I 

118TH CONGRESS 

2D SESSION H. R. 8264 

To amend the Federal Deposit Insurance Act and the Federal Credit Union 

Act to improve the timeliness of examination reports and other guidance 

and to establish panels to oversee appeals from insured depository institutions and insured credit unions of material supervisory determinations, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 7, 2024 

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

on Financial Services 

A BILL 

To amend the Federal Deposit Insurance Act and the Federal Credit Union Act to improve the timeliness of examination reports and other guidance and to establish panels to oversee appeals from insured depository institutions and insured credit unions of material supervisory 

determinations, 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 ‘‘Bank Supervision Ap5 peals Improvement Act of 2024’’. 


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1 SEC. 2. TIMELINESS OF EXAMINATIONS AND REQUIRED 

2 PERMISSION, REGULATORY, AND REPORTING 

3 GUIDANCE. 

4 (a) EXIT INTERVIEW REQUIREMENT; TIMELINESS

5 OF EXAMINATIONS.— 

6 (1) INSURED DEPOSITORY INSTITUTIONS.—Sec7 tion 10(d) of the Federal Deposit Insurance Act (12 

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

9 the following: 

10 ‘‘(11) EXAMINATION TIMELINESS.—The appro11 priate Federal banking agency shall complete any 

12 examination of an insured depository institution 

13 within 270 days of commencing the examination, ex14 cept that such period may be extended by the appro15 priate Federal banking agency by providing written 

16 notice to the insured depository institution describ17 ing with particularity the reasons that a longer pe18 riod is needed. 

19 ‘‘(12) EXIT INTERVIEW REQUIREMENT.—With20 in 30 days of completing an examination, the appro21 priate Federal banking agency shall conduct an exit 

22 interview with the insured depository institution’s 

23 senior management and board of directors. 

24 ‘‘(13) TIMELINESS OF EXAMINATION RE25 PORTS.— 


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

2 respect to an examination of an insured deposi3 tory institution by an appropriate Federal 

4 banking agency, the appropriate Federal bank5 ing agency shall provide a final examination re6 port to the insured depository institution not 

7 later than 60 days after the later of— 

8 ‘‘(i) the exit interview for the exam9 ination; or 

10 ‘‘(ii) the provision of additional infor11 mation by the insured depository institu12 tion relating to the examination. 

13 ‘‘(B) EXAMINATION MATERIALS.—Upon 

14 the request of an insured depository institution, 

15 the appropriate Federal banking agency shall 

16 include with a final examination report an ap17 pendix listing all materials relied upon by the 

18 agency in support of all material supervisory 

19 determinations. 

20 ‘‘(C) MATERIAL SUPERVISORY DETER21 MINATION DEFINED.—In this paragraph, the 

22 term ‘material supervisory determination’ has 

23 the meaning given such term in section 309(i) 

24 of the Riegle Community Development and 

25 Regulatory Improvement Act of 1994.’’. 


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

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

3 amended by adding at the end the following: 

4 ‘‘(h) EXIT INTERVIEW REQUIREMENT; TIMELINESS

5 OF EXAMINATIONS.— 

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

7 shall complete any examination of an insured credit 

8 union within 270 days of commencing the examina9 tion, except that such period may be extended by the 

10 Board by providing written notice to the insured 

11 credit union describing with particularity the reasons 

12 that a longer period is needed. 

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

14 30 days of completing an examination, the Board 

15 shall conduct an exit interview with the insured 

16 credit union’s senior management and board of di17 rectors. 

18 ‘‘(3) TIMELINESS OF EXAMINATION RE19 PORTS.— 

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 exam2 ination; or 

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

5 to the examination. 

6 ‘‘(B) EXAMINATION MATERIALS.—Upon 

7 the request of an insured credit union, the 

8 Board shall include with a final examination re9 port an appendix listing all materials relied 

10 upon by the Board in support of all material 

11 supervisory determinations. 

