IIB 

116TH CONGRESS 

2D SESSION H. R. 4841 

IN THE SENATE OF THE UNITED STATES 

JANUARY 14, 2020 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

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, 


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1 SECTION 1. SHORT TITLE. 

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

3 Oversight Act’’. 

4 SEC. 2. ANNUAL TESTIMONY. 

5 (a) IN GENERAL.—The Dodd-Frank Wall Street Re6 form and Consumer Protection Act (12 U.S.C. 5301 et 

7 seq.) is amended by adding at the end of title VI the fol8 lowing: 

9 ‘‘SEC. 629. ANNUAL TESTIMONY OF PRUDENTIAL REGU10 LATORS. 

11 ‘‘(a) SEMI-ANNUAL REPORT.— 

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

13 shall each issue a semi-annual report to the Com14 mittee on Banking, Housing, and Urban Affairs of 

15 the Senate and the Committee on Financial Services 

16 of the House of Representatives regarding the ef17 forts, activities, objectives, and plans of the regu18 lator with respect to the conduct of supervision and 

19 regulation of depository institution holding compa20 nies, depository institutions, and credit unions. 

21 ‘‘(2) SPECIFIC CONTENTS.—Each report re22 quired under paragraph (1) shall include a descrip23 tion of— 

24 ‘‘(A) the safety and soundness of deposi25 tory institution holding companies, depository 

26 institutions, and credit unions, including capVerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4841.RFS H4841

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1 ital, liquidity, leverage, stress testing, and living 

2 wills, as applicable; 

3 ‘‘(B) the examination and supervision of 

4 depository institution holding companies, depos5 itory institutions, and credit unions, particu6 larly G-SIBs, including— 

7 ‘‘(i) a detailed description of public 

8 enforcement actions taken during the re9 porting period; 

10 ‘‘(ii) aggregate data regarding super11 visory concerns examiners have issued in 

12 writing to the boards of regulated institu13 tions during the reporting period; 

14 ‘‘(iii) supervisory observations by the 

15 regulator on particular areas and topics of 

16 concern identified through the examination 

17 and supervisory process; and 

18 ‘‘(iv) a description of the regulator’s 

19 exercise of all available tools beyond impos20 ing public fines to ensure compliance with 

21 all applicable laws and regulations, as well 

22 as actions to ensure accountability for cul23 pable executives; 

24 ‘‘(C) emerging risks that may affect depos25 itory institutions and potential threats to the fiVerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H4841.RFS H4841

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1 nancial stability of the United States, and any 

2 actions the regulator took in coordination with 

3 the Office of Financial Research, to identify 

4 and mitigate those threats; 

5 ‘‘(D) any recent actions taken by the regu6 lator as a voting member of the Financial Sta7 bility Oversight Council and any updates re8 lated to authorities the regulator has under title 

9 I or title VIII of this Act with respect to en10 hanced prudential standards and supervision of 

11 large bank holding companies and firms des12 ignated by the Financial Stability Oversight 

13 Council; 

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

15 diversity and inclusion efforts, including its im16 plementation of section 342 of this Act and the 

17 regulator’s compliance with section 308 of the 

18 Financial Institutions Reform, Recovery, and 

19 Enforcement Act of 1989 with respect to mi20 nority depository institutions; 

21 ‘‘(F) the implementation of the Community 

22 Reinvestment Act of 1977, including informa23 tion on examinations, guidance, and regula24 tions; 


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

2 has not been implemented yet by the regulator, 

3 including the date on which the mandatory pro4 vision will be implemented; 

5 ‘‘(H) an overview of the mergers and ac6 quisitions process, including data and descrip7 tions of any mergers and acquisitions approved 

8 during the reporting period; 

9 ‘‘(I) examinations for Bank Secrecy Act 

10 and anti-money laundering compliance, as well 

11 as coordination with the Financial Crimes En12 forcement Network and appropriate commu13 nication with depository institutions and credit 

14 unions; 

15 ‘‘(J) the utilization of financial technology 

16 as it relates to depository institution holding 

17 companies, depository institutions, and credit 

18 unions regulated by the regulator, including the 

19 use of various technologies by depository insti20 tutions and credit unions as well as partner21 ships with third-party companies; 

22 ‘‘(K) cybersecurity of depository institution 

23 holding companies, depository institutions, and 

24 credit unions, including steps taken to enhance 


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1 cyber readiness and strengthen the protection 

2 of consumer data; and 

3 ‘‘(L) compliance with chapter 5 of title 5, 

4 United States Code (commonly referred to as 

5 the ‘Administrative Procedure Act’) and chap6 ter 8 of title 5, United States Code (commonly 

7 referred to as the ‘Congressional Review Act’), 

8 as well as all guidance documents and 

9 rulemakings issued by the prudential regulator 

10 in the previous 6-month period. 

11 ‘‘(3) CONFIDENTIALITY REQUIREMENT.—Each 

12 report required under paragraph (1) shall include 

13 only information that does not constitute confiden14 tial supervisory information about a specific institu15 tion, but may include aggregate information on an 

16 industry-wide basis or on a segment of an industry. 

17 ‘‘(b) TESTIMONY.— 

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

19 shall each appear before the Committee on Banking, 

20 Housing, and Urban Affairs of the Senate and the 

21 Committee on Financial Services of the House of 

22 Representatives at an annual hearing to testify with 

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

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

25 Vice Chairman for Supervision of the Board of GovVerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H4841.RFS H4841

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1 ernors shall appear before the Committee on Bank2 ing, Housing, and Urban Affairs of the Senate and 

3 the Committee on Financial Services of the House of 

4 Representatives at a semiannual hearing to testify 

5 with respect to the reports required under subsection 

6 (a). Any such appearance shall satisfy the require7 ments of section 10(12) of the Federal Reserve Act. 

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

9 ‘‘(1) BANK SECRECY ACT.—The term ‘Bank Se10 crecy Act’ means— 

11 ‘‘(A) section 21 of the Federal Deposit In12 surance Act; 

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

14 508; and 

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

16 31, United States Code; 

17 ‘‘(2) G-SIB.—The term ‘G-SIB’ means a global 

18 systemically important bank holding company, as 

19 such term is defined under section 217.402 of title 

20 12, Code of Federal Regulations. 

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

22 ‘prudential regulators’ means the Vice Chairman for 

23 Supervision of the Board of Governors, the Comp24 troller of the Currency, the Chairperson of the CorVerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H4841.RFS H4841

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1 poration, and the Chairman of the National Credit 

2 Union Administration Board.’’. 

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

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

5 and Consumer Protection Act is amended by inserting 

6 after the item relating to section 628 the following: 

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

7 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 

8 The budgetary effects of this Act, for the purpose of 

9 complying with the Statutory Pay-As-You-Go Act of 2010, 

10 shall be determined by reference to the latest statement 

11 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

12 Act, submitted for printing in the Congressional Record 

13 by the Chairman of the House Budget Committee, pro14 vided that such statement has been submitted prior to the 

15 vote on passage. 

Passed the House of Representatives January 13, 

2020. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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