IB 
Union Calendar No. 651 
118TH CONGRESS 
2D SESSION 
H. R. 8337 
[Report No. 118–788] 
To amend the Federal banking laws to improve the safety and soundness 
of the United States banking system, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 10, 2024 
Mr. BARR introduced the following bill; which was referred to the Committee 
on Financial Services 
DECEMBER 3, 2024 
Additional sponsor: Mr. FITZGERALD 
DECEMBER 3, 2024 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 10, 2024] 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Bank Resilience and Regulatory Improvement Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—FINANCIAL INSTITUTION REGULATORY TAILORING 
ENHANCEMENT 
Sec. 101. Increased asset thresholds. 
TITLE II—BANK FAILURE PREVENTION 
Sec. 201. Complete record on an application. 
TITLE III—STRESS TESTING ACCOUNTABILITY AND TRANSPARENCY 
Sec. 301. Rulemaking related to stress capital buffer requirements. 
Sec. 302. Rulemaking relating to stress testing. 
Sec. 303. GAO report. 
TITLE IV—BANK SUPERVISION APPEALS IMPROVEMENT 
Sec. 401. Timeliness of examinations and required permission, regulatory, and 
reporting guidance. 
Sec. 402. Update of independent intra-agency appellate process for reviewing ma-
terial supervisory determinations. 
Sec. 403. Review of resolution actions resulting in a material loss. 
TITLE V—REVIEW OF DISCOUNT WINDOW OPERATIONS 
Sec. 501. Review of discount window operations. 
TITLE VI—SMALL BANK HOLDING COMPANY RELIEF 
Sec. 601. Changes required to the Small Bank Holding Company and Savings 
and Loan Holding Company Policy Statement. 
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TITLE 
I—FINANCIAL 
INSTITU-
TION 
REGULATORY 
TAI-
LORING ENHANCEMENT 
SEC. 101. INCREASED ASSET THRESHOLDS. 
(a) BUREAU SUPERVISION.—Section 1025(a) of the 
Consumer Financial Protection Act of 2010 (12 U.S.C. 
5515) is amended by striking ‘‘$10,000,000,000’’ each place 
it occurs and inserting ‘‘$50,000,000,000’’. 
(b) DURBIN AMENDMENT REQUIREMENTS.—Section 
921(a)(6) of the Electronic Fund Transfer Act (15 U.S.C. 
1693o–2(a)(6)) is amended by striking ‘‘$10,000,000,000’’ 
and inserting ‘‘$50,000,000,000’’. 
(c) 
VOLKER
RULE
REQUIREMENTS.—Section 
13(h)(1)(B)(i) of the Bank Holding Company Act of 1956 
(12 U.S.C. 1851(h)(1)(B)(i)) is amended by striking 
‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000’’. 
(d) QUALIFIED MORTGAGE REQUIREMENTS.—Section 
129C(b)(F)(i) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(F)(i)) is amended by striking ‘‘$10,000,000,000’’ 
and inserting ‘‘$50,000,000,000’’. 
(e) LEVERAGE AND RISK-BASED CAPITAL REQUIRE-
MENTS.—Section 201(a)(3)(A) of the Economic Growth, 
Regulatory Relief, and Consumer Protection Act (12 U.S.C. 
5371 
note 
(a)(3)(A)) 
is 
amended 
by 
striking 
‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000’’. 
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TITLE II—BANK FAILURE 
PREVENTION 
SEC. 201. COMPLETE RECORD ON AN APPLICATION. 
(a) BANK HOLDING COMPANIES.—Section 3(b)(1) of 
the Bank Holding Company Act of 1956 (12 U.S.C. 
1842(b)(1)) is amended— 
(1) by striking ‘‘Upon receiving’’ and inserting 
the following: 
‘‘(A) IN GENERAL.—Upon receiving’’; 
(2) by striking ‘‘required’’ and inserting ‘‘ac-
quired’’; 
(3) by striking ‘‘In the event of the failure of the 
Board to act on any application for approval under 
this section within the ninety-one-day period which 
begins on the date of submission to the Board of the 
complete record on that application, the application 
shall be deemed to have been granted.’’; and 
(4) by adding at the end the following: 
‘‘(B) COMPLETE RECORD ON AN APPLICATION.— 
‘‘(i) NOTICE TO APPLICANT.—Not later than 
30 days after the date on which the Board re-
ceives an application for approval under this 
section, the Board shall transmit to the appli-
cant a letter that either— 
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‘‘(I) confirms the record on the appli-
cation is complete; or 
‘‘(II) details all additional information 
that is required for the record on that appli-
cation to be complete. 
