I 

118TH CONGRESS 

2D SESSION H. R. 8337 

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 

A BILL 

To amend the Federal banking laws to improve the safety 

and soundness of the United States banking system, 

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; 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. 


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TITLE II—BANK FAILURE PREVENTION 

Sec. 201. Complete record on an application. 

TITLE III—STRESS CAPITAL BUFFER REQUIREMENTS 

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. 

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 

8 place 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 

12 ‘‘$10,000,000,000’’ 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 


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

2 ‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000’’. 

3 (d) QUALIFIED MORTGAGE REQUIREMENTS.—Sec4 tion 129C(b)(F)(i) of the Truth in Lending Act (15 

5 U.S.C. 1639c(b)(F)(i)) is amended by striking 

6 ‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000’’. 

7 (e) LEVERAGE AND RISK-BASED CAPITAL REQUIRE8 MENTS.—Section 201(a)(3)(A) of the Economic Growth, 

9 Regulatory Relief, and Consumer Protection Act (12 

10 U.S.C. 5371 note (a)(3)(A)) is amended by striking 

11 ‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000’’. 

12 TITLE II—BANK FAILURE 

13 PREVENTION 

14 SEC. 201. COMPLETE RECORD ON AN APPLICATION. 

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

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

17 1842(b)(1)) is amended— 

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

19 the following: 

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

21 (2) by striking ‘‘required’’ and inserting ‘‘ac22 quired’’; 

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

24 the Board to act on any application for approval 

25 under this section within the ninety-one-day period 


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1 which begins on the date of submission to the Board 

2 of the complete record on that application, the appli3 cation shall be deemed to have been granted.’’; and 

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

5 ‘‘(B) COMPLETE RECORD ON AN APPLICA6 TION.— 

7 ‘‘(i) NOTICE TO APPLICANT.—Not later 

8 than 30 days after the date on which the Board 

9 receives an application for approval under this 

10 section, the Board shall transmit to the appli11 cant a letter that either— 

12 ‘‘(I) confirms the record on the appli13 cation is complete; or 

14 ‘‘(II) details all additional information 

15 that is required for the record on that ap16 plication to be complete. 

17 ‘‘(ii) EXTENSION OF NOTICE.—Notwith18 standing clause (i), the Board may, if an appli19 cation is unusually complex, extend the 30-day 

20 period described under clause (i) for an addi21 tional 30 days. 

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

23 COMPLETE RECORD.—Upon receipt of a re24 sponse from an applicant to a notice requesting 

25 additional information described under clause 


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1 (i)(II), the record on the application shall be 

2 deemed complete unless the Board— 

3 ‘‘(I) determines that the applicant’s 

4 response was materially deficient; and 

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

6 date on which the Board received the re7 sponse, provides the applicant a detailed 

8 notice describing the deficiencies. 

9 ‘‘(iv) TREATMENT OF THIRD-PARTY INFOR10 MATION.—In determining whether the record on 

11 an application is complete, the Board may take 

12 into account only information provided by the 

13 applicant, and may not base the determination 

14 of completeness on any information (including 

15 reports, views, or recommendations) provided by 

16 third parties. 

17 ‘‘(C) DEADLINE FOR DETERMINATION.— 

18 ‘‘(i) IN GENERAL.—Notwithstanding sub19 paragraphs (A) and (B), the Board shall grant 

20 or deny an application submitted under this 

21 section not later than 90 days after the date on 

22 which the application was initially submitted to 

23 the Board, regardless of whether the record on 

24 such initial application was complete. 


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1 ‘‘(ii) FAILURE TO MAKE A DETERMINA2 TION.—If the Board does not grant or deny an 

3 application within the time period described 

4 under clause (i), such application shall be 

5 deemed to have been granted. 

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

7 may at any time extend the deadline described 

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

9 but may not extend the deadline more than 30 

10 days past the deadline described under clause 

11 (i).’’. 

12 (b) SAVINGS AND LOAN HOLDING COMPANIES.—Sec13 tion 10(e) of the Home Owners’ Loan Act (12 U.S.C. 

14 1467a(e)) is amended— 

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

16 render a decision within 90 days after submission to 

17 the Board of the complete record on the applica18 tion’’; 

19 (2) by redesignating paragraph (7) as para20 graph (9); and 

21 (3) by inserting after paragraph (6) the fol22 lowing: 

23 ‘‘(7) COMPLETE RECORD ON AN APPLICA24 TION.— 


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

2 than 30 days after the date on which the Board 

3 receives an application for approval under this 

4 subsection, the Board shall transmit to the ap5 plicant a letter that either— 

6 ‘‘(i) confirms the record on the appli7 cation is complete; or 

8 ‘‘(ii) details all additional information 

9 that is required for the record on that ap10 plication to be complete. 

11 ‘‘(B) EXTENSION OF NOTICE.—Notwith12 standing subparagraph (A), the Board may, if 

13 an application is unusually complex, extend the 

14 30-day period described under subparagraph 

15 (A) for an additional 30 days. 