12 ‘‘(C) MATERIAL SUPERVISORY DETER13 MINATION DEFINED.—In this paragraph, the 

14 term ‘material supervisory determination’ has 

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

16 of the Riegle Community Development and 

17 Regulatory 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 

23 following: 

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


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1 ‘‘(1) REQUEST FOR PERMISSION OR GUID2 ANCE.—An insured depository institution may re3 quest a written determination by the appropriate 

4 Federal banking agency of— 

5 ‘‘(A) the agency’s permission to take an 

6 action where permission is mandated by regula7 tion; 

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

9 or regulation; and 

10 ‘‘(C) the agency’s interpretation of gen11 erally accepted accounting principles or ac12 counting objectives, standards, and require13 ments under section 37. 

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

15 under paragraph (1) shall be in writing and con16 tain— 

17 ‘‘(A) the nature of the request; 

18 ‘‘(B) applicable facts relating to the mat19 ter; 

20 ‘‘(C) applicable law, regulation, or gen21 erally accepted accounting principles relating to 

22 the matter; and 

23 ‘‘(D) a summary of the request. 

24 ‘‘(3) RESPONSE TO REQUEST.—A Federal 

25 banking agency receiving a request under paragraph 


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1 (1) shall, not later than 30 days after receiving the 

2 request— 

3 ‘‘(A) provide the insured depository institu4 tion making the request with written notifica5 tion that the agency received the request and 

6 stating whether the request contains the infor7 mation required under paragraph (2); and 

8 ‘‘(B) if the request does not contain the in9 formation required under paragraph (2), pro10 vide the insured depository institution with an 

11 explanation of what information is missing. 

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

13 Federal banking agency informs the insured deposi14 tory institution under paragraph (3) that the re15 quest does not contain all the information required 

16 under paragraph (2), the insured depository institu17 tion may provide the missing information to the 

18 Federal banking agency during the 30-day period 

19 beginning on the date the insured depository institu20 tion receives the explanation of the missing informa21 tion under paragraph (3). 

22 ‘‘(5) DETERMINATION.—A Federal banking 

23 agency receiving a request under paragraph (1) shall 

24 make a determination on the request and provide 


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1 the insured depository institution with a written no2 tice of such determination— 

3 ‘‘(A) if the initial request contains the in4 formation required under paragraph (2), not 

5 later than the end of the 60-day period begin6 ning on the date the Federal banking agency 

7 notifies the insured depository institution of the 

8 receipt of the request under paragraph (3); or 

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

10 the information required under paragraph (2)— 

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

12 day period beginning on the date that the 

13 insured depository institution provides the 

14 Federal banking agency with the missing 

15 information under paragraph (4); or 

16 ‘‘(ii) if the insured depository institu17 tion does not provide the Federal banking 

18 agency with the missing information within 

19 the 30-day period described under para20 graph (4), not later than the end of the 

21 60-day period beginning on the end of such 

22 30-day period. 

23 ‘‘(6) REPORTS AND PUBLICATION.—Each Fed24 eral banking agency shall, within 120 days after 

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1 lish a summary of the determination. Each Federal 

2 banking agency shall redact any confidential super3 visory information about the insured depository in4 stitution, any identifying facts about the institution, 

5 and any sensitive personally identifiable informa6 tion.’’. 

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

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

9 amended by adding at the end the following: 

10 ‘‘(c) TIMELINESS OF REQUIRED PERMISSION, REGU11 LATORY, AND REPORTING GUIDANCE.— 

12 ‘‘(1) REQUEST FOR PERMISSION OR GUID13 ANCE.—An insured credit union may request a writ14 ten determination by the Board of— 

15 ‘‘(A) the Board’s permission to take an ac16 tion where permission is mandated by regula17 tion; 

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

19 regulation; and 

20 ‘‘(C) the Board’s interpretation of gen21 erally accepted accounting principles or other 

22 accounting objectives, standards, and require23 ments. 


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

2 under paragraph (1) shall be in writing and con3 tain— 

4 ‘‘(A) the nature of the request; 

5 ‘‘(B) applicable facts relating to the mat6 ter; 

7 ‘‘(C) applicable law, regulation, or gen8 erally accepted accounting principles relating to 

9 the matter; and 

10 ‘‘(D) a summary of the request. 