‘‘(ii) EXTENSION
OF
NOTICE.—Notwith-
standing clause (i), the Board may, if an appli-
cation is complex, extend the 30-day period de-
scribed under clause (i) for an additional 30 
days. 
‘‘(iii) RECEIPT OF RESPONSE; DEEMING OF 
COMPLETE RECORD.—Upon receipt of a response 
from an applicant to a notice requesting addi-
tional information described under clause (i)(II), 
the record on the application shall be deemed 
complete unless the Board— 
‘‘(I) determines that the applicant’s re-
sponse was materially deficient; and 
‘‘(II) not later than 30 days after the 
date on which the Board received the re-
sponse, provides the applicant a detailed 
notice describing the deficiencies. 
‘‘(iv) TREATMENT OF THIRD-PARTY INFOR-
MATION.—In determining whether the record on 
an application is complete, the Board may take 
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into account only information provided by the 
applicant, and may not base the determination 
of completeness on any information (including 
reports, views, or recommendations) provided by 
third parties. 
‘‘(C) DEADLINE FOR DETERMINATION.— 
‘‘(i) IN
GENERAL.—Notwithstanding sub-
paragraphs (A) and (B), the Board shall grant 
or deny an application submitted under this sec-
tion not later than 90 days after the date on 
which the application was initially submitted to 
the Board, regardless of whether the record on 
such initial application was complete. 
‘‘(ii) FAILURE
TO
MAKE
A
DETERMINA-
TION.—If the Board does not grant or deny an 
application within the time period described 
under clause (i), such application shall be 
deemed to have been granted. 
‘‘(iii) TOLLING
OF
PERIOD.—The Board 
may at any time extend the deadline described 
under clause (i) at the request of the applicant, 
but may not extend the deadline more than 30 
days past the deadline described under clause 
(i).’’. 
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(b) SAVINGS AND LOAN HOLDING COMPANIES.—Sec-
tion 10(e) of the Home Owners’ Loan Act (12 U.S.C. 
1467a(e)) is amended— 
(1) in paragraph (2), by striking ‘‘, and shall 
render a decision within 90 days after submission to 
the Board of the complete record on the application’’; 
(2) by redesignating paragraph (7) as para-
graph (9); and 
(3) by inserting after paragraph (6) the fol-
lowing: 
‘‘(7) COMPLETE RECORD ON AN APPLICATION.— 
‘‘(A) NOTICE
TO
APPLICANT.—Not later 
than 30 days after the date on which the Board 
receives an application for approval under this 
subsection, the Board shall transmit to the appli-
cant a letter that either— 
‘‘(i) confirms the record on the appli-
cation is complete; or 
‘‘(ii) details all additional information 
that is required for the record on that appli-
cation to be complete. 
‘‘(B) EXTENSION
OF
NOTICE.—Notwith-
standing subparagraph (A), the Board may, if 
an application is complex, extend the 30-day pe-
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riod described under subparagraph (A) for an 
additional 30 days. 
‘‘(C) RECEIPT OF RESPONSE; DEEMING OF 
COMPLETE RECORD.—Upon receipt of a response 
from an applicant to a notice requesting addi-
tional information described under subpara-
graph (A)(ii), the record on the application shall 
be deemed complete unless the Board— 
‘‘(i) determines that the applicant’s re-
sponse was materially deficient; and 
‘‘(ii) not later than 30 days after the 
date on which the Board received the re-
sponse, provides the applicant a detailed 
notice describing the deficiencies. 
‘‘(D) TREATMENT OF THIRD-PARTY INFOR-
MATION.—In determining whether the record on 
an application is complete, the Board may take 
into account only information provided by the 
applicant, and may not base the determination 
of completeness on any information (including 
reports, views, or recommendations) provided by 
third parties. 
‘‘(8) DEADLINE FOR DETERMINATION.— 
‘‘(A) IN
GENERAL.—Notwithstanding any 
other provision of this subsection, the Board shall 
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grant or deny an application submitted under 
this subsection not later than 90 days after the 
date on which the application was initially sub-
mitted to the Board, regardless of whether the 
record on such initial application was complete. 
‘‘(B) FAILURE
TO
MAKE
A
DETERMINA-
TION.—If the Board does not grant or deny an 
application within the time period described 
under subparagraph (A), such application shall 
be deemed to have been granted. 