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

17 COMPLETE RECORD.—Upon receipt of a re18 sponse from an applicant to a notice requesting 

19 additional information described under subpara20 graph (A)(ii), the record on the application 

21 shall be deemed complete unless the Board— 

22 ‘‘(i) determines that the applicant’s 

23 response was materially deficient; and 

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

25 date on which the Board received the reVerDate Sep 11 2014 01:57 May 11, 2024 Jkt 049200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H8337.IH H8337

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1 sponse, provides the applicant a detailed 

2 notice describing the deficiencies. 

3 ‘‘(D) TREATMENT OF THIRD-PARTY IN4 FORMATION.—In determining whether the 

5 record on an application is complete, the Board 

6 may take into account only information pro7 vided by the applicant, and may not base the 

8 determination of completeness on any informa9 tion (including reports, views, or recommenda10 tions) provided by third parties. 

11 ‘‘(8) DEADLINE FOR DETERMINATION.— 

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

13 other provision of this subsection, the Board 

14 shall grant or deny an application submitted 

15 under this subsection not later than 90 days 

16 after the date on which the application was ini17 tially submitted to the Board, regardless of 

18 whether the record on such initial application 

19 was complete. 

20 ‘‘(B) FAILURE TO MAKE A DETERMINA21 TION.—If the Board does not grant or deny an 

22 application within the time period described 

23 under subparagraph (A), such application shall 

24 be deemed to have been granted. 


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1 ‘‘(C) TOLLING OF PERIOD.—The Board 

2 may at any time extend the deadline described 

3 under subparagraph (A) at the request of the 

4 applicant, but may not extend the deadline 

5 more than 30 days past the deadline described 

6 under subparagraph (A).’’. 

7 (c) INSURED DEPOSITORY INSTITUTIONS.—Section 

8 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 

9 1828(c)) is amended by adding at the end the following: 

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

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

12 30 days after the date on which the responsible 

13 agency receives a merger application for approval 

14 under this subsection, the responsible agency shall 

15 transmit to the applicant a letter that either— 

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

17 is complete; or 

18 ‘‘(ii) details all additional information that 

19 is required for the record on that application to 

20 be complete. 

21 ‘‘(B) EXTENSION OF NOTICE.—Notwith22 standing subparagraph (A), the responsible agency 

23 may, if an application is unusually complex, extend 

24 the 30-day period described under subparagraph (A) 

25 for an additional 30 days. 


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

2 COMPLETE RECORD.—Upon receipt of a response 

3 from an applicant to a notice requesting additional 

4 information described under subparagraph (A)(ii), 

5 the record on the application shall be deemed com6 plete unless the responsible agency— 

7 ‘‘(i) determines that the applicant’s re8 sponse was materially deficient; and 

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

10 on which the responsible agency received the re11 sponse, provides the applicant a detailed notice 

12 describing the deficiencies. 

13 ‘‘(D) TREATMENT OF THIRD-PARTY INFORMA14 TION.—In determining whether the record on an ap15 plication is complete, the responsible agency may 

16 take into account only information provided by the 

17 applicant, and may not base the determination of 

18 completeness on any information (including reports, 

19 views, or recommendations) provided by third par20 ties. 

21 ‘‘(15) DEADLINE FOR DETERMINATION.— 

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

23 provision of this subsection, the responsible agency 

24 shall grant or deny a merger application submitted 

25 under this subsection not later than 90 days after 


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1 the date on which the application was initially sub2 mitted to the responsible agency, regardless of 

3 whether the record on such initial application was 

4 complete. 

5 ‘‘(B) FAILURE TO MAKE A DETERMINATION.— 

6 If the responsible agency does not grant or deny an 

7 application within the time period described under 

8 subparagraph (A), such application shall be deemed 

9 to have been granted. 

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

11 agency may at any time extend the deadline de12 scribed under subparagraph (A) at the request of 

13 the applicant, but may not extend the deadline more 

14 than 30 days past the deadline described under sub15 paragraph (A).’’. 

16 TITLE III—STRESS TESTING AC17 COUNTABILITY AND TRANS18 PARENCY 

19 SEC. 301. RULEMAKING RELATED TO STRESS CAPITAL 

20 BUFFER REQUIREMENTS. 

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

22 date of the enactment of this section, the Board of Gov23 ernors of the Federal Reserve System (in this title referred 

24 to as the ‘‘Board’’) shall issue a rule to establish any mod25 els, assumptions, formulas, or other decisional methodoloVerDate Sep 11 2014 01:57 May 11, 2024 Jkt 049200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H8337.IH H8337

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1 gies that are used to determine any component or sub2 component of the stress capital buffer requirement for a 

3 bank holding company. 

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

5 to the rule issued under subsection (a) through notice and 

6 comment rulemaking. 

