‘‘(D) PUBLICATION.—A copy of each panel 
recommendation shall be posted on the agency’s 
public website as soon as practicable, with ex-
empt information redacted. If the panel deter-
mines that redaction is insufficient to prevent 
improper disclosure, the recommendation may be 
presented in summary form. 
‘‘(E) STANDARD OF REVIEW.—A panel’s re-
view of a material supervisory determination 
being appealed under this subsection shall be de 
novo. 
‘‘(F) NO AUTHORITY TO DELAY OR STAY OR-
DERS.—A panel shall have no authority to delay 
or stay the implementation of any formal order 
from the applicable agency. 
‘‘(6) REVIEW BY THE HEAD OF THE AGENCY.— 
‘‘(A) RESPONSE BY INSTITUTION.—Not later 
than 15 days after receiving a notice of a rec-
ommendation under paragraph (5)(C), the insti-
tution may submit to the head of the agency 
written exceptions to the recommended decision. 
‘‘(B) REVIEW BY HEAD OF THE AGENCY.— 
Not later than 45 days after receiving a notice 
of a recommendation under paragraph (5)(C), 
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the head of an agency shall review such decision 
and either ratify or reject the panel’s decision. 
‘‘(C) REVIEW MAY NOT BE DELEGATED.—A 
review by the head of an agency under this para-
graph may not be delegated to any other em-
ployee of the agency and, in the case of an agen-
cy that is headed by a body made up of multiple 
individuals, all such individuals shall partici-
pate in the review. 
‘‘(D) REPORTS TO CONGRESS.—The Federal 
banking agencies and the National Credit Union 
Administration shall each, not later than 90 
days after the end of each calendar year, issue a 
report to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate describing the actions taken by the agen-
cy under this paragraph during such calendar 
year, including information on each of the panel 
decisions reviewed, after redacting any confiden-
tial supervisory information. 
‘‘(E) PUBLICATION.—A copy of each deci-
sion by the head of the agency under this para-
graph shall be posted on the agency’s public 
website as soon as practicable, with any infor-
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mation identifying the appealing institution re-
dacted. If the head of the agency determinates 
that redaction is insufficient to prevent improper 
disclosure, the decision may be presented in sum-
mary form. 
‘‘(7) RIGHT TO JUDICIAL REVIEW.—An institu-
tion shall have the right to petition for review of an 
agency head’s decision under paragraph (6) by filing 
a petition for review not later than 60 days after the 
date on which the decision was made in the United 
States Court of Appeals for the District of Columbia 
Circuit or the circuit in which the institution is lo-
cated. 
‘‘(8) RETALIATION
PROHIBITED.—The Federal 
banking agencies and the National Credit Union Ad-
ministration may not— 
‘‘(A) retaliate against an insured depository 
institution or insured credit union, or a service 
provider or institution-affiliated party of an in-
sured depository institution or insured credit 
union, for exercising rights under this subsection; 
or 
‘‘(B) delay or deny any agency action that 
would benefit an insured depository institution 
or insured credit union, or a service provider or 
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institution-affiliated party of an insured deposi-
tory institution or insured credit union, on the 
basis that a matter under this section is pending 
under this section. 
‘‘(9) DEFINITIONS.—With respect to the appeal 
of a material supervisory determination under this 
subsection: 
‘‘(A) AGENCY.—The term ‘agency’ means 
the Federal agency, either a Federal banking 
agency or the National Credit Union Adminis-
tration, that made the material supervisory de-
termination. 
‘‘(B) INSTITUTION.—The term ‘institution’ 
means the company, either an insured depository 
institution or an insured credit union, with re-
spect to which the material supervisory deter-
mination was made.’’. 
SEC. 403. REVIEW OF RESOLUTION ACTIONS RESULTING IN 
A MATERIAL LOSS. 
Section 38(k) of the Federal Deposit Insurance Act (12 
U.S.C. 1831o(k)) is amended by adding at the end the fol-
lowing: 
‘‘(7) REVIEW OF RESOLUTION ACTIONS BY COR-
PORATION INSPECTOR GENERAL.— 
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‘‘(A) IN GENERAL.—If the Deposit Insur-
ance Fund incurs a material loss with respect to 
an insured depository institution, the inspector 
general of the Corporation shall— 
‘‘(i) review the Corporation’s resolution 
of the institution to determine whether the 
material loss to the Deposit Insurance Fund 
could have been avoided by the Corporation 
when resolving the institution; and 
‘‘(ii) make a written report to the Cor-
poration and the Congress containing the 
results of such review and any recommenda-
tions for preventing a material loss to the 
Deposit Insurance Fund in the future when 
resolving an institution. 
‘‘(B) TESTIMONY TO CONGRESS.—If the in-
spector general of the Corporation determines, in 
a review carried out under subparagraph (A) 
that the Corporation’s resolution of an institu-
tion caused a material loss to the Deposit Insur-
ance Fund, but such resolution could have been 
carried out in a manner to avoid such a mate-
rial loss, the Chairperson of the Corporation 
shall testify before the Committee on Financial 
Services of the House of Representatives and the 
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Committee on Banking, Housing, and Urban Af-
fairs of the Senate to explain why the material 
loss occurred.’’. 
