IB 

Union Calendar No. 651 

118TH CONGRESS 

2D SESSION H. R. 8337 

[Report No. 118–788] 

To amend the Federal banking laws to improve the safety and soundness 

of the United States banking system, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 10, 2024 

Mr. BARR introduced the following bill; which was referred to the Committee 

on Financial Services 

DECEMBER 3, 2024 

Additional sponsor: Mr. FITZGERALD

DECEMBER 3, 2024 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on May 10, 2024] 


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A BILL 

To amend the Federal banking laws to improve the safety 

and soundness of the United States banking system, 

and for other purposes. 


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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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Bank Resilience and Regulatory Improvement Act’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—FINANCIAL INSTITUTION REGULATORY TAILORING 

ENHANCEMENT 

Sec. 101. Increased asset thresholds. 

TITLE II—BANK FAILURE PREVENTION 

Sec. 201. Complete record on an application. 

TITLE III—STRESS TESTING ACCOUNTABILITY AND TRANSPARENCY 

Sec. 301. Rulemaking related to stress capital buffer requirements. 

Sec. 302. Rulemaking relating to stress testing. 

Sec. 303. GAO report. 

TITLE IV—BANK SUPERVISION APPEALS IMPROVEMENT 

Sec. 401. Timeliness of examinations and required permission, regulatory, and 

reporting guidance. 

Sec. 402. Update of independent intra-agency appellate process for reviewing material supervisory determinations. 

Sec. 403. Review of resolution actions resulting in a material loss. 

TITLE V—REVIEW OF DISCOUNT WINDOW OPERATIONS 

Sec. 501. Review of discount window operations. 

TITLE VI—SMALL BANK HOLDING COMPANY RELIEF 

Sec. 601. Changes required to the Small Bank Holding Company and Savings 

and Loan Holding Company Policy Statement. 


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1 TITLE I—FINANCIAL INSTITU2 TION REGULATORY TAI3 LORING ENHANCEMENT 

4 SEC. 101. INCREASED ASSET THRESHOLDS. 

5 (a) BUREAU SUPERVISION.—Section 1025(a) of the 

6 Consumer Financial Protection Act of 2010 (12 U.S.C. 

7 5515) is amended by striking ‘‘$10,000,000,000’’ each place 

8 it occurs and inserting ‘‘$50,000,000,000’’. 

9 (b) DURBIN AMENDMENT REQUIREMENTS.—Section 

10 921(a)(6) of the Electronic Fund Transfer Act (15 U.S.C. 

11 1693o–2(a)(6)) is amended by striking ‘‘$10,000,000,000’’ 

12 and inserting ‘‘$50,000,000,000’’. 

13 (c) VOLKER RULE REQUIREMENTS.—Section 

14 13(h)(1)(B)(i) of the Bank Holding Company Act of 1956 

15 (12 U.S.C. 1851(h)(1)(B)(i)) is amended by striking 

16 ‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000’’. 

17 (d) QUALIFIED MORTGAGE REQUIREMENTS.—Section 

18 129C(b)(F)(i) of the Truth in Lending Act (15 U.S.C. 

19 1639c(b)(F)(i)) is amended by striking ‘‘$10,000,000,000’’ 

20 and inserting ‘‘$50,000,000,000’’. 

21 (e) LEVERAGE AND RISK-BASED CAPITAL REQUIRE22 MENTS.—Section 201(a)(3)(A) of the Economic Growth, 

23 Regulatory Relief, and Consumer Protection Act (12 U.S.C. 

24 5371 note (a)(3)(A)) is amended by striking 

25 ‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000’’. 


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1 TITLE II—BANK FAILURE 

2 PREVENTION 

3 SEC. 201. COMPLETE RECORD ON AN APPLICATION. 

4 (a) BANK HOLDING COMPANIES.—Section 3(b)(1) of 

5 the Bank Holding Company Act of 1956 (12 U.S.C. 

6 1842(b)(1)) is amended— 

7 (1) by striking ‘‘Upon receiving’’ and inserting 

8 the following: 

9 ‘‘(A) IN GENERAL.—Upon receiving’’; 

10 (2) by striking ‘‘required’’ and inserting ‘‘ac11 quired’’; 

12 (3) by striking ‘‘In the event of the failure of the 

13 Board to act on any application for approval under 

14 this section within the ninety-one-day period which 

15 begins on the date of submission to the Board of the 

16 complete record on that application, the application 

17 shall be deemed to have been granted.’’; and 

18 (4) by adding at the end the following: 

19 ‘‘(B) COMPLETE RECORD ON AN APPLICATION.— 

20 ‘‘(i) NOTICE TO APPLICANT.—Not later than 

21 30 days after the date on which the Board re22 ceives an application for approval under this 

23 section, the Board shall transmit to the appli24 cant a letter that either— 


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1 ‘‘(I) confirms the record on the appli2 cation is complete; or 

3 ‘‘(II) details all additional information 

4 that is required for the record on that appli5 cation to be complete. 

6 ‘‘(ii) EXTENSION OF NOTICE.—Notwith7 standing clause (i), the Board may, if an appli8 cation is complex, extend the 30-day period de9 scribed under clause (i) for an additional 30 

10 days. 

11 ‘‘(iii) RECEIPT OF RESPONSE; DEEMING OF

12 COMPLETE RECORD.—Upon receipt of a response 

13 from an applicant to a notice requesting addi14 tional information described under clause (i)(II), 

15 the record on the application shall be deemed 

16 complete unless the Board— 

17 ‘‘(I) determines that the applicant’s re18 sponse was materially deficient; and 

19 ‘‘(II) not later than 30 days after the 

20 date on which the Board received the re21 sponse, provides the applicant a detailed 

22 notice describing the deficiencies. 

23 ‘‘(iv) TREATMENT OF THIRD-PARTY INFOR24 MATION.—In determining whether the record on 

25 an application is complete, the Board may take 


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1 into account only information provided by the 

2 applicant, and may not base the determination 

3 of completeness on any information (including 

4 reports, views, or recommendations) provided by 

5 third parties. 