7 (c) STRESS CAPITAL BUFFER REQUIREMENT DE8 FINED.—The term ‘‘stress capital buffer requirement’’ has 

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

10 12 of the Code of Federal Regulations. 

11 SEC. 302. RULEMAKING RELATING TO STRESS TESTING. 

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

13 year after the date of the enactment of this section, the 

14 Board shall, not less than 30 days before conducting a 

15 stress test pursuant to section 165(i) of the Financial Sta16 bility Act of 2010, issue a rule to establish each scenario 

17 to be used in such stress test. 

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

19 otherwise, subject any nonbank financial company to a cli20 mate-related stress test using the authority provided in 

21 section 165(i) of the Financial Stability Act of 2010. 

22 SEC. 303. GAO REPORT. 

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

24 United States shall, every 3 years, conduct a study and 

25 submit a report to the Congress with respect to the stress 


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1 tests conducted by the Board under section 165(i) of the 

2 Financial Stability Act of 2010 in the 3 most recent cal3 endar years. 

4 (b) CONTENTS.—The report submitted to the Con5 gress under subsection (a) shall— 

6 (1) evaluate whether the stress tests are suffi7 ciently robust and promote preparedness; and 

8 (2) consider whether the stress tests adequately 

9 identify salient risks to— 

10 (A) the safety and soundness of the 

11 nonbank financial institutions subjected to 

12 stress tests; 

13 (B) the stability of the United States fi14 nancial system. 

15 TITLE IV—BANK SUPERVISION 

16 APPEALS IMPROVEMENT 

17 SEC. 401. TIMELINESS OF EXAMINATIONS AND REQUIRED 

18 PERMISSION, REGULATORY, AND REPORTING 

19 GUIDANCE. 

20 (a) EXIT INTERVIEW REQUIREMENT; TIMELINESS

21 OF EXAMINATIONS.— 

22 (1) INSURED DEPOSITORY INSTITUTIONS.—Sec23 tion 10(d) of the Federal Deposit Insurance Act (12 

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

25 the following: 


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1 ‘‘(11) EXAMINATION TIMELINESS.—The appro2 priate Federal banking agency shall complete any 

3 examination of an insured depository institution 

4 within 270 days of commencing the examination, ex5 cept that such period may be extended by the appro6 priate Federal banking agency by providing written 

7 notice to the insured depository institution describ8 ing with particularity the reasons that a longer pe9 riod is needed. 

10 ‘‘(12) EXIT INTERVIEW REQUIREMENT.—With11 in 30 days of completing an examination, the appro12 priate Federal banking agency shall conduct an exit 

13 interview with the insured depository institution’s 

14 senior management and board of directors. 

15 ‘‘(13) TIMELINESS OF EXAMINATION RE16 PORTS.— 

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

18 respect to an examination of an insured deposi19 tory institution by an appropriate Federal 

20 banking agency, the appropriate Federal bank21 ing agency shall provide a final examination re22 port to the insured depository institution not 

23 later than 60 days after the later of— 

24 ‘‘(i) the exit interview for the exam25 ination; or 


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1 ‘‘(ii) the provision of additional infor2 mation by the insured depository institu3 tion relating to the examination. 

4 ‘‘(B) EXAMINATION MATERIALS.—Upon 

5 the request of an insured depository institution, 

6 the appropriate Federal banking agency shall 

7 include with a final examination report an ap8 pendix listing all materials relied upon by the 

9 agency in support of all material supervisory 

10 determinations. 

11 ‘‘(C) MATERIAL SUPERVISORY DETER12 MINATION DEFINED.—In this paragraph, the 

13 term ‘material supervisory determination’ has 

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

15 of the Riegle Community Development and 

16 Regulatory Improvement Act of 1994.’’. 

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

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

19 amended by adding at the end the following: 

20 ‘‘(h) EXIT INTERVIEW REQUIREMENT; TIMELINESS

21 OF EXAMINATIONS.— 

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

23 shall complete any examination of an insured credit 

24 union within 270 days of commencing the examina25 tion, except that such period may be extended by the 


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1 Board by providing written notice to the insured 

2 credit union describing with particularity the reasons 

3 that a longer period is needed. 

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

5 30 days of completing an examination, the Board 

6 shall conduct an exit interview with the insured 

7 credit union’s senior management and board of di8 rectors. 

9 ‘‘(3) TIMELINESS OF EXAMINATION RE10 PORTS.— 

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

12 respect to an examination of an insured credit 

13 union, the Board shall provide a final examina14 tion report to the insured credit union not later 

15 than 60 days after the later of— 

16 ‘‘(i) the exit interview for the exam17 ination; or 

18 ‘‘(ii) the provision of additional infor19 mation by the insured credit union relating 

20 to the examination. 

21 ‘‘(B) EXAMINATION MATERIALS.—Upon 

22 the request of an insured credit union, the 

23 Board shall include with a final examination re24 port an appendix listing all materials relied 


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1 upon by the Board in support of all material 

2 supervisory determinations. 