‘‘(C) TOLLING OF PERIOD.—The Board may 
at any time extend the deadline described under 
subparagraph (A) at the request of the applicant, 
but may not extend the deadline more than 30 
days past the deadline described under subpara-
graph (A).’’. 
(c) INSURED DEPOSITORY INSTITUTIONS.—Section 
18(c) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(c)) is amended by adding at the end the following: 
‘‘(14) COMPLETE RECORD ON AN APPLICATION.— 
‘‘(A) NOTICE TO APPLICANT.—Not later than 30 
days after the date on which the responsible agency 
receives a merger application for approval under this 
subsection, the responsible agency shall transmit to 
the applicant a letter that either— 
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‘‘(i) confirms the record on the application 
is complete; or 
‘‘(ii) details all additional information that 
is required for the record on that application to 
be complete. 
‘‘(B) EXTENSION OF NOTICE.—Notwithstanding 
subparagraph (A), the responsible agency may, if an 
application is unusually complex, extend the 30-day 
period described under subparagraph (A) for an addi-
tional 30 days. 
‘‘(C) RECEIPT OF RESPONSE; DEEMING OF COM-
PLETE RECORD.—Upon receipt of a response from an 
applicant to a notice requesting additional informa-
tion described under subparagraph (A)(ii), the record 
on the application shall be deemed complete unless the 
responsible agency— 
‘‘(i) determines that the applicant’s re-
sponse was materially deficient; and 
‘‘(ii) not later than 30 days after the date 
on which the responsible agency received the re-
sponse, provides the applicant a detailed notice 
describing the deficiencies. 
‘‘(D) TREATMENT
OF
THIRD-PARTY
INFORMA-
TION.—In determining whether the record on an ap-
plication is complete, the responsible agency may take 
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into account only information provided by the appli-
cant, and may not base the determination of com-
pleteness on any information (including reports, 
views, or recommendations) provided by third parties. 
‘‘(15) DEADLINE FOR DETERMINATION.— 
‘‘(A) IN GENERAL.—Notwithstanding any other 
provision of this subsection, the responsible agency 
shall grant or deny a merger application submitted 
under this subsection not later than 90 days after the 
date on which the application was initially submitted 
to the responsible agency, regardless of whether the 
record on such initial application was complete. 
‘‘(B) FAILURE TO MAKE A DETERMINATION.—If 
the responsible agency does not grant or deny an ap-
plication within the time period described under sub-
paragraph (A), such application shall be deemed to 
have been granted. 
‘‘(C) TOLLING
OF
PERIOD.—The responsible 
agency may at any time extend the deadline described 
under subparagraph (A) at the request of the appli-
cant, but may not extend the deadline more than 30 
days past the deadline described under subparagraph 
(A).’’. 
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TITLE III—STRESS TESTING AC-
COUNTABILITY AND TRANS-
PARENCY 
SEC. 301. RULEMAKING RELATED TO STRESS CAPITAL 
BUFFER REQUIREMENTS. 
(a) IN GENERAL.—Not later than 90 days after the 
date of the enactment of this section, the Board of Governors 
of the Federal Reserve System (in this title referred to as 
the ‘‘Board’’) shall issue a rule to establish any models, as-
sumptions, formulas, or other decisional methodologies that 
are used to determine any component or subcomponent of 
the stress capital buffer requirement for a bank holding 
company. 
(b) CHANGES.—The Board may only make changes to 
the rule issued under subsection (a) through notice and com-
ment rulemaking. 
(c) STRESS CAPITAL BUFFER REQUIREMENT DE-
FINED.—The term ‘‘stress capital buffer requirement’’ has 
the meaning given the term in section 225.8(c) of title 12 
of the Code of Federal Regulations. 
SEC. 302. RULEMAKING RELATING TO STRESS TESTING. 
(a) IN GENERAL.—Beginning in the first calendar 
year beginning after the date of the enactment of this sec-
tion, the Board shall, not less than 30 days before con-
ducting a stress test pursuant to section 165(i) of the Fi-
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nancial Stability Act of 2010, issue a rule to establish each 
scenario to be used in such stress test. 
(b) PROHIBITION.—The Board may not, by rule or 
otherwise, subject any nonbank financial company to a cli-
mate-related stress test using the authority provided in sec-
tion 165(i) of the Financial Stability Act of 2010. 