6 ‘‘(C) DEADLINE FOR DETERMINATION.— 

7 ‘‘(i) IN GENERAL.—Notwithstanding sub8 paragraphs (A) and (B), the Board shall grant 

9 or deny an application submitted under this sec10 tion not later than 90 days after the date on 

11 which the application was initially submitted to 

12 the Board, regardless of whether the record on 

13 such initial application was complete. 

14 ‘‘(ii) FAILURE TO MAKE A DETERMINA15 TION.—If the Board does not grant or deny an 

16 application within the time period described 

17 under clause (i), such application shall be 

18 deemed to have been granted. 

19 ‘‘(iii) TOLLING OF PERIOD.—The Board 

20 may at any time extend the deadline described 

21 under clause (i) at the request of the applicant, 

22 but may not extend the deadline more than 30 

23 days past the deadline described under clause 

24 (i).’’. 


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1 (b) SAVINGS AND LOAN HOLDING COMPANIES.—Sec2 tion 10(e) of the Home Owners’ Loan Act (12 U.S.C. 

3 1467a(e)) is amended— 

4 (1) in paragraph (2), by striking ‘‘, and shall 

5 render a decision within 90 days after submission to 

6 the Board of the complete record on the application’’; 

7 (2) by redesignating paragraph (7) as para8 graph (9); and 

9 (3) by inserting after paragraph (6) the fol10 lowing: 

11 ‘‘(7) COMPLETE RECORD ON AN APPLICATION.— 

12 ‘‘(A) NOTICE TO APPLICANT.—Not later 

13 than 30 days after the date on which the Board 

14 receives an application for approval under this 

15 subsection, the Board shall transmit to the appli16 cant a letter that either— 

17 ‘‘(i) confirms the record on the appli18 cation is complete; or 

19 ‘‘(ii) details all additional information 

20 that is required for the record on that appli21 cation to be complete. 

22 ‘‘(B) EXTENSION OF NOTICE.—Notwith23 standing subparagraph (A), the Board may, if 

24 an application is complex, extend the 30-day peVerDate Sep 11 2014 01:08 Dec 04, 2024 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6203 E:\BILLS\H8337.RH H8337

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1 riod described under subparagraph (A) for an 

2 additional 30 days. 

3 ‘‘(C) RECEIPT OF RESPONSE; DEEMING OF

4 COMPLETE RECORD.—Upon receipt of a response 

5 from an applicant to a notice requesting addi6 tional information described under subpara7 graph (A)(ii), the record on the application shall 

8 be deemed complete unless the Board— 

9 ‘‘(i) determines that the applicant’s re10 sponse was materially deficient; and 

11 ‘‘(ii) not later than 30 days after the 

12 date on which the Board received the re13 sponse, provides the applicant a detailed 

14 notice describing the deficiencies. 

15 ‘‘(D) TREATMENT OF THIRD-PARTY INFOR16 MATION.—In determining whether the record on 

17 an application is complete, the Board may take 

18 into account only information provided by the 

19 applicant, and may not base the determination 

20 of completeness on any information (including 

21 reports, views, or recommendations) provided by 

22 third parties. 

23 ‘‘(8) DEADLINE FOR DETERMINATION.— 

24 ‘‘(A) IN GENERAL.—Notwithstanding any 

25 other provision of this subsection, the Board shall 


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1 grant or deny an application submitted under 

2 this subsection not later than 90 days after the 

3 date on which the application was initially sub4 mitted to the Board, regardless of whether the 

5 record on such initial application was complete. 

6 ‘‘(B) FAILURE TO MAKE A DETERMINA7 TION.—If the Board does not grant or deny an 

8 application within the time period described 

9 under subparagraph (A), such application shall 

10 be deemed to have been granted. 

11 ‘‘(C) TOLLING OF PERIOD.—The Board may 

12 at any time extend the deadline described under 

13 subparagraph (A) at the request of the applicant, 

14 but may not extend the deadline more than 30 

15 days past the deadline described under subpara16 graph (A).’’. 

17 (c) INSURED DEPOSITORY INSTITUTIONS.—Section 

18 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 

19 1828(c)) is amended by adding at the end the following: 

20 ‘‘(14) COMPLETE RECORD ON AN APPLICATION.— 

21 ‘‘(A) NOTICE TO APPLICANT.—Not later than 30 

22 days after the date on which the responsible agency 

23 receives a merger application for approval under this 

24 subsection, the responsible agency shall transmit to 

25 the applicant a letter that either— 


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1 ‘‘(i) confirms the record on the application 

2 is complete; or 

3 ‘‘(ii) details all additional information that 

4 is required for the record on that application to 

5 be complete. 

6 ‘‘(B) EXTENSION OF NOTICE.—Notwithstanding 

7 subparagraph (A), the responsible agency may, if an 

8 application is unusually complex, extend the 30-day 

9 period described under subparagraph (A) for an addi10 tional 30 days. 

11 ‘‘(C) RECEIPT OF RESPONSE; DEEMING OF COM12 PLETE RECORD.—Upon receipt of a response from an 

13 applicant to a notice requesting additional informa14 tion described under subparagraph (A)(ii), the record 

15 on the application shall be deemed complete unless the 

16 responsible agency— 

17 ‘‘(i) determines that the applicant’s re18 sponse was materially deficient; and 

19 ‘‘(ii) not later than 30 days after the date 

20 on which the responsible agency received the re21 sponse, provides the applicant a detailed notice 

22 describing the deficiencies. 

23 ‘‘(D) TREATMENT OF THIRD-PARTY INFORMA24 TION.—In determining whether the record on an ap25 plication is complete, the responsible agency may take 


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1 into account only information provided by the appli2 cant, and may not base the determination of com3 pleteness on any information (including reports, 

4 views, or recommendations) provided by third parties. 

5 ‘‘(15) DEADLINE FOR DETERMINATION.— 

6 ‘‘(A) IN GENERAL.—Notwithstanding any other 

7 provision of this subsection, the responsible agency 

8 shall grant or deny a merger application submitted 

9 under this subsection not later than 90 days after the 

10 date on which the application was initially submitted 

11 to the responsible agency, regardless of whether the 

12 record on such initial application was complete. 

13 ‘‘(B) FAILURE TO MAKE A DETERMINATION.—If 

14 the responsible agency does not grant or deny an ap15 plication within the time period described under sub16 paragraph (A), such application shall be deemed to 

17 have been granted. 