3 ‘‘(C) MATERIAL SUPERVISORY DETER4 MINATION DEFINED.—In this paragraph, the 

5 term ‘material supervisory determination’ has 

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

7 of the Riegle Community Development and 

8 Regulatory Improvement Act of 1994.’’. 

9 (b) TIMELINESS OF REQUIRED PERMISSION, REGU10 LATORY, AND REPORTING GUIDANCE.— 

11 (1) INSURED DEPOSITORY INSTITUTIONS.—Sec12 tion 10 of the Federal Deposit Insurance Act (12 

13 U.S.C. 1820) is amended by adding at the end the 

14 following: 

15 ‘‘(l) TIMELINESS OF REQUIRED PERMISSION, REGU16 LATORY, AND REPORTING GUIDANCE.— 

17 ‘‘(1) REQUEST FOR PERMISSION OR GUID18 ANCE.—An insured depository institution may re19 quest a written determination by the appropriate 

20 Federal banking agency of— 

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

22 action where permission is mandated by regula23 tion; 

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

25 or regulation; and 


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1 ‘‘(C) the agency’s interpretation of gen2 erally accepted accounting principles or ac3 counting objectives, standards, and require4 ments under section 37. 

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

6 under paragraph (1) shall be in writing and con7 tain— 

8 ‘‘(A) the nature of the request; 

9 ‘‘(B) applicable facts relating to the mat10 ter; 

11 ‘‘(C) applicable law, regulation, or gen12 erally accepted accounting principles relating to 

13 the matter; and 

14 ‘‘(D) a summary of the request. 

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

16 banking agency receiving a request under paragraph 

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

18 request— 

19 ‘‘(A) provide the insured depository institu20 tion making the request with written notifica21 tion that the agency received the request and 

22 stating whether the request contains the infor23 mation required under paragraph (2); and 

24 ‘‘(B) if the request does not contain the in25 formation required under paragraph (2), proVerDate Sep 11 2014 01:57 May 11, 2024 Jkt 049200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H8337.IH H8337

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1 vide the insured depository institution with an 

2 explanation of what information is missing. 

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

4 Federal banking agency informs the insured deposi5 tory institution under paragraph (3) that the re6 quest does not contain all the information required 

7 under paragraph (2), the insured depository institu8 tion may provide the missing information to the 

9 Federal banking agency during the 30-day period 

10 beginning on the date the insured depository institu11 tion receives the explanation of the missing informa12 tion under paragraph (3). 

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

14 agency receiving a request under paragraph (1) shall 

15 make a determination on the request and provide 

16 the insured depository institution with a written no17 tice of such determination— 

18 ‘‘(A) if the initial request contains the in19 formation required under paragraph (2), not 

20 later than the end of the 60-day period begin21 ning on the date the Federal banking agency 

22 notifies the insured depository institution of the 

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

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

25 the information required under paragraph (2)— 


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

2 day period beginning on the date that the 

3 insured depository institution provides the 

4 Federal banking agency with the missing 

5 information under paragraph (4); or 

6 ‘‘(ii) if the insured depository institu7 tion does not provide the Federal banking 

8 agency with the missing information within 

9 the 30-day period described under para10 graph (4), not later than the end of the 

11 60-day period beginning on the end of such 

12 30-day period. 

13 ‘‘(6) REPORTS AND PUBLICATION.—Each Fed14 eral banking agency shall, within 120 days after 

15 making a determination under paragraph (5), pub16 lish a summary of the determination. Each Federal 

17 banking agency shall redact any confidential super18 visory information about the insured depository in19 stitution, any identifying facts about the institution, 

20 and any sensitive personally identifiable informa21 tion.’’. 

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

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

24 amended by adding at the end the following: 


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1 ‘‘(c) TIMELINESS OF REQUIRED PERMISSION, REGU2 LATORY, AND REPORTING GUIDANCE.— 

3 ‘‘(1) REQUEST FOR PERMISSION OR GUID4 ANCE.—An insured credit union may request a writ5 ten determination by the Board of— 

6 ‘‘(A) the Board’s permission to take an ac7 tion where permission is mandated by regula8 tion; 

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

10 regulation; and 

11 ‘‘(C) the Board’s interpretation of gen12 erally accepted accounting principles or other 

13 accounting objectives, standards, and require14 ments. 

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

16 under paragraph (1) shall be in writing and con17 tain— 

18 ‘‘(A) the nature of the request; 

19 ‘‘(B) applicable facts relating to the mat20 ter; 

21 ‘‘(C) applicable law, regulation, or gen22 erally accepted accounting principles relating to 

23 the matter; and 

24 ‘‘(D) a summary of the request. 


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

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

3 not later than 30 days after receiving the request— 

4 ‘‘(A) provide the insured credit union mak5 ing the request with written notification that 

6 the Board received the request and stating 

7 whether the request contains the information 

8 required under paragraph (2); and 

9 ‘‘(B) if the request does not contain the in10 formation required under paragraph (2), pro11 vide the insured credit union with an expla12 nation of what information is missing. 