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

12 upon receiving a request under paragraph (1) shall, 

13 not later than 30 days after receiving the request— 

14 ‘‘(A) provide the insured credit union mak15 ing the request with written notification that 

16 the Board received the request and stating 

17 whether the request contains the information 

18 required under paragraph (2); and 

19 ‘‘(B) if the request does not contain the in20 formation required under paragraph (2), pro21 vide the insured credit union with an expla22 nation of what information is missing. 

23 ‘‘(4) PROVIDING MISSING INFORMATION.—If 

24 the Board informs the insured credit union under 

25 paragraph (3) that the request does not contain all 


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1 the information required under paragraph (2), the 

2 insured credit union may provide the missing infor3 mation to the Board during the 30-day period begin4 ning on the date the insured credit union receives 

5 the explanation of the missing information under 

6 paragraph (3). 

7 ‘‘(5) DETERMINATION.—The Board shall make 

8 a determination on a request made under paragraph 

9 (1) and provide the insured credit union with a writ10 ten notice of such determination— 

11 ‘‘(A) if the initial request contains the in12 formation required under paragraph (2), not 

13 later than the end of the 60-day period begin14 ning on the date the Board notifies the insured 

15 credit union of the receipt of the request under 

16 paragraph (3); or 

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

18 the information required under paragraph (2)— 

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

20 day period beginning on the date that the 

21 insured credit union provides the Board 

22 with the missing information under para23 graph (4); or 

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

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1 formation within the 30-day period de2 scribed under paragraph (4), not later 

3 than the end of the 60-day period begin4 ning on the end of such 30-day period. 

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

6 shall, within 120 days after making a determination 

7 under paragraph (5), publish a summary of the de8 termination. The Board shall redact any confidential 

9 supervisory information about the insured credit 

10 union, any identifying facts about the credit union, 

11 and any sensitive personally identifiable informa12 tion.’’. 

13 SEC. 3. UPDATE OF INDEPENDENT INTRA-AGENCY APPEL14 LATE PROCESS FOR REVIEWING MATERIAL 

15 SUPERVISORY DETERMINATIONS. 

16 (a) UPDATE OF INDEPENDENT INTRA-AGENCY AP17 PELLATE PROCESS.—Not later than 180 days after the 

18 date of enactment of this Act, the Board of Governors of 

19 the Federal Reserve System, the Comptroller of the Cur20 rency, the Federal Deposit Insurance Corporation Board, 

21 and the National Credit Union Administration Board shall 

22 revise the independent intra-agency appellate process re23 quired under section 309(a) of the Riegle Community De24 velopment and Regulatory Improvement Act of 1994 (12 

25 U.S.C. 4806(a)). 


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1 (b) OFFICE OF SUPERVISORY APPEALS; APPEALS

2 PROCESS.—Section 309 of the Riegle Community Devel3 opment and Regulatory Improvement Act of 1994 (12 

4 U.S.C. 4806) is amended— 

5 (1) by redesignating subsection (f) as sub6 section (i); and 

7 (2) by inserting after subsection (e) the fol8 lowing: 

9 ‘‘(f) OFFICE OF SUPERVISORY APPEALS.—The Fed10 eral banking agencies and the National Credit Union Ad11 ministration shall each establish an Office of Supervisory 

12 Appeals to carry out the independent intra-agency appel13 late process required under this section. 

14 ‘‘(g) APPEALS OFFICIALS.— 

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

16 Federal banking agencies and the National Credit 

17 Union Administration shall appoint appeals officials, 

18 in a number sufficient to fully staff the panels de19 scribed under subsection (h), from among the fol20 lowing classes of individuals: 

21 ‘‘(A) Individuals who have financial insti22 tutions regulatory agency experience. 

23 ‘‘(B) Individuals who— 

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1 tice under the laws of a State, the District 

2 of Columbia, or a territory of the United 

3 States; 

4 ‘‘(ii) have either academic or private 

5 sector experience; 

6 ‘‘(iii) have relevant subject matter 

7 knowledge or work-related experience in 

8 the financial services sector, as determined 

9 by the agency making the appointment; 

10 and 

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

12 previous 10-year period, employed by a 

13 Federal banking agency, a Federal reserve 

14 bank, or the National Credit Union Ad15 ministration. 