18 ‘‘(C) TOLLING OF PERIOD.—The responsible 

19 agency may at any time extend the deadline described 

20 under subparagraph (A) at the request of the appli21 cant, but may not extend the deadline more than 30 

22 days past the deadline described under subparagraph 

23 (A).’’. 


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1 TITLE III—STRESS TESTING AC2 COUNTABILITY AND TRANS3 PARENCY 

4 SEC. 301. RULEMAKING RELATED TO STRESS CAPITAL 

5 BUFFER REQUIREMENTS. 

6 (a) IN GENERAL.—Not later than 90 days after the 

7 date of the enactment of this section, the Board of Governors 

8 of the Federal Reserve System (in this title referred to as 

9 the ‘‘Board’’) shall issue a rule to establish any models, as10 sumptions, formulas, or other decisional methodologies that 

11 are used to determine any component or subcomponent of 

12 the stress capital buffer requirement for a bank holding 

13 company. 

14 (b) CHANGES.—The Board may only make changes to 

15 the rule issued under subsection (a) through notice and com16 ment rulemaking. 

17 (c) STRESS CAPITAL BUFFER REQUIREMENT DE18 FINED.—The term ‘‘stress capital buffer requirement’’ has 

19 the meaning given the term in section 225.8(c) of title 12 

20 of the Code of Federal Regulations. 

21 SEC. 302. RULEMAKING RELATING TO STRESS TESTING. 

22 (a) IN GENERAL.—Beginning in the first calendar 

23 year beginning after the date of the enactment of this sec24 tion, the Board shall, not less than 30 days before con25 ducting a stress test pursuant to section 165(i) of the FiVerDate Sep 11 2014 01:08 Dec 04, 2024 Jkt 059200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6203 E:\BILLS\H8337.RH H8337

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1 nancial Stability Act of 2010, issue a rule to establish each 

2 scenario to be used in such stress test. 

3 (b) PROHIBITION.—The Board may not, by rule or 

4 otherwise, subject any nonbank financial company to a cli5 mate-related stress test using the authority provided in sec6 tion 165(i) of the Financial Stability Act of 2010. 

7 SEC. 303. GAO REPORT. 

8 (a) IN GENERAL.—The Comptroller General of the 

9 United States shall, every 3 years, conduct a study and sub10 mit a report to the Congress with respect to the stress tests 

11 conducted by the Board under section 165(i) of the Finan12 cial Stability Act of 2010 in the 3 most recent calendar 

13 years. 

14 (b) CONTENTS.—The report submitted to the Congress 

15 under subsection (a) shall consider the effectiveness of the 

16 stress tests in evaluating— 

17 (1) the safety and soundness of the nonbank fi18 nancial institutions subjected to stress tests; 

19 (2) the stability of the United States financial 

20 system. 


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1 TITLE IV—BANK SUPERVISION 

2 APPEALS IMPROVEMENT 

3 SEC. 401. TIMELINESS OF EXAMINATIONS AND REQUIRED 

4 PERMISSION, REGULATORY, AND REPORTING 

5 GUIDANCE. 

6 (a) EXIT INTERVIEW REQUIREMENT; TIMELINESS OF

7 EXAMINATIONS.— 

8 (1) INSURED DEPOSITORY INSTITUTIONS.—Sec9 tion 10(d) of the Federal Deposit Insurance Act (12 

10 U.S.C. 1820(d)) is amended by adding at the end the 

11 following: 

12 ‘‘(11) EXAMINATION TIMELINESS.—The appro13 priate Federal banking agency shall complete any ex14 amination of an insured depository institution with15 in 270 days of commencing the examination, except 

16 that such period may be extended by the appropriate 

17 Federal banking agency by providing written notice 

18 to the insured depository institution describing with 

19 particularity the reasons that a longer period is need20 ed. 

21 ‘‘(12) EXIT INTERVIEW REQUIREMENT.—Within 

22 30 days of completing an examination, the appro23 priate Federal banking agency shall conduct an exit 

24 interview with the insured depository institution’s 

25 senior management and board of directors. 


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1 ‘‘(13) TIMELINESS OF EXAMINATION REPORTS.— 

2 ‘‘(A) FINAL EXAMINATION REPORT.—With 

3 respect to an examination of an insured deposi4 tory institution by an appropriate Federal bank5 ing agency, the appropriate Federal banking 

6 agency shall provide a final examination report 

7 to the insured depository institution not later 

8 than 60 days after the later of— 

9 ‘‘(i) the exit interview for the examina10 tion; or 

11 ‘‘(ii) the provision of additional infor12 mation by the insured depository institu13 tion relating to the examination. 

14 ‘‘(B) EXAMINATION MATERIALS.—Upon the 

15 request of an insured depository institution, the 

16 appropriate Federal banking agency shall in17 clude with a final examination report an appen18 dix listing all materials relied upon by the agen19 cy in support of all material supervisory deter20 minations. 

21 ‘‘(C) MATERIAL SUPERVISORY DETERMINA22 TION DEFINED.—In this paragraph, the term 

23 ‘material supervisory determination’ has the 

24 meaning given such term in section 309(i) of the 


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1 Riegle Community Development and Regulatory 

2 Improvement Act of 1994.’’. 

3 (2) INSURED CREDIT UNIONS.—Section 204 of 

4 the Federal Credit Union Act (12 U.S.C. 1784) is 

5 amended by adding at the end the following: 

6 ‘‘(h) EXIT INTERVIEW REQUIREMENT; TIMELINESS OF

7 EXAMINATIONS.— 

8 ‘‘(1) EXAMINATION TIMELINESS.—The Board 

9 shall complete any examination of an insured credit 

10 union within 270 days of commencing the examina11 tion, except that such period may be extended by the 

12 Board by providing written notice to the insured 

13 credit union describing with particularity the reasons 

14 that a longer period is needed. 

15 ‘‘(2) EXIT INTERVIEW REQUIREMENT.—Within 

16 30 days of completing an examination, the Board 

17 shall conduct an exit interview with the insured cred18 it union’s senior management and board of directors. 