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

14 the Board informs the insured credit union under 

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

16 the information required under paragraph (2), the 

17 insured credit union may provide the missing infor18 mation to the Board during the 30-day period begin19 ning on the date the insured credit union receives 

20 the explanation of the missing information under 

21 paragraph (3). 

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

23 a determination on a request made under paragraph 

24 (1) and provide the insured credit union with a writ25 ten notice of 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 begin4 ning on the date the Board notifies the insured 

5 credit union of the receipt of the request under 

6 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 credit union provides the Board 

12 with the missing information under para13 graph (4); or 

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

15 not provide the Board with the missing in16 formation within the 30-day period de17 scribed under paragraph (4), not later 

18 than the end of the 60-day period begin19 ning on the end of such 30-day period. 

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

21 shall, within 120 days after making a determination 

22 under paragraph (5), publish a summary of the de23 termination. The Board shall redact any confidential 

24 supervisory information about the insured credit 

25 union, any identifying facts about the credit union, 


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1 and any sensitive personally identifiable informa2 tion.’’. 

3 SEC. 402. UPDATE OF INDEPENDENT INTRA-AGENCY AP4 PELLATE PROCESS FOR REVIEWING MATE5 RIAL SUPERVISORY DETERMINATIONS. 

6 (a) UPDATE OF INDEPENDENT INTRA-AGENCY AP7 PELLATE PROCESS.—Not later than 180 days after the 

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

9 the Federal Reserve System, the Comptroller of the Cur10 rency, the Federal Deposit Insurance Corporation Board, 

11 and the National Credit Union Administration Board shall 

12 revise the independent intra-agency appellate process re13 quired under section 309(a) of the Riegle Community De14 velopment and Regulatory Improvement Act of 1994 (12 

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

16 (b) OFFICE OF SUPERVISORY APPEALS; APPEALS

17 PROCESS.—Section 309 of the Riegle Community Devel18 opment and Regulatory Improvement Act of 1994 (12 

19 U.S.C. 4806) is amended— 

20 (1) by redesignating subsection (f) as sub21 section (i); and 

22 (2) by inserting after subsection (e) the fol23 lowing: 

24 ‘‘(f) OFFICE OF SUPERVISORY APPEALS.—The Fed25 eral banking agencies and the National Credit Union AdVerDate Sep 11 2014 01:57 May 11, 2024 Jkt 049200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\H8337.IH H8337

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1 ministration shall each establish an Office of Supervisory 

2 Appeals to carry out the independent intra-agency appel3 late process required under this section. 

4 ‘‘(g) APPEALS OFFICIALS.— 

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

6 Federal banking agencies and the National Credit 

7 Union Administration shall appoint appeals officials, 

8 in a number sufficient to fully staff the panels de9 scribed under subsection (h), from among the fol10 lowing classes of individuals: 

11 ‘‘(A) Individuals who have financial insti12 tutions regulatory agency experience. 

13 ‘‘(B) Individuals who— 

14 ‘‘(i) are a licensed attorney or a cer15 tified public accountant authorized to prac16 tice under the laws of a State, the District 

17 of Columbia, or a territory of the United 

18 States; 

19 ‘‘(ii) have either academic or private 

20 sector experience; 

21 ‘‘(iii) have relevant subject matter 

22 knowledge or work-related experience in 

23 the financial services sector, as determined 

24 by the agency making the appointment; 

25 and 


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

2 previous 10-year period, employed by a 

3 Federal banking agency, a Federal reserve 

4 bank, or the National Credit Union Ad5 ministration. 

6 ‘‘(C) Individuals— 

7 ‘‘(i) with at least 10 years private sec8 tor financial services senior management9 level experience; and 

10 ‘‘(ii) recommended by— 

11 ‘‘(I) an insured depository insti12 tution; 

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

14 ‘‘(III) a trade association for 

15 such institutions or credit unions. 

16 ‘‘(2) TERM.— 

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

18 appointed under paragraph (1) shall serve for a 

19 term of 3 years. 

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

21 may be appointed under paragraph (1) to serve 

22 more than 2 full terms. 

23 ‘‘(C) DISMISSAL.—An appeals official ap24 pointed under paragraph (1) may be removed 

25 at any time by the appointing agency. 


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

2 MATERIAL SUPERVISORY DETERMINATIONS.— 

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

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

5 an appeal of a material supervisory determina6 tion shall— 

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

8 of supervision for the agency not later than 

9 30 days after receiving the material super10 visory determination from the agency; and 

11 ‘‘(ii) include in the appeal— 

12 ‘‘(I) a clear and complete state13 ment of all relevant facts and issues; 

14 ‘‘(II) all arguments that the in15 stitution wishes to present; and 

16 ‘‘(III) all relevant and material 

17 documents that the institution wishes 

18 to be considered. 