SEC. 303. GAO REPORT. 
(a) IN GENERAL.—The Comptroller General of the 
United States shall, every 3 years, conduct a study and sub-
mit a report to the Congress with respect to the stress tests 
conducted by the Board under section 165(i) of the Finan-
cial Stability Act of 2010 in the 3 most recent calendar 
years. 
(b) CONTENTS.—The report submitted to the Congress 
under subsection (a) shall consider the effectiveness of the 
stress tests in evaluating— 
(1) the safety and soundness of the nonbank fi-
nancial institutions subjected to stress tests; 
(2) the stability of the United States financial 
system. 
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TITLE IV—BANK SUPERVISION 
APPEALS IMPROVEMENT 
SEC. 401. TIMELINESS OF EXAMINATIONS AND REQUIRED 
PERMISSION, REGULATORY, AND REPORTING 
GUIDANCE. 
(a) EXIT INTERVIEW REQUIREMENT; TIMELINESS OF 
EXAMINATIONS.— 
(1) INSURED DEPOSITORY INSTITUTIONS.—Sec-
tion 10(d) of the Federal Deposit Insurance Act (12 
U.S.C. 1820(d)) is amended by adding at the end the 
following: 
‘‘(11) EXAMINATION
TIMELINESS.—The appro-
priate Federal banking agency shall complete any ex-
amination of an insured depository institution with-
in 270 days of commencing the examination, except 
that such period may be extended by the appropriate 
Federal banking agency by providing written notice 
to the insured depository institution describing with 
particularity the reasons that a longer period is need-
ed. 
‘‘(12) EXIT INTERVIEW REQUIREMENT.—Within 
30 days of completing an examination, the appro-
priate Federal banking agency shall conduct an exit 
interview with the insured depository institution’s 
senior management and board of directors. 
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‘‘(13) TIMELINESS OF EXAMINATION REPORTS.— 
‘‘(A) FINAL
EXAMINATION
REPORT.—With 
respect to an examination of an insured deposi-
tory institution by an appropriate Federal bank-
ing agency, the appropriate Federal banking 
agency shall provide a final examination report 
to the insured depository institution not later 
than 60 days after the later of— 
‘‘(i) the exit interview for the examina-
tion; or 
‘‘(ii) the provision of additional infor-
mation by the insured depository institu-
tion relating to the examination. 
‘‘(B) EXAMINATION MATERIALS.—Upon the 
request of an insured depository institution, the 
appropriate Federal banking agency shall in-
clude with a final examination report an appen-
dix listing all materials relied upon by the agen-
cy in support of all material supervisory deter-
minations. 
‘‘(C) MATERIAL SUPERVISORY DETERMINA-
TION
DEFINED.—In this paragraph, the term 
‘material supervisory determination’ has the 
meaning given such term in section 309(i) of the 
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Riegle Community Development and Regulatory 
Improvement Act of 1994.’’. 
(2) INSURED CREDIT UNIONS.—Section 204 of 
the Federal Credit Union Act (12 U.S.C. 1784) is 
amended by adding at the end the following: 
‘‘(h) EXIT INTERVIEW REQUIREMENT; TIMELINESS OF 
EXAMINATIONS.— 
‘‘(1) EXAMINATION
TIMELINESS.—The Board 
shall complete any examination of an insured credit 
union within 270 days of commencing the examina-
tion, except that such period may be extended by the 
Board by providing written notice to the insured 
credit union describing with particularity the reasons 
that a longer period is needed. 
‘‘(2) EXIT
INTERVIEW
REQUIREMENT.—Within 
30 days of completing an examination, the Board 
shall conduct an exit interview with the insured cred-
it union’s senior management and board of directors. 
‘‘(3) TIMELINESS OF EXAMINATION REPORTS.— 
‘‘(A) FINAL
EXAMINATION
REPORT.—With 
respect to an examination of an insured credit 
union, the Board shall provide a final examina-
tion report to the insured credit union not later 
than 60 days after the later of— 
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‘‘(i) the exit interview for the examina-
tion; or 
‘‘(ii) the provision of additional infor-
mation by the insured credit union relating 
to the examination. 
‘‘(B) EXAMINATION MATERIALS.—Upon the 
request of an insured credit union, the Board 
shall include with a final examination report an 
appendix listing all materials relied upon by the 
Board in support of all material supervisory de-
terminations. 