19 ‘‘(3) TIMELINESS OF EXAMINATION REPORTS.— 

20 ‘‘(A) FINAL EXAMINATION REPORT.—With 

21 respect to an examination of an insured credit 

22 union, the Board shall provide a final examina23 tion report to the insured credit union not later 

24 than 60 days after the later of— 


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1 ‘‘(i) the exit interview for the examina2 tion; or 

3 ‘‘(ii) the provision of additional infor4 mation by the insured credit union relating 

5 to the examination. 

6 ‘‘(B) EXAMINATION MATERIALS.—Upon the 

7 request of an insured credit union, the Board 

8 shall include with a final examination report an 

9 appendix listing all materials relied upon by the 

10 Board in support of all material supervisory de11 terminations. 

12 ‘‘(C) MATERIAL SUPERVISORY DETERMINA13 TION DEFINED.—In this paragraph, the term 

14 ‘material supervisory determination’ has the 

15 meaning given such term in section 309(i) of the 

16 Riegle Community Development and Regulatory 

17 Improvement Act of 1994.’’. 

18 (b) TIMELINESS OF REQUIRED PERMISSION, REGU19 LATORY, AND REPORTING GUIDANCE.— 

20 (1) INSURED DEPOSITORY INSTITUTIONS.—Sec21 tion 10 of the Federal Deposit Insurance Act (12 

22 U.S.C. 1820) is amended by adding at the end the fol23 lowing: 

24 ‘‘(l) TIMELINESS OF REQUIRED PERMISSION, REGU25 LATORY, AND REPORTING GUIDANCE.— 


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1 ‘‘(1) REQUEST FOR PERMISSION OR GUIDANCE.— 

2 An insured depository institution may request a writ3 ten determination by the appropriate Federal bank4 ing agency of— 

5 ‘‘(A) the agency’s permission to take a par6 ticular action; 

7 ‘‘(B) the agency’s interpretation of a law or 

8 regulation; and 

9 ‘‘(C) the agency’s interpretation of generally 

10 accepted accounting principles or accounting ob11 jectives, standards, and requirements under sec12 tion 37. 

13 ‘‘(2) CONTENTS OF REQUEST.—A request made 

14 under paragraph (1) shall be in writing and con15 tain— 

16 ‘‘(A) the nature of the request; 

17 ‘‘(B) applicable facts relating to the matter; 

18 ‘‘(C) applicable law, regulation, or gen19 erally accepted accounting principles relating to 

20 the matter; and 

21 ‘‘(D) a summary of the request. 

22 ‘‘(3) RESPONSE TO REQUEST.—A Federal bank23 ing agency receiving a request under paragraph (1) 

24 shall, not later than 30 days after receiving the re25 quest— 


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1 ‘‘(A) provide the insured depository institu2 tion making the request with written notification 

3 that the agency received the request and stating 

4 whether the request contains the information re5 quired under paragraph (2); and 

6 ‘‘(B) if the request does not contain the in7 formation required under paragraph (2), provide 

8 the insured depository institution with an expla9 nation of what information is missing. 

10 ‘‘(4) PROVIDING MISSING INFORMATION.—If a 

11 Federal banking agency informs the insured deposi12 tory institution under paragraph (3) that the request 

13 does not contain all the information required under 

14 paragraph (2), the insured depository institution may 

15 provide the missing information to the Federal bank16 ing agency during the 30-day period beginning on the 

17 date the insured depository institution receives the ex18 planation of the missing information under para19 graph (3). 

20 ‘‘(5) DETERMINATION.—A Federal banking agen21 cy receiving a request under paragraph (1) shall 

22 make a determination on the request and provide the 

23 insured depository institution with a written notice of 

24 such determination— 


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1 ‘‘(A) if the initial request contains the in2 formation required under paragraph (2), not 

3 later than the end of the 60-day period beginning 

4 on the date the Federal banking agency notifies 

5 the insured depository institution of the receipt 

6 of the request under paragraph (3); or 

7 ‘‘(B) if the initial request does not contain 

8 the information required under paragraph (2)— 

9 ‘‘(i) not later than the end of the 60- 

10 day period beginning on the date that the 

11 insured depository institution provides the 

12 Federal banking agency with the missing 

13 information under paragraph (4); or 

14 ‘‘(ii) if the insured depository institu15 tion does not provide the Federal banking 

16 agency with the missing information within 

17 the 30-day period described under para18 graph (4), not later than the end of the 60- 

19 day period beginning on the end of such 30- 

20 day period. 

21 ‘‘(6) REPORTS AND PUBLICATION.—Each Federal 

22 banking agency shall, within 120 days after making 

23 a determination under paragraph (5), publish a sum24 mary of the determination on the public website of the 

25 Federal banking agency. Each Federal banking agenVerDate Sep 11 2014 01:08 Dec 04, 2024 Jkt 059200 PO 00000 Frm 00021 Fmt 6652 Sfmt 6203 E:\BILLS\H8337.RH H8337

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1 cy shall redact any confidential supervisory informa2 tion about the insured depository institution, any 

3 identifying facts about the institution, and any sen4 sitive personally identifiable information.’’. 

5 (2) INSURED CREDIT UNIONS.—Section 209 of 

6 the Federal Credit Union Act (12 U.S.C. 1789) is 

7 amended by adding at the end the following: 

8 ‘‘(c) TIMELINESS OF REQUIRED PERMISSION, REGU9 LATORY, AND REPORTING GUIDANCE.— 

10 ‘‘(1) REQUEST FOR PERMISSION OR GUIDANCE.— 

11 An insured credit union may request a written deter12 mination by the Board of— 

13 ‘‘(A) the Board’s permission to take a par14 ticular action; 

15 ‘‘(B) the Board’s interpretation of a law or 

16 regulation; and 

17 ‘‘(C) the Board’s interpretation of generally 

18 accepted accounting principles or other account19 ing objectives, standards, and requirements. 

20 ‘‘(2) CONTENTS OF REQUEST.—A request made 

21 under paragraph (1) shall be in writing and con22 tain— 

23 ‘‘(A) the nature of the request; 

24 ‘‘(B) applicable facts relating to the matter; 


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1 ‘‘(C) applicable law, regulation, or gen2 erally accepted accounting principles relating to 

3 the matter; and 

4 ‘‘(D) a summary of the request. 