16 ‘‘(C) Individuals— 

17 ‘‘(i) with at least 10 years private sec18 tor financial services senior management19 level experience; and 

20 ‘‘(ii) recommended by— 

21 ‘‘(I) an insured depository insti22 tution; 

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

24 ‘‘(III) a trade association for 

25 such institutions or credit unions. 


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1 ‘‘(2) TERM.— 

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

3 appointed under paragraph (1) shall serve for a 

4 term of 3 years. 

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

6 may be appointed under paragraph (1) to serve 

7 more than 2 full terms. 

8 ‘‘(C) DISMISSAL.—An appeals official ap9 pointed under paragraph (1) may be removed 

10 at any time by the appointing agency. 

11 ‘‘(h) APPEALS PROCESS AND PANEL HEARING OF

12 MATERIAL SUPERVISORY DETERMINATIONS.— 

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

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

15 an appeal of a material supervisory determina16 tion shall— 

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

18 of supervision for the agency not later than 

19 30 days after receiving the material super20 visory determination from the agency; and 

21 ‘‘(ii) include in the appeal— 

22 ‘‘(I) a clear and complete state23 ment of all relevant facts and issues; 

24 ‘‘(II) all arguments that the in25 stitution wishes to present; and 


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1 ‘‘(III) all relevant and material 

2 documents that the institution wishes 

3 to be considered. 

4 ‘‘(B) EXTENSION.—The institution may 

5 file a written request with the head of super6 vision for an extension of the 30-day time pe7 riod described under subparagraph (A)(i), 

8 which shall state good cause for granting the 

9 extension. Such request shall be granted in the 

10 sole discretion of the head of supervision. 

11 ‘‘(C) INFORMATION MADE AVAILABLE TO

12 INSTITUTION.—An institution seeking an ap13 peal of a material supervisory determination 

14 may, not later than 7 days after receiving the 

15 material supervisory determination, request that 

16 the agency provide the institution with any in17 formation relied upon by the agency in making 

18 the material supervisory determination. The 

19 agency shall provide that information to the in20 stitution not later than 14 days after receiving 

21 the request. 

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

23 OF SUPERVISION.— 

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

25 receiving an appeal under paragraph (1) shall, 


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1 after reviewing the information provided by the 

2 institution in such appeal— 

3 ‘‘(i) grant the appeal; 

4 ‘‘(ii) refer the appeal to a panel ap5 pointed under paragraph (3); or 

6 ‘‘(iii) deny the appeal. 

7 ‘‘(B) NOTIFICATION.—A head of super8 vision shall promptly inform the institution and 

9 the head of the agency after granting, referring, 

10 or denying an appeal under subparagraph (A). 

11 ‘‘(C) RIGHT TO APPEAL DENIAL.—An in12 stitution that has an appeal denied by the head 

13 of supervision under subparagraph (A) may ap14 peal such denial to a panel appointed under 

15 paragraph (3). 

16 ‘‘(3) APPOINTMENT OF PANEL.— 

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

18 appeal referred by a head of supervision under 

19 paragraph (2)(A)(ii) or appealed by an institu20 tion after a denial under paragraph (2)(A)(iii), 

21 the agency shall appoint a panel of 3 appeals 

22 officials to provide a recommendation on such 

23 appeal, with 1 of the 3 appeals officials being 

24 appointed to the panel from individuals in each 


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1 of the classes described under subparagraphs 

2 (A), (B), and (C) of subsection (g)(1). 

3 ‘‘(B) REPORTING PROHIBITION.—An ap4 peals official may not be appointed to a panel 

5 under subparagraph (A) if the appeals official 

6 is reporting, or has reported, directly or indi7 rectly, to the agency official who made the ma8 terial supervisory determination under review. 

