under subsection 

24 (a). Any such appearance shall satisfy the require25 ments of section 10(12) of the Federal Reserve Act. 


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1 ‘‘(c) DEFINITIONS.—In this section: 

2 ‘‘(1) BANK SECRECY ACT.—The term ‘Bank Se3 crecy Act’ means— 

4 ‘‘(A) section 21 of the Federal Deposit In5 surance Act; 

6 ‘‘(B) chapter 2 of title I of Public Law 91– 

7 508; and 

8 ‘‘(C) subchapter II of chapter 53 of title 

9 31, United States Code; 

10 ‘‘(2) G–SIB.—The term ‘G–SIB’ means a glob11 al systemically important bank holding company, as 

12 such term is defined under section 217.402 of title 

13 12, Code of Federal Regulations. 

14 ‘‘(3) PRUDENTIAL REGULATORS.—The term 

15 ‘prudential regulators’ means the Vice Chairman for 

16 Supervision of the Board of Governors, the Comp17 troller of the Currency, the Chairperson of the Cor18 poration, and the Chairman of the National Credit 

19 Union Administration Board.’’. 

20 (b) CLERICAL AMENDMENT.—The table of contents 

21 under section 1(b) of the Dodd-Frank Wall Street Reform 

22 and Consumer Protection Act is amended by inserting 

23 after the item relating to section 628 the following: 

‘‘Sec. 629. Annual testimony of prudential regulators.’’. 

Æ 


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