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

20 file a written request with the head of super21 vision for an extension of the 30-day time pe22 riod described under subparagraph (A)(i), 

23 which shall state good cause for granting the 

24 extension. Such request shall be granted in the 

25 sole discretion of the head of supervision. 


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1 ‘‘(C) INFORMATION MADE AVAILABLE TO

2 INSTITUTION.—An institution seeking an ap3 peal of a material supervisory determination 

4 may, not later than 7 days after receiving the 

5 material supervisory determination, request that 

6 the agency provide the institution with any in7 formation relied upon by the agency in making 

8 the material supervisory determination. The 

9 agency shall provide that information to the in10 stitution not later than 14 days after receiving 

11 the request. 

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

13 OF SUPERVISION.— 

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

15 receiving an appeal under paragraph (1) shall, 

16 after reviewing the information provided by the 

17 institution in such appeal— 

18 ‘‘(i) grant the appeal; 

19 ‘‘(ii) refer the appeal to a panel ap20 pointed under paragraph (3); or 

21 ‘‘(iii) deny the appeal. 

22 ‘‘(B) NOTIFICATION.—A head of super23 vision shall promptly inform the institution and 

24 the head of the agency after granting, referring, 

25 or denying an appeal under subparagraph (A). 


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1 ‘‘(C) RIGHT TO APPEAL DENIAL.—An in2 stitution that has an appeal denied by the head 

3 of supervision under subparagraph (A) may ap4 peal such denial to a panel appointed under 

5 paragraph (3). 

6 ‘‘(3) APPOINTMENT OF PANEL.— 

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

8 appeal referred by a head of supervision under 

9 paragraph (2)(A)(ii) or appealed by an institu10 tion after a denial under paragraph (2)(A)(iii), 

11 the agency shall appoint a panel of 3 appeals 

12 officials to provide a recommendation on such 

13 appeal, with 1 of the 3 appeals officials being 

14 appointed to the panel from individuals in each 

15 of the classes described under subparagraphs 

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

17 ‘‘(B) REPORTING PROHIBITION.—An ap18 peals official may not be appointed to a panel 

19 under subparagraph (A) if the appeals official 

20 is reporting, or has reported, directly or indi21 rectly, to the agency official who made the ma22 terial supervisory determination under review. 

23 ‘‘(4) PANEL HEARINGS.— 


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1 ‘‘(A) REQUEST FOR HEARING.—An institu2 tion may request a hearing with the panel on 

3 the institution’s appeal by— 

4 ‘‘(i) making such request not later 

5 than 7 days after the date on which the in6 stitution is informed the head of super7 vision referred an appeal to a panel under 

8 paragraph (2); or 

9 ‘‘(ii) making such request in the insti10 tution’s appeal of a denial of the institu11 tion’s appeal under paragraph (2). 

12 ‘‘(B) TIMING OF HEARING.—If an institu13 tion requests a hearing, as described under sub14 paragraph (A), the panel shall provide the insti15 tution with a hearing on the institution’s appeal 

16 not later than 30 days after the date the hear17 ing is requested, except the panel may, in the 

18 discretion of the panel or upon good cause 

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

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

21 agencies and the National Credit Union Admin22 istration shall each issue rules to establish pro23 cedures for panel hearings described under this 

24 paragraph, including that— 


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

2 hearing personally or through counsel; 

3 ‘‘(ii) the institution may provide an 

4 oral and written presentation at the hear5 ing; 

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

7 any person participating in the hearing; 

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

9 ‘‘(I) taking testimony; 

10 ‘‘(II) a cross-examination; and 

11 ‘‘(III) discovery; 

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

13 formal rules of evidence; and 

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

15 transcript of the hearing prepared. 

16 ‘‘(5) RECOMMENDATION BY PANEL.— 

17 ‘‘(A) IN GENERAL.—A panel making a rec18 ommendation on an appeal under this sub19 section shall make the recommendation not 

20 later than— 

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

22 the appeal was referred by a head of su23 pervision under paragraph (2)(A)(ii) or ap24 pealed by an institution after a denial 

25 under paragraph (2)(A); or 


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1 ‘‘(ii) if the institution requested a 

2 hearing under paragraph (4), 60 days after 

3 the date on which the hearing concluded. 

4 ‘‘(B) FORM OF RECOMMENDATION.—The 

5 panel may recommend— 

6 ‘‘(i) that the material supervisory de7 termination be continued, terminated, or 

8 otherwise modified; or 

9 ‘‘(ii) that the material supervisory de10 termination be remanded to the examiners 

11 to allow the examiners to consider addi12 tional information presented in connection 

13 with the appeal. 

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

15 made under subparagraph (A), the panel shall 

16 promptly notify the institution, the head of su17 pervision of the agency, and the head of the 

18 agency of the recommendation, which shall con19 tain a statement of the basis for the panel’s 

20 recommendation and identify the information 

21 on which the panel relied in reaching the rec22 ommendation. 