9 ‘‘(4) PANEL HEARINGS.— 

10 ‘‘(A) REQUEST FOR HEARING.—An institu11 tion may request a hearing with the panel on 

12 the institution’s appeal by— 

13 ‘‘(i) making such request not later 

14 than 7 days after the date on which the in15 stitution is informed the head of super16 vision referred an appeal to a panel under 

17 paragraph (2); or 

18 ‘‘(ii) making such request in the insti19 tution’s appeal of a denial of the institu20 tion’s appeal under paragraph (2). 

21 ‘‘(B) TIMING OF HEARING.—If an institu22 tion requests a hearing, as described under sub23 paragraph (A), the panel shall provide the insti24 tution with a hearing on the institution’s appeal 

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1 ing is requested, except the panel may, in the 

2 discretion of the panel or upon good cause 

3 shown, extend such deadline by up to 15 days. 

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

5 agencies and the National Credit Union Admin6 istration shall each issue rules to establish pro7 cedures for panel hearings described under this 

8 paragraph, including that— 

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

10 hearing personally or through counsel; 

11 ‘‘(ii) the institution may provide an 

12 oral and written presentation at the hear13 ing; 

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

15 any person participating in the hearing; 

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

17 ‘‘(I) taking testimony; 

18 ‘‘(II) a cross-examination; and 

19 ‘‘(III) discovery; 

20 ‘‘(v) the hearing shall not governed by 

21 formal rules of evidence; and 

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

23 transcript of the hearing prepared. 

24 ‘‘(5) RECOMMENDATION BY PANEL.— 


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1 ‘‘(A) IN GENERAL.—A panel making a rec2 ommendation on an appeal under this sub3 section shall make the recommendation not 

4 later than— 

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

6 the appeal was referred by a head of su7 pervision under paragraph (2)(A)(ii) or ap8 pealed by an institution after a denial 

9 under paragraph (2)(A); or 

10 ‘‘(ii) if the institution requested a 

11 hearing under paragraph (4), 60 days after 

12 the date on which the hearing concluded. 

13 ‘‘(B) FORM OF RECOMMENDATION.—The 

14 panel may recommend— 

15 ‘‘(i) that the material supervisory de16 termination be continued, terminated, or 

17 otherwise modified; or 

18 ‘‘(ii) that the material supervisory de19 termination be remanded to the examiners 

20 to allow the examiners to consider addi21 tional information presented in connection 

22 with the appeal. 

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

24 made under subparagraph (A), the panel shall 

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1 pervision of the agency, and the head of the 

2 agency of the recommendation, which shall con3 tain a statement of the basis for the panel’s 

4 recommendation and identify the information 

5 on which the panel relied in reaching the rec6 ommendation. 

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

8 recommendation shall be posted on the agency’s 

9 public website as soon as practicable, with ex10 empt information redacted. If the panel deter11 mines that redaction is insufficient to prevent 

12 improper disclosure, the recommendation may 

13 be presented in summary form. 

14 ‘‘(E) STANDARD OF REVIEW.—A panel’s 

15 review of a material supervisory determination 

16 being appealed under this subsection shall be de 

17 novo. 

18 ‘‘(F) NO AUTHORITY TO DELAY OR STAY

19 ORDERS.—A panel shall have no authority to 

20 delay or stay the implementation of any formal 

21 order from the applicable agency. 

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

23 ‘‘(A) RESPONSE BY INSTITUTION.—Not 

24 later than 15 days after receiving a notice of a 

25 recommendation under paragraph (5)(C), the 


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1 institution may submit to the head of the agen2 cy written exceptions to the recommended deci3 sion. 

4 ‘‘(B) REVIEW BY HEAD OF THE AGEN5 CY.—Not later than 45 days after receiving a 

6 notice of a recommendation under paragraph 

7 (5)(C), the head of an agency shall review such 

8 decision and either ratify or reject the panel’s 

9 decision. 

10 ‘‘(C) REVIEW MAY NOT BE DELEGATED.— 

11 A review by the head of an agency under this 

12 paragraph may not be delegated to any other 

13 employee of the agency and, in the case of an 

14 agency that is headed by a body made up of 

15 multiple individuals, all such individuals shall 

16 participate in the review. 