5 ‘‘(3) RESPONSE TO REQUEST.—The Board, upon 

6 receiving a request under paragraph (1) shall, not 

7 later than 30 days after receiving the request— 

8 ‘‘(A) provide the insured credit union mak9 ing the request with written notification that the 

10 Board received the request and stating whether 

11 the request contains the information required 

12 under paragraph (2); and 

13 ‘‘(B) if the request does not contain the in14 formation required under paragraph (2), provide 

15 the insured credit union with an explanation of 

16 what information is missing. 

17 ‘‘(4) PROVIDING MISSING INFORMATION.—If the 

18 Board informs the insured credit union under para19 graph (3) that the request does not contain all the in20 formation required under paragraph (2), the insured 

21 credit union may provide the missing information to 

22 the Board during the 30-day period beginning on the 

23 date the insured credit union receives the explanation 

24 of the missing information under paragraph (3). 


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1 ‘‘(5) DETERMINATION.—The Board shall make a 

2 determination on a request made under paragraph 

3 (1) and provide the insured credit union with a writ4 ten notice of such determination— 

5 ‘‘(A) if the initial request contains the in6 formation required under paragraph (2), not 

7 later than the end of the 60-day period beginning 

8 on the date the Board notifies the insured credit 

9 union of the receipt of the request under para10 graph (3); or 

11 ‘‘(B) if the initial request does not contain 

12 the information required under paragraph (2)— 

13 ‘‘(i) not later than the end of the 60- 

14 day period beginning on the date that the 

15 insured credit union provides the Board 

16 with the missing information under para17 graph (4); or 

18 ‘‘(ii) if the insured credit union does 

19 not provide the Board with the missing in20 formation within the 30-day period de21 scribed under paragraph (4), not later than 

22 the end of the 60-day period beginning on 

23 the end of such 30-day period. 

24 ‘‘(6) REPORTS AND PUBLICATION.—The Board 

25 shall, within 120 days after making a determination 


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1 under paragraph (5), publish a summary of the deter2 mination on the public website of the Board. The 

3 Board shall redact any confidential supervisory infor4 mation about the insured credit union, any identi5 fying facts about the credit union, and any sensitive 

6 personally identifiable information.’’. 

7 SEC. 402. UPDATE OF INDEPENDENT INTRA-AGENCY APPEL8 LATE PROCESS FOR REVIEWING MATERIAL 

9 SUPERVISORY DETERMINATIONS. 

10 (a) UPDATE OF INDEPENDENT INTRA-AGENCY APPEL11 LATE PROCESS.—Not later than 180 days after the date of 

12 enactment of this Act, the Board of Governors of the Federal 

13 Reserve System, the Comptroller of the Currency, the Fed14 eral Deposit Insurance Corporation Board, and the Na15 tional Credit Union Administration Board shall revise the 

16 independent intra-agency appellate process required under 

17 section 309(a) of the Riegle Community Development and 

18 Regulatory Improvement Act of 1994 (12 U.S.C. 4806(a)). 

19 (b) OFFICE OF SUPERVISORY APPEALS; APPEALS

20 PROCESS.—Section 309 of the Riegle Community Develop21 ment and Regulatory Improvement Act of 1994 (12 U.S.C. 

22 4806) is amended— 

23 (1) by redesignating subsection (f) as subsection 

24 (i); and 

25 (2) by inserting after subsection (e) the following: 


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1 ‘‘(f) OFFICE OF SUPERVISORY APPEALS.—The Federal 

2 banking agencies and the National Credit Union Adminis3 tration shall each establish an Office of Supervisory Ap4 peals to carry out the independent intra-agency appellate 

5 process required under this section. 

6 ‘‘(g) APPEALS OFFICIALS.— 

7 ‘‘(1) APPOINTMENT.—The head of each of the 

8 Federal banking agencies and the National Credit 

9 Union Administration shall appoint appeals officials, 

10 in a number sufficient to fully staff the panels de11 scribed under subsection (h), from among the fol12 lowing classes of individuals: 

13 ‘‘(A) Individuals who have financial insti14 tutions regulatory agency experience. 

15 ‘‘(B) Individuals who— 

16 ‘‘(i) are a licensed attorney or a cer17 tified public accountant authorized to prac18 tice under the laws of a State, the District 

19 of Columbia, or a territory of the United 

20 States; 

21 ‘‘(ii) have either academic or private 

22 sector experience; 

23 ‘‘(iii) have relevant subject matter 

24 knowledge or work-related experience in the 


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1 financial services sector, as determined by 

2 the agency making the appointment; and 

3 ‘‘(iv) are not, and were not during the 

4 previous 10-year period, employed by a 

5 Federal banking agency, a Federal reserve 

6 bank, or the National Credit Union Admin7 istration. 

8 ‘‘(C) Individuals— 

9 ‘‘(i) with at least 10 years private sec10 tor financial services senior management11 level experience; and 

12 ‘‘(ii) recommended by— 

13 ‘‘(I) an insured depository insti14 tution; 

15 ‘‘(II) an insured credit union; or 

16 ‘‘(III) a trade association for such 

17 institutions or credit unions. 

18 ‘‘(2) TERM.— 

19 ‘‘(A) IN GENERAL.—Each appeals official 

20 appointed under paragraph (1) shall serve for a 

21 term of 3 years. 

22 ‘‘(B) TERM LIMITATION.—No individual 

23 may be appointed under paragraph (1) to serve 

24 more than 2 full terms. 


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1 ‘‘(C) DISMISSAL.—An appeals official ap2 pointed under paragraph (1) may be removed at 

3 any time by the appointing agency. 

4 ‘‘(h) APPEALS PROCESS AND PANEL HEARING OF MA5 TERIAL SUPERVISORY DETERMINATIONS.— 

6 ‘‘(1) APPEAL TO THE HEAD OF SUPERVISION.— 

7 ‘‘(A) IN GENERAL.—An institution seeking 

8 an appeal of a material supervisory determina9 tion shall— 

10 ‘‘(i) file a written appeal to the head 

11 of supervision for the agency not later than 

12 30 days after receiving the material super13 visory determination from the agency; and 

14 ‘‘(ii) include in the appeal— 

15 ‘‘(I) a clear and complete state16 ment of all relevant facts and issues; 

17 ‘‘(II) all arguments that the insti18 tution wishes to present; and 

19 ‘‘(III) all relevant and material 

20 documents that the institution wishes 

21 to be considered. 