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

24 recommendation shall be posted on the agency’s 

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1 empt information redacted. If the panel deter2 mines that redaction is insufficient to prevent 

3 improper disclosure, the recommendation may 

4 be presented in summary form. 

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

6 review of a material supervisory determination 

7 being appealed under this subsection shall be de 

8 novo. 

9 ‘‘(F) NO AUTHORITY TO DELAY OR STAY

10 ORDERS.—A panel shall have no authority to 

11 delay or stay the implementation of any formal 

12 order from the applicable agency. 

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

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

15 later than 15 days after receiving a notice of a 

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

17 institution may submit to the head of the agen18 cy written exceptions to the recommended deci19 sion. 

20 ‘‘(B) REVIEW BY HEAD OF THE AGEN21 CY.—Not later than 45 days after receiving a 

22 notice of a recommendation under paragraph 

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

24 decision and either ratify or reject the panel’s 

25 decision. 


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

2 A review by the head of an agency under this 

3 paragraph may not be delegated to any other 

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

5 agency that is headed by a body made up of 

6 multiple individuals, all such individuals shall 

7 participate in the review. 

8 ‘‘(D) REPORTS TO CONGRESS.—The Fed9 eral banking agencies and the National Credit 

10 Union Administration shall each, not later than 

11 90 days after the end of each calendar year, 

12 issue a report to the Committee on Financial 

13 Services of the House of Representatives and 

14 the Committee on Banking, Housing, and 

15 Urban Affairs of the Senate describing the ac16 tions taken by the agency under this paragraph 

17 during such calendar year, including informa18 tion on each of the panel decisions reviewed, 

19 after redacting any confidential supervisory in20 formation. 

21 ‘‘(E) PUBLICATION.—A copy of each deci22 sion by the head of the agency under this para23 graph shall be posted on the agency’s public 

24 website as soon as practicable, with exempt in25 formation redacted. If the head of the agency 


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1 determinates that redaction is insufficient to 

2 prevent improper disclosure, the decision may 

3 be presented in summary form. 

4 ‘‘(7) RIGHT TO JUDICIAL REVIEW.—An institu5 tion shall have the right to petition for review of an 

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

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

8 date on which the decision was made in the United 

9 States Court of Appeals for the District of Columbia 

10 Circuit or the circuit in which the institution is lo11 cated. 

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

13 banking agencies and the National Credit Union Ad14 ministration may not— 

15 ‘‘(A) retaliate against an insured deposi16 tory institution or insured credit union, or a 

17 service provider or institution-affiliated party of 

18 an insured depository institution or insured 

19 credit union, for exercising rights under this 

20 subsection; or 

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

22 would benefit an insured depository institution 

23 or insured credit union, or a service provider or 

24 institution-affiliated party of an insured deposi25 tory institution or insured credit union, on the 


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1 basis that a matter under this section is pend2 ing under this section. 

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

4 of a material supervisory determination under this 

5 subsection: 

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

7 the Federal agency, either a Federal banking 

8 agency or the National Credit Union Adminis9 tration, that made the material supervisory de10 termination. 

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

12 means the company, either an insured deposi13 tory institution or an insured credit union, with 

14 respect to which the material supervisory deter15 mination was made.’’. 

16 SEC. 403. REVIEW OF RESOLUTION ACTIONS RESULTING IN 

17 A MATERIAL LOSS. 

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

19 (12 U.S.C. 1831o(k)) is amended by adding at the end 

20 the following: 

21 ‘‘(7) REVIEW OF RESOLUTION ACTIONS BY COR22 PORATION INSPECTOR GENERAL.— 

23 ‘‘(A) IN GENERAL.—If the Deposit Insur24 ance Fund incurs a material loss with respect 


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1 to an insured depository institution, the inspec2 tor general of the Corporation shall— 

3 ‘‘(i) review the Corporation’s resolu4 tion of the institution to determine whether 

5 the material loss to the Deposit Insurance 

6 Fund could have been avoided by the Cor7 poration when resolving the institution; 

8 and 

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

10 Corporation and the Congress containing 

11 the results of such review and any rec12 ommendations for preventing a material 

13 loss to the Deposit Insurance Fund in the 

14 future when resolving an institution. 

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

16 inspector general of the Corporation deter17 mines, in a review carried out under subpara18 graph (A) that the Corporation’s resolution of 

19 an institution caused a material loss to the De20 posit Insurance Fund, but such resolution could 

21 have been carried out in a manner to avoid 

22 such a material loss, the Chairperson of the 

23 Corporation shall testify before the Committee 

24 on Financial Services of the House of Rep25 resentatives and the Committee on Banking, 


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1 Housing, and Urban Affairs of the Senate to 

2 explain why the material loss occurred.’’. 