17 ‘‘(D) REPORTS TO CONGRESS.—The Fed18 eral banking agencies and the National Credit 

19 Union Administration shall each, not later than 

20 90 days after the end of each calendar year, 

21 issue a report to the Committee on Financial 

22 Services of the House of Representatives and 

23 the Committee on Banking, Housing, and 

24 Urban Affairs of the Senate describing the ac25 tions taken by the agency under this paragraph 


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1 during such calendar year, including informa2 tion on each of the panel decisions reviewed, 

3 after redacting any confidential supervisory in4 formation. 

5 ‘‘(E) PUBLICATION.—A copy of each deci6 sion by the head of the agency under this para7 graph shall be posted on the agency’s public 

8 website as soon as practicable, with exempt in9 formation redacted. If the head of the agency 

10 determinates that redaction is insufficient to 

11 prevent improper disclosure, the decision may 

12 be presented in summary form. 

13 ‘‘(7) RIGHT TO JUDICIAL REVIEW.—An institu14 tion shall have the right to petition for review of an 

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

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

17 date on which the decision was made in the United 

18 States Court of Appeals for the District of Columbia 

19 Circuit or the circuit in which the institution is lo20 cated. 

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

22 banking agencies and the National Credit Union Ad23 ministration may not— 

24 ‘‘(A) retaliate against an insured deposi25 tory institution or insured credit union, or a 


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1 service provider or institution-affiliated party of 

2 an insured depository institution or insured 

3 credit union, for exercising rights under this 

4 subsection; or 

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

6 would benefit an insured depository institution 

7 or insured credit union, or a service provider or 

8 institution-affiliated party of an insured deposi9 tory institution or insured credit union, on the 

10 basis that a matter under this section is pend11 ing under this section. 

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

13 of a material supervisory determination under this 

14 subsection: 

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

16 the Federal agency, either a Federal banking 

17 agency or the National Credit Union Adminis18 tration, that made the material supervisory de19 termination. 

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

21 means the company, either an insured deposi22 tory institution or an insured credit union, with 

23 respect to which the material supervisory deter24 mination was made.’’. 


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1 SEC. 4. REVIEW OF RESOLUTION ACTIONS RESULTING IN A 

2 MATERIAL LOSS. 

3 Section 38(k) of the Federal Deposit Insurance Act 

4 (12 U.S.C. 1831o(k)) is amended by adding at the end 

5 the following: 

6 ‘‘(7) REVIEW OF RESOLUTION ACTIONS BY COR7 PORATION INSPECTOR GENERAL.— 

8 ‘‘(A) IN GENERAL.—If the Deposit Insur9 ance Fund incurs a material loss with respect 

10 to an insured depository institution, the inspec11 tor general of the Corporation shall— 

12 ‘‘(i) review the Corporation’s resolu13 tion of the institution to determine whether 

14 the material loss to the Deposit Insurance 

15 Fund could have been avoided by the Cor16 poration when resolving the institution; 

17 and 

18 ‘‘(ii) make a written report to the 

19 Corporation and the Congress containing 

20 the results of such review and any rec21 ommendations for preventing a material 

22 loss to the Deposit Insurance Fund in the 

23 future when resolving an institution. 

24 ‘‘(B) TESTIMONY TO CONGRESS.—If the 

25 inspector general of the Corporation deter26 mines, in a review carried out under subparaVerDate Sep 11 2014 02:09 Jun 09, 2024 Jkt 049200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\H8264.IH H8264

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26 

•HR 8264 IH

1 graph (A) that the Corporation’s resolution of 

2 an institution caused a material loss to the De3 posit Insurance Fund, but such resolution could 

4 have been carried out in a manner to avoid 

5 such a material loss, the Chairperson of the 

6 Corporation shall testify before the Committee 

7 on Financial Services of the House of Rep8 resentatives and the Committee on Banking, 

9 Housing, and Urban Affairs of the Senate to 

10 explain why the material loss occurred.’’. 

Æ 


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