‘‘(C) MATERIAL SUPERVISORY DETERMINA-
TION
DEFINED.—In this paragraph, the term 
‘material supervisory determination’ has the 
meaning given such term in section 309(i) of the 
Riegle Community Development and Regulatory 
Improvement Act of 1994.’’. 
(b) TIMELINESS OF REQUIRED PERMISSION, REGU-
LATORY, AND REPORTING GUIDANCE.— 
(1) INSURED DEPOSITORY INSTITUTIONS.—Sec-
tion 10 of the Federal Deposit Insurance Act (12 
U.S.C. 1820) is amended by adding at the end the fol-
lowing: 
‘‘(l) TIMELINESS OF REQUIRED PERMISSION, REGU-
LATORY, AND REPORTING GUIDANCE.— 
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‘‘(1) REQUEST FOR PERMISSION OR GUIDANCE.— 
An insured depository institution may request a writ-
ten determination by the appropriate Federal bank-
ing agency of— 
‘‘(A) the agency’s permission to take a par-
ticular action; 
‘‘(B) the agency’s interpretation of a law or 
regulation; and 
‘‘(C) the agency’s interpretation of generally 
accepted accounting principles or accounting ob-
jectives, standards, and requirements under sec-
tion 37. 
‘‘(2) CONTENTS OF REQUEST.—A request made 
under paragraph (1) shall be in writing and con-
tain— 
‘‘(A) the nature of the request; 
‘‘(B) applicable facts relating to the matter; 
‘‘(C) applicable law, regulation, or gen-
erally accepted accounting principles relating to 
the matter; and 
‘‘(D) a summary of the request. 
‘‘(3) RESPONSE TO REQUEST.—A Federal bank-
ing agency receiving a request under paragraph (1) 
shall, not later than 30 days after receiving the re-
quest— 
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‘‘(A) provide the insured depository institu-
tion making the request with written notification 
that the agency received the request and stating 
whether the request contains the information re-
quired under paragraph (2); and 
‘‘(B) if the request does not contain the in-
formation required under paragraph (2), provide 
the insured depository institution with an expla-
nation of what information is missing. 
‘‘(4) PROVIDING
MISSING
INFORMATION.—If a 
Federal banking agency informs the insured deposi-
tory institution under paragraph (3) that the request 
does not contain all the information required under 
paragraph (2), the insured depository institution may 
provide the missing information to the Federal bank-
ing agency during the 30-day period beginning on the 
date the insured depository institution receives the ex-
planation of the missing information under para-
graph (3). 
‘‘(5) DETERMINATION.—A Federal banking agen-
cy receiving a request under paragraph (1) shall 
make a determination on the request and provide the 
insured depository institution with a written notice of 
such determination— 
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‘‘(A) if the initial request contains the in-
formation required under paragraph (2), not 
later than the end of the 60-day period beginning 
on the date the Federal banking agency notifies 
the insured depository institution of the receipt 
of the request under paragraph (3); or 
‘‘(B) if the initial request does not contain 
the information required under paragraph (2)— 
‘‘(i) not later than the end of the 60- 
day period beginning on the date that the 
insured depository institution provides the 
Federal banking agency with the missing 
information under paragraph (4); or 
‘‘(ii) if the insured depository institu-
tion does not provide the Federal banking 
agency with the missing information within 
the 30-day period described under para-
graph (4), not later than the end of the 60- 
day period beginning on the end of such 30- 
day period. 
‘‘(6) REPORTS AND PUBLICATION.—Each Federal 
banking agency shall, within 120 days after making 
a determination under paragraph (5), publish a sum-
mary of the determination on the public website of the 
Federal banking agency. Each Federal banking agen-
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cy shall redact any confidential supervisory informa-
tion about the insured depository institution, any 
identifying facts about the institution, and any sen-
sitive personally identifiable information.’’. 
(2) INSURED CREDIT UNIONS.—Section 209 of 
the Federal Credit Union Act (12 U.S.C. 1789) is 
amended by adding at the end the following: 
‘‘(c) TIMELINESS OF REQUIRED PERMISSION, REGU-
LATORY, AND REPORTING GUIDANCE.— 
‘‘(1) REQUEST FOR PERMISSION OR GUIDANCE.— 
An insured credit union may request a written deter-
mination by the Board of— 
‘‘(A) the Board’s permission to take a par-
ticular action; 
‘‘(B) the Board’s interpretation of a law or 
regulation; and 
‘‘(C) the Board’s interpretation of generally 
accepted accounting principles or other account-
ing objectives, standards, and requirements. 