22 ‘‘(B) EXTENSION.—The institution may file 

23 a written request with the head of supervision for 

24 an extension of the 30-day time period described 

25 under subparagraph (A)(i), which shall state 


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1 good cause for granting the extension. Such re2 quest shall be granted in the sole discretion of the 

3 head of supervision. 

4 ‘‘(C) INFORMATION MADE AVAILABLE TO IN5 STITUTION.—An institution seeking an appeal of 

6 a material supervisory determination may, not 

7 later than 7 days after receiving the material su8 pervisory determination, request that the agency 

9 provide the institution with any information re10 lied upon by the agency in making the material 

11 supervisory determination. The agency shall pro12 vide that information to the institution not later 

13 than 14 days after receiving the request. 

14 ‘‘(2) CONSIDERATION OF APPEAL BY THE HEAD

15 OF SUPERVISION.— 

16 ‘‘(A) IN GENERAL.—A head of supervision 

17 receiving an appeal under paragraph (1) shall, 

18 after reviewing the information provided by the 

19 institution in such appeal— 

20 ‘‘(i) grant the appeal; 

21 ‘‘(ii) refer the appeal to a panel ap22 pointed under paragraph (3) for a rec23 ommendation; or 

24 ‘‘(iii) deny the appeal. 


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1 ‘‘(B) NOTIFICATION.—A head of supervision 

2 shall promptly inform the institution and the 

3 head of the agency after granting, referring, or 

4 denying an appeal under subparagraph (A). 

5 ‘‘(C) RIGHT TO APPEAL DENIAL.—An insti6 tution that has an appeal denied by the head of 

7 supervision under subparagraph (A) may appeal 

8 such denial directly to a panel appointed under 

9 paragraph (3). 

10 ‘‘(3) APPOINTMENT OF PANEL.— 

11 ‘‘(A) IN GENERAL.—With respect to each 

12 appeal referred by a head of supervision under 

13 paragraph (2)(A)(ii) or appealed by an institu14 tion after a denial under paragraph (2)(A)(iii), 

15 the agency shall appoint a panel of 3 appeals of16 ficials to provide a recommendation on such ap17 peal, with 1 of the 3 appeals officials being ap18 pointed to the panel from individuals in each of 

19 the classes described under subparagraphs (A), 

20 (B), and (C) of subsection (g)(1). 

21 ‘‘(B) REPORTING PROHIBITION.—An ap22 peals official may not be appointed to a panel 

23 under subparagraph (A) if the appeals official is 

24 reporting, or has reported, directly or indirectly 

25 in the past 5 years, to the agency official who 


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1 made the material supervisory determination 

2 under review. 

3 ‘‘(4) PANEL HEARINGS.— 

4 ‘‘(A) REQUEST FOR HEARING.—An institu5 tion may request a hearing with the panel on the 

6 institution’s appeal by— 

7 ‘‘(i) making such request not later than 

8 7 days after the date on which the institu9 tion is informed that the head of super10 vision referred an appeal to a panel under 

11 paragraph (2); or 

12 ‘‘(ii) including the request in the insti13 tution’s appeal of a denial under paragraph 

14 (2). 

15 ‘‘(B) TIMING OF HEARING.—If an institu16 tion requests a hearing, as described under sub17 paragraph (A), the panel shall provide the insti18 tution with a hearing on the institution’s appeal 

19 not later than 30 days after the date the hearing 

20 is requested, except the panel may, in the discre21 tion of the panel or upon good cause shown, ex22 tend such deadline by up to 15 days. 

23 ‘‘(C) RULEMAKING.—The Federal banking 

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1 dures for panel hearings described under this 

2 paragraph, including that— 

3 ‘‘(i) the institution may appear at the 

4 hearing personally or through counsel; 

5 ‘‘(ii) the institution may provide an 

6 oral and written presentation at the hear7 ing; 

8 ‘‘(iii) the panel may ask questions of 

9 any person participating in the hearing; 

10 ‘‘(iv) the hearing may not involve— 

11 ‘‘(I) taking testimony; 

12 ‘‘(II) a cross-examination; and 

13 ‘‘(III) discovery; 

14 ‘‘(v) the hearing shall not be governed 

15 by formal rules of evidence; and 

16 ‘‘(vi) the panel shall have a verbatim 

17 transcript of the hearing prepared. 

18 ‘‘(5) RECOMMENDATION BY PANEL.— 

19 ‘‘(A) IN GENERAL.—A panel making a rec20 ommendation on an appeal under this subsection 

21 shall make the recommendation not later than— 

22 ‘‘(i) 90 days after the date on which 

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1 pealed by an institution after a denial 

2 under paragraph (2)(A); or 

3 ‘‘(ii) if the institution requested a 

4 hearing under paragraph (4), 60 days after 

5 the date on which the hearing concluded. 

6 ‘‘(B) FORM OF RECOMMENDATION.—The 

7 panel may recommend— 

8 ‘‘(i) that the material supervisory de9 termination be continued, terminated, or 

10 otherwise modified; or 

11 ‘‘(ii) that the material supervisory de12 termination be remanded to the examiners 

13 to allow the examiners to consider addi14 tional information presented in connection 

15 with the appeal. 

16 ‘‘(C) NOTICE.—After a recommendation is 

17 made under subparagraph (A), the panel shall 

18 promptly notify the institution, the head of su19 pervision of the agency, and the head of the 

20 agency of the recommendation, which shall con21 tain a statement of the basis for the panel’s rec22 ommendation and identify the information on 

23 which the panel relied in reaching the rec24 ommendation. 


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1 ‘‘(D) PUBLICATION.—A copy of each panel 

2 recommendation shall be posted on the agency’s 

3 public website as soon as practicable, with ex4 empt information redacted. If the panel deter5 mines that redaction is insufficient to prevent 

6 improper disclosure, the recommendation may be 

7 presented in summary form. 