3 TITLE V—REVIEW OF DISCOUNT 

4 WINDOW OPERATIONS 

5 SEC. 501. REVIEW OF DISCOUNT WINDOW OPERATIONS. 

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

7 et seq.) is amended— 

8 (1) by redesignating paragraph (12) as para9 graph (11); and 

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

11 ‘‘(12) REVIEW OF DISCOUNT WINDOW OPER12 ATIONS.— 

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

14 days after the date of enactment of this para15 graph, the Board of Governors shall commence 

16 a review of the discount window lending pro17 grams of the Federal reserve banks (the ‘dis18 count window’), and shall complete such review 

19 not later than 240 days after the date of enact20 ment of this paragraph. 

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

22 subparagraph (A) shall include a consideration 

23 of— 

24 ‘‘(i) the effectiveness of the discount 

25 window in providing liquidity to financial 


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1 institutions, including in times of financial 

2 stress; 

3 ‘‘(ii) whether the technology infra4 structure, including means of communica5 tions, are sufficient to support the timely 

6 provision of liquidity, including in times of 

7 financial stress; 

8 ‘‘(iii) the effectiveness of cybersecurity 

9 measures; 

10 ‘‘(iv) the effectiveness of communica11 tions between Federal reserve banks re12 garding discount window operations; 

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

14 Governors in providing oversight of the 

15 discount window; 

16 ‘‘(vi) how the discount window inter17 acts with other providers of liquidity, in18 cluding the Federal Home Loan Banks, 

19 during both normal operations and times 

20 of financial distress; and 

21 ‘‘(vii) the effectiveness of existing dis22 count window operating hours and whether 

23 such hours should be expanded, taking into 

24 account the interaction between discount 

25 window operating hours and the operating 


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1 hours of payment systems of the Board of 

2 Governors and Federal reserve banks, such 

3 as FedWire and FedNow. 

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

5 the review required by subparagraph (A), the 

6 Board of Governors shall provide the public 

7 with an opportunity to comment on the effec8 tiveness of discount window operations and to 

9 offer suggestions for improving operations. 

10 ‘‘(D) REMEDIATION PLAN.—After com11 pleting the review required by subparagraph (A) 

12 and considering any public comments received 

13 pursuant to subparagraph (C), the Board of 

14 Governors shall develop, and approve by a vote 

15 of the Board of Governors, a written plan to re16 mediate any identified deficiencies or areas for 

17 enhancing effectiveness of the discount window, 

18 which shall include— 

19 ‘‘(i) an identification of actions that 

20 the Board of Governors will take to reme21 diate those deficiencies; 

22 ‘‘(ii) timelines and milestones for im23 plementing the plan and measures to dem24 onstrate how the Board of Governors will 


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1 maintain implemented improvements on an 

2 ongoing basis; and 

3 ‘‘(iii) measures of managing and con4 trolling deficiencies until the plan is imple5 mented in full. 

6 ‘‘(E) REPORT TO CONGRESS ON REVIEW

7 AND PLAN.— 

8 ‘‘(i) IN GENERAL.—Not later than 

9 365 days after the date of enactment of 

10 this paragraph, the Board of Governors 

11 shall, after approval by a vote of the Board 

12 of Governors, submit a report to the Com13 mittee on Financial Services of the House 

14 of Representatives and the Committee on 

15 Banking, Housing, and Urban Affairs of 

16 the Senate containing— 

17 ‘‘(I) the findings of the review re18 quired by subparagraph (A); and 

19 ‘‘(II) the remediation plan re20 quired by subparagraph (D); 

21 ‘‘(ii) CONSULTATION.—Before submit22 ting the report required by clause (i), the 

23 Board of Governors shall— 

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1 eral of the United States and the In2 spector General of the Board of Gov3 ernors of the Federal Reserve System 

4 and the Bureau of Consumer Finan5 cial Protection; and 

6 ‘‘(II) provide the Comptroller 

7 General and Inspector General with 

8 an opportunity to provide feedback on 

9 the report. 

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

11 the Board of Governors shall testify before 

12 the Committee on Financial Services of the 

13 House of Representatives and the Com14 mittee on Banking, Housing, and Urban 

15 Affairs of the Senate with respect to the 

16 contents of the report required under this 

17 subparagraph. 

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

19 ‘‘(i) REPORTS BY THE BOARD.—The 

20 Board of Governors shall submit an annual 

21 report to the Committee on Financial Serv22 ices of the House of Representatives and 

23 the Committee on Banking, Housing, and 

24 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 

10 the Committee on Banking, Housing, and 

11 Urban Affairs of the Senate containing a 

12 report on the progress of the Board of 

13 Governors 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, 

9 Code of Federal Regulations (commonly known as the 

10 ‘‘Small Bank Holding Company and Savings and Loan 

11 Holding Company Policy Statement’’), to raise the consoli12 dated asset threshold under that appendix to 

13 $10,000,000,000 for any bank holding company or savings 

14 and loan holding company. 

Æ 


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