SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Prudential Regulator 
Oversight Act’’. 
SEC. 2. ANNUAL TESTIMONY. 
(a) IN GENERAL.—The Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 U.S.C. 5301 et 
seq.) is amended by adding at the end of title VI the fol-
lowing: 
‘‘SEC. 629. ANNUAL TESTIMONY OF PRUDENTIAL REGU-
LATORS. 
‘‘(a) SEMI-ANNUAL REPORT.— 
‘‘(1) IN GENERAL.—The prudential regulators 
shall each issue a semi-annual report to the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate and the Committee on Financial Services 
of the House of Representatives regarding the ef-
forts, activities, objectives, and plans of the regu-
lator with respect to the conduct of supervision and 
regulation of depository institution holding compa-
nies, depository institutions, and credit unions. 
‘‘(2) SPECIFIC
CONTENTS.—Each report re-
quired under paragraph (1) shall include a descrip-
tion of— 
‘‘(A) the safety and soundness of deposi-
tory institution holding companies, depository 
institutions, and credit unions, including cap-
ital, liquidity, leverage, stress testing, and living 
wills, as applicable; 
‘‘(B) the examination and supervision of 
depository institution holding companies, depos-
itory institutions, and credit unions, particu-
larly G-SIBs, including— 
‘‘(i) a detailed description of public 
enforcement actions taken during the re-
porting period; 
‘‘(ii) aggregate data regarding super-
visory concerns examiners have issued in 
writing to the boards of regulated institu-
tions during the reporting period; 
‘‘(iii) supervisory observations by the 
regulator on particular areas and topics of 
concern identified through the examination 
and supervisory process; and 
‘‘(iv) a description of the regulator’s 
exercise of all available tools beyond impos-
ing public fines to ensure compliance with 
all applicable laws and regulations, as well 
as actions to ensure accountability for cul-
pable executives; 
‘‘(C) emerging risks that may affect depos-
itory institutions and potential threats to the fi-
nancial stability of the United States, and any 
actions the regulator took in coordination with 
the Office of Financial Research, to identify 
and mitigate those threats; 
‘‘(D) any recent actions taken by the regu-
lator as a voting member of the Financial Sta-
bility Oversight Council and any updates re-
lated to authorities the regulator has under title 
I or title VIII of this Act with respect to en-
hanced prudential standards and supervision of 
large bank holding companies and firms des-
ignated by the Financial Stability Oversight 
Council; 
‘‘(E) the implementation of the regulator’s 
diversity and inclusion efforts, including its im-
plementation of section 342 of this Act and the 
regulator’s compliance with section 308 of the 
Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 with respect to mi-
nority depository institutions; 
‘‘(F) the implementation of the Community 
Reinvestment Act of 1977, including informa-
tion on examinations, guidance, and regula-
tions;
‘‘(G) any mandatory provision of law that 
has not been implemented yet by the regulator, 
including the date on which the mandatory pro-
vision will be implemented; 
‘‘(H) an overview of the mergers and ac-
quisitions process, including data and descrip-
tions of any mergers and acquisitions approved 
during the reporting period; 
‘‘(I) examinations for Bank Secrecy Act 
and anti-money laundering compliance, as well 
as coordination with the Financial Crimes En-
forcement Network and appropriate commu-
nication with depository institutions and credit 
unions; 
‘‘(J) the utilization of financial technology 
as it relates to depository institution holding 
companies, depository institutions, and credit 
unions regulated by the regulator, including the 
use of various technologies by depository insti-
tutions and credit unions as well as partner-
ships with third-party companies; 
‘‘(K) cybersecurity of depository institution 
holding companies, depository institutions, and 
credit unions, including steps taken to enhance
cyber readiness and strengthen the protection 
of consumer data; and 
‘‘(L) compliance with chapter 5 of title 5, 
United States Code (commonly referred to as 
the ‘Administrative Procedure Act’) and chap-
ter 8 of title 5, United States Code (commonly 
referred to as the ‘Congressional Review Act’), 
as well as all guidance documents and 
rulemakings issued by the prudential regulator 
in the previous 6-month period. 
‘‘(3) CONFIDENTIALITY REQUIREMENT.—Each 
report required under paragraph (1) shall include 
only information that does not constitute confiden-
tial supervisory information about a specific institu-
tion, but may include aggregate information on an 
industry-wide basis or on a segment of an industry. 
‘‘(b) TESTIMONY.— 
‘‘(1) IN GENERAL.—The prudential regulators 
shall each appear before the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of 
Representatives at an annual hearing to testify with 
respect to the reports required under subsection (a). 
‘‘(2) VICE CHAIRMAN FOR SUPERVISION.—The 
Vice Chairman for Supervision of the Board of Gov-
ernors shall appear before the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of 
Representatives at a semiannual hearing to testify 
with respect to the reports required under subsection 
(a). Any such appearance shall satisfy the require-
ments of section 10(12) of the Federal Reserve Act. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) BANK SECRECY ACT.—The term ‘Bank Se-
crecy Act’ means— 
‘‘(A) section 21 of the Federal Deposit In-
surance Act; 
‘‘(B) chapter 2 of title I of Public Law 91– 
508; and 
‘‘(C) subchapter II of chapter 53 of title 
31, United States Code; 
‘‘(2) G-SIB.—The term ‘G-SIB’ means a global 
systemically important bank holding company, as 
such term is defined under section 217.402 of title 
12, Code of Federal Regulations. 
‘‘(3) PRUDENTIAL
REGULATORS.—The term 
‘prudential regulators’ means the Vice Chairman for 
Supervision of the Board of Governors, the Comp-
troller of the Currency, the Chairperson of the Cor-
poration, and the Chairman of the National Credit 
Union Administration Board.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by inserting 
after the item relating to section 628 the following: 
‘‘Sec. 629. Annual testimony of prudential regulators.’’. 
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, pro-
vided that such statement has been submitted prior to the 
vote on passage. 
Passed the House of Representatives January 13, 
2020. 
Attest: 
Clerk.