8 ‘‘(E) STANDARD OF REVIEW.—A panel’s re9 view of a material supervisory determination 

10 being appealed under this subsection shall be de 

11 novo. 

12 ‘‘(F) NO AUTHORITY TO DELAY OR STAY OR13 DERS.—A panel shall have no authority to delay 

14 or stay the implementation of any formal order 

15 from the applicable agency. 

16 ‘‘(6) REVIEW BY THE HEAD OF THE AGENCY.— 

17 ‘‘(A) RESPONSE BY INSTITUTION.—Not later 

18 than 15 days after receiving a notice of a rec19 ommendation under paragraph (5)(C), the insti20 tution may submit to the head of the agency 

21 written exceptions to the recommended decision. 

22 ‘‘(B) REVIEW BY HEAD OF THE AGENCY.— 

23 Not later than 45 days after receiving a notice 

24 of a recommendation under paragraph (5)(C), 


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1 the head of an agency shall review such decision 

2 and either ratify or reject the panel’s decision. 

3 ‘‘(C) REVIEW MAY NOT BE DELEGATED.—A 

4 review by the head of an agency under this para5 graph may not be delegated to any other em6 ployee of the agency and, in the case of an agen7 cy that is headed by a body made up of multiple 

8 individuals, all such individuals shall partici9 pate in the review. 

10 ‘‘(D) REPORTS TO CONGRESS.—The Federal 

11 banking agencies and the National Credit Union 

12 Administration shall each, not later than 90 

13 days after the end of each calendar year, issue a 

14 report to the Committee on Financial Services of 

15 the House of Representatives and the Committee 

16 on Banking, Housing, and Urban Affairs of the 

17 Senate describing the actions taken by the agen18 cy under this paragraph during such calendar 

19 year, including information on each of the panel 

20 decisions reviewed, after redacting any confiden21 tial supervisory information. 

22 ‘‘(E) PUBLICATION.—A copy of each deci23 sion by the head of the agency under this para24 graph shall be posted on the agency’s public 

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1 mation identifying the appealing institution re2 dacted. If the head of the agency determinates 

3 that redaction is insufficient to prevent improper 

4 disclosure, the decision may be presented in sum5 mary form. 

6 ‘‘(7) RIGHT TO JUDICIAL REVIEW.—An institu7 tion shall have the right to petition for review of an 

8 agency head’s decision under paragraph (6) by filing 

9 a petition for review not later than 60 days after the 

10 date on which the decision was made in the United 

11 States Court of Appeals for the District of Columbia 

12 Circuit or the circuit in which the institution is lo13 cated. 

14 ‘‘(8) RETALIATION PROHIBITED.—The Federal 

15 banking agencies and the National Credit Union Ad16 ministration may not— 

17 ‘‘(A) retaliate against an insured depository 

18 institution or insured credit union, or a service 

19 provider or institution-affiliated party of an in20 sured depository institution or insured credit 

21 union, for exercising rights under this subsection; 

22 or 

23 ‘‘(B) delay or deny any agency action that 

24 would benefit an insured depository institution 

25 or insured credit union, or a service provider or 


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1 institution-affiliated party of an insured deposi2 tory institution or insured credit union, on the 

3 basis that a matter under this section is pending 

4 under this section. 

5 ‘‘(9) DEFINITIONS.—With respect to the appeal 

6 of a material supervisory determination under this 

7 subsection: 

8 ‘‘(A) AGENCY.—The term ‘agency’ means 

9 the Federal agency, either a Federal banking 

10 agency or the National Credit Union Adminis11 tration, that made the material supervisory de12 termination. 

13 ‘‘(B) INSTITUTION.—The term ‘institution’ 

14 means the company, either an insured depository 

15 institution or an insured credit union, with re16 spect to which the material supervisory deter17 mination was made.’’. 

18 SEC. 403. REVIEW OF RESOLUTION ACTIONS RESULTING IN 

19 A MATERIAL LOSS. 

20 Section 38(k) of the Federal Deposit Insurance Act (12 

21 U.S.C. 1831o(k)) is amended by adding at the end the fol22 lowing: 

23 ‘‘(7) REVIEW OF RESOLUTION ACTIONS BY COR24 PORATION INSPECTOR GENERAL.— 


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1 ‘‘(A) IN GENERAL.—If the Deposit Insur2 ance Fund incurs a material loss with respect to 

3 an insured depository institution, the inspector 

4 general of the Corporation shall— 

5 ‘‘(i) review the Corporation’s resolution 

6 of the institution to determine whether the 

7 material loss to the Deposit Insurance Fund 

8 could have been avoided by the Corporation 

9 when resolving the institution; and 

10 ‘‘(ii) make a written report to the Cor11 poration and the Congress containing the 

12 results of such review and any recommenda13 tions for preventing a material loss to the 

14 Deposit Insurance Fund in the future when 

15 resolving an institution. 

16 ‘‘(B) TESTIMONY TO CONGRESS.—If the in17 spector general of the Corporation determines, in 

18 a review carried out under subparagraph (A) 

19 that the Corporation’s resolution of an institu20 tion caused a material loss to the Deposit Insur21 ance Fund, but such resolution could have been 

22 carried out in a manner to avoid such a mate23 rial loss, the Chairperson of the Corporation 

24 shall testify before the Committee on Financial 

25 Services of the House of Representatives and the 


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1 Committee on Banking, Housing, and Urban Af2 fairs of the Senate to explain why the material 

3 loss occurred.’’. 

4 TITLE V—REVIEW OF DISCOUNT 

5 WINDOW OPERATIONS 

6 SEC. 501. REVIEW OF DISCOUNT WINDOW OPERATIONS. 

7 Section 10 of the Federal Reserve Act (12 U.S.C. 241 

8 et seq.) is amended— 

9 (1) by redesignating paragraph (12) as para10 graph (11); and 

11 (2) by adding at the end the following: 

12 ‘‘(12) REVIEW OF DISCOUNT WINDOW OPER13 ATIONS.— 

14 ‘‘(A) IN GENERAL.—Not later than 60 days 

15 after the date of enactment of this paragraph, the 

16 Board of Governors shall commence a review of 

17 the discount window lending programs of the 

18 Federal reserve banks (the ‘discount window’), 

19 and shall complete such review not later than 

20 240 days after the date of enactment of this 

21 paragraph. 