TITLE V—REVIEW OF DISCOUNT 
WINDOW OPERATIONS 
SEC. 501. REVIEW OF DISCOUNT WINDOW OPERATIONS. 
Section 10 of the Federal Reserve Act (12 U.S.C. 241 
et seq.) is amended— 
(1) by redesignating paragraph (12) as para-
graph (11); and 
(2) by adding at the end the following: 
‘‘(12) REVIEW
OF
DISCOUNT
WINDOW
OPER-
ATIONS.— 
‘‘(A) IN GENERAL.—Not later than 60 days 
after the date of enactment of this paragraph, the 
Board of Governors shall commence a review of 
the discount window lending programs of the 
Federal reserve banks (the ‘discount window’), 
and shall complete such review not later than 
240 days after the date of enactment of this 
paragraph. 
‘‘(B) CONTENTS.—The review required by 
subparagraph (A) shall include a consideration 
of— 
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account the interaction between discount 
window operating hours and the operating 
hours of payment systems of the Board of 
Governors and Federal reserve banks, such 
as FedWire and FedNow. 
‘‘(C) PUBLIC COMMENT.—In carrying out 
the review required by subparagraph (A), the 
Board of Governors shall provide the public with 
an opportunity to comment on the effectiveness 
of discount window operations and to offer sug-
gestions for improving operations. 
‘‘(D) 
REMEDIATION
PLAN.—After 
com-
pleting the review required by subparagraph (A) 
and considering any public comments received 
pursuant to subparagraph (C), the Board of 
Governors shall develop, and approve by a vote 
of the Board of Governors, a written plan to re-
mediate any identified deficiencies or areas for 
enhancing effectiveness of the discount window, 
which shall include— 
‘‘(i) an identification of actions that 
the Board of Governors will take to reme-
diate those deficiencies; 
‘‘(ii) timelines and milestones for im-
plementing the plan and measures to dem-
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onstrate how the Board of Governors will 
maintain implemented improvements on an 
ongoing basis; and 
‘‘(iii) measures of managing and con-
trolling deficiencies until the plan is imple-
mented in full. 
‘‘(E) REPORT
TO
CONGRESS
ON
REVIEW 
AND PLAN.— 
‘‘(i) IN GENERAL.—Not later than 365 
days after the date of enactment of this 
paragraph, the Board of Governors shall, 
after approval by a vote of the Board of 
Governors, submit a report to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate containing— 
‘‘(I) the findings of the review re-
quired by subparagraph (A); and 
‘‘(II) the remediation plan re-
quired by subparagraph (D). 
‘‘(ii) CONSULTATION.—Before submit-
ting the report required by clause (i), the 
Board of Governors shall— 
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‘‘(I) provide a copy of the pro-
posed report to the Comptroller Gen-
eral of the United States and the In-
spector General of the Board of Gov-
ernors of the Federal Reserve System 
and the Bureau of Consumer Financial 
Protection; and 
‘‘(II) provide the Comptroller 
General and Inspector General with an 
opportunity to provide feedback on the 
report. 
‘‘(iii) TESTIMONY.—The Chairman of 
the Board of Governors shall testify before 
the Committee on Financial Services of the 
House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of 
the Senate with respect to the contents of the 
report required under this subparagraph. 
‘‘(F) ANNUAL REPORTS TO CONGRESS.— 
‘‘(i) REPORTS
BY
THE
BOARD.—The 
Board of Governors shall submit an annual 
report to the Committee on Financial Serv-
ices of the House of Representatives and the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate containing a 
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review of the effectiveness of discount win-
dow operations. 
‘‘(ii) REPORTS
BY
THE
INSPECTOR 
GENERAL.—The Inspector General of the 
Board of Governors of the Federal Reserve 
System and the Bureau of Consumer Fi-
nancial Protection shall submit an annual 
report to the Committee on Financial Serv-
ices of the House of Representatives and the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate containing a 
report on the progress of the Board of Gov-
ernors in implementing the remediation 
plan required by subparagraph (D). 
‘‘(G) 
CONFIDENTIAL
REPORT
INFORMA-
TION.—Any report required under this para-
graph may contain a confidential annex con-
taining information that details any cybersecu-
rity deficiencies or any deficiencies which, if 
made public, could cause financial instability.’’. 
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TITLE VI—SMALL BANK 
HOLDING COMPANY RELIEF 
SEC. 601. CHANGES REQUIRED TO THE SMALL BANK HOLD-
ING COMPANY AND SAVINGS AND LOAN 
HOLDING COMPANY POLICY STATEMENT. 
Not later than 180 days after the date of enactment 
of this Act, the Board of Governors of the Federal Reserve 
System shall revise appendix C to part 225 of title 12, Code 
of Federal Regulations (commonly known as the ‘‘Small 
Bank Holding Company and Savings and Loan Holding 
Company Policy Statement’’), to raise the consolidated 
asset threshold under that appendix to $10,000,000,000 for 
any bank holding company or savings and loan holding 
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 
safety and soundness of the United States bank-
ing system, and for other purposes. 
DECEMBER 3, 2024 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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