22 ‘‘(B) CONTENTS.—The review required by 

23 subparagraph (A) shall include a consideration 

24 of— 


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1 ‘‘(i) the effectiveness of the discount 

2 window in providing liquidity to financial 

3 institutions, including in times of financial 

4 stress; 

5 ‘‘(ii) whether the technology infrastruc6 ture, including means of communications, 

7 are sufficient to support the timely provi8 sion of liquidity, including in times of fi9 nancial stress; 

10 ‘‘(iii) the effectiveness of cybersecurity 

11 measures; 

12 ‘‘(iv) the effectiveness of communica13 tions between Federal reserve banks regard14 ing discount window operations; 

15 ‘‘(v) the effectiveness of the Board of 

16 Governors in providing oversight of the dis17 count window; 

18 ‘‘(vi) how the discount window inter19 acts with other providers of liquidity, in20 cluding the Federal Home Loan Banks, 

21 during both normal operations and times of 

22 financial distress; and 

23 ‘‘(vii) the effectiveness of existing dis24 count window operating hours and whether 

25 such hours should be expanded, taking into 


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1 account the interaction between discount 

2 window operating hours and the operating 

3 hours of payment systems of the Board of 

4 Governors and Federal reserve banks, such 

5 as FedWire and FedNow. 

6 ‘‘(C) PUBLIC COMMENT.—In carrying out 

7 the review required by subparagraph (A), the 

8 Board of Governors shall provide the public with 

9 an opportunity to comment on the effectiveness 

10 of discount window operations and to offer sug11 gestions for improving operations. 

12 ‘‘(D) REMEDIATION PLAN.—After com13 pleting the review required by subparagraph (A) 

14 and considering any public comments received 

15 pursuant to subparagraph (C), the Board of 

16 Governors shall develop, and approve by a vote 

17 of the Board of Governors, a written plan to re18 mediate any identified deficiencies or areas for 

19 enhancing effectiveness of the discount window, 

20 which shall include— 

21 ‘‘(i) an identification of actions that 

22 the Board of Governors will take to reme23 diate those deficiencies; 

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1 onstrate how the Board of Governors will 

2 maintain implemented improvements on an 

3 ongoing basis; and 

4 ‘‘(iii) measures of managing and con5 trolling deficiencies until the plan is imple6 mented in full. 

7 ‘‘(E) REPORT TO CONGRESS ON REVIEW

8 AND PLAN.— 

9 ‘‘(i) IN GENERAL.—Not later than 365 

10 days after the date of enactment of this 

11 paragraph, the Board of Governors shall, 

12 after approval by a vote of the Board of 

13 Governors, submit a report to the Com14 mittee on Financial Services of the House of 

15 Representatives and the Committee on 

16 Banking, Housing, and Urban Affairs of 

17 the Senate containing— 

18 ‘‘(I) the findings of the review re19 quired by subparagraph (A); and 

20 ‘‘(II) the remediation plan re21 quired by subparagraph (D). 

22 ‘‘(ii) CONSULTATION.—Before submit23 ting the report required by clause (i), the 

24 Board of Governors shall— 


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1 ‘‘(I) provide a copy of the pro2 posed report to the Comptroller Gen3 eral of the United States and the In4 spector General of the Board of Gov5 ernors of the Federal Reserve System 

6 and the Bureau of Consumer Financial 

7 Protection; and 

8 ‘‘(II) provide the Comptroller 

9 General and Inspector General with an 

10 opportunity to provide feedback on the 

11 report. 

12 ‘‘(iii) TESTIMONY.—The Chairman of 

13 the Board of Governors shall testify before 

14 the Committee on Financial Services of the 

15 House of Representatives and the Committee 

16 on Banking, Housing, and Urban Affairs of 

17 the Senate with respect to the contents of the 

18 report required under this subparagraph. 

19 ‘‘(F) ANNUAL REPORTS TO CONGRESS.— 

20 ‘‘(i) REPORTS BY THE BOARD.—The 

21 Board of Governors shall submit an annual 

22 report to the Committee on Financial Serv23 ices of the House of Representatives and the 

24 Committee on Banking, Housing, and 

25 Urban Affairs of the Senate containing a 


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1 review of the effectiveness of discount win2 dow operations. 

3 ‘‘(ii) REPORTS BY THE INSPECTOR

4 GENERAL.—The Inspector General of the 

5 Board of Governors of the Federal Reserve 

6 System and the Bureau of Consumer Fi7 nancial Protection shall submit an annual 

8 report to the Committee on Financial Serv9 ices of the House of Representatives and the 

10 Committee on Banking, Housing, and 

11 Urban Affairs of the Senate containing a 

12 report on the progress of the Board of Gov13 ernors in implementing the remediation 

14 plan required by subparagraph (D). 

15 ‘‘(G) CONFIDENTIAL REPORT INFORMA16 TION.—Any report required under this para17 graph may contain a confidential annex con18 taining information that details any cybersecu19 rity deficiencies or any deficiencies which, if 

20 made public, could cause financial instability.’’. 


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1 TITLE VI—SMALL BANK 

2 HOLDING COMPANY RELIEF 

3 SEC. 601. CHANGES REQUIRED TO THE SMALL BANK HOLD4 ING COMPANY AND SAVINGS AND LOAN 

5 HOLDING COMPANY POLICY STATEMENT. 

6 Not later than 180 days after the date of enactment 

7 of this Act, the Board of Governors of the Federal Reserve 

8 System shall revise appendix C to part 225 of title 12, Code 

9 of Federal Regulations (commonly known as the ‘‘Small 

10 Bank Holding Company and Savings and Loan Holding 

11 Company Policy Statement’’), to raise the consolidated 

12 asset threshold under that appendix to $10,000,000,000 for 

13 any bank holding company or savings and loan holding 

14 company. 


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Union Calendar No. 651 

118TH CONGRESS 

2D SESSION H. R. 8337 

[Report No. 118–788] 

A BILL 

To amend the Federal banking laws to improve the 

ing system, and for other purposes. safety and soundness of the United States bankDECEMBER 3, 2024 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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