‘‘(2) CONTENTS OF REQUEST.—A request made 
under paragraph (1) shall be in writing and con-
tain— 
‘‘(A) the nature of the request; 
‘‘(B) applicable facts relating to the matter; 
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‘‘(C) applicable law, regulation, or gen-
erally accepted accounting principles relating to 
the matter; and 
‘‘(D) a summary of the request. 
‘‘(3) RESPONSE TO REQUEST.—The Board, upon 
receiving a request under paragraph (1) shall, not 
later than 30 days after receiving the request— 
‘‘(A) provide the insured credit union mak-
ing the request with written notification that the 
Board received the request and stating whether 
the request contains the information required 
under paragraph (2); and 
‘‘(B) if the request does not contain the in-
formation required under paragraph (2), provide 
the insured credit union with an explanation of 
what information is missing. 
‘‘(4) PROVIDING MISSING INFORMATION.—If the 
Board informs the insured credit union under para-
graph (3) that the request does not contain all the in-
formation required under paragraph (2), the insured 
credit union may provide the missing information to 
the Board during the 30-day period beginning on the 
date the insured credit union receives the explanation 
of the missing information under paragraph (3). 
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‘‘(5) DETERMINATION.—The Board shall make a 
determination on a request made under paragraph 
(1) and provide the insured credit union with a writ-
ten notice of such determination— 
‘‘(A) if the initial request contains the in-
formation required under paragraph (2), not 
later than the end of the 60-day period beginning 
on the date the Board notifies the insured credit 
union of the receipt of the request under para-
graph (3); or 
‘‘(B) if the initial request does not contain 
the information required under paragraph (2)— 
‘‘(i) not later than the end of the 60- 
day period beginning on the date that the 
insured credit union provides the Board 
with the missing information under para-
graph (4); or 
‘‘(ii) if the insured credit union does 
not provide the Board with the missing in-
formation within the 30-day period de-
scribed under paragraph (4), not later than 
the end of the 60-day period beginning on 
the end of such 30-day period. 
‘‘(6) REPORTS AND PUBLICATION.—The Board 
shall, within 120 days after making a determination 
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under paragraph (5), publish a summary of the deter-
mination on the public website of the Board. The 
Board shall redact any confidential supervisory infor-
mation about the insured credit union, any identi-
fying facts about the credit union, and any sensitive 
personally identifiable information.’’. 
SEC. 402. UPDATE OF INDEPENDENT INTRA-AGENCY APPEL-
LATE PROCESS FOR REVIEWING MATERIAL 
SUPERVISORY DETERMINATIONS. 
(a) UPDATE OF INDEPENDENT INTRA-AGENCY APPEL-
LATE PROCESS.—Not later than 180 days after the date of 
enactment of this Act, the Board of Governors of the Federal 
Reserve System, the Comptroller of the Currency, the Fed-
eral Deposit Insurance Corporation Board, and the Na-
tional Credit Union Administration Board shall revise the 
independent intra-agency appellate process required under 
section 309(a) of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4806(a)). 
(b) OFFICE
OF SUPERVISORY APPEALS; APPEALS 
PROCESS.—Section 309 of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994 (12 U.S.C. 
4806) is amended— 
(1) by redesignating subsection (f) as subsection 
(i); and 
(2) by inserting after subsection (e) the following: 
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‘‘(f) OFFICE OF SUPERVISORY APPEALS.—The Federal 
banking agencies and the National Credit Union Adminis-
tration shall each establish an Office of Supervisory Ap-
peals to carry out the independent intra-agency appellate 
process required under this section. 
‘‘(g) APPEALS OFFICIALS.— 
‘‘(1) APPOINTMENT.—The head of each of the 
Federal banking agencies and the National Credit 
Union Administration shall appoint appeals officials, 
in a number sufficient to fully staff the panels de-
scribed under subsection (h), from among the fol-
lowing classes of individuals: 
‘‘(A) Individuals who have financial insti-
tutions regulatory agency experience. 
‘‘(B) Individuals who— 
‘‘(i) are a licensed attorney or a cer-
tified public accountant authorized to prac-
tice under the laws of a State, the District 
of Columbia, or a territory of the United 
States; 
‘‘(ii) have either academic or private 
sector experience; 
‘‘(iii) have relevant subject matter 
knowledge or work-related experience in the 
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financial services sector, as determined by 
the agency making the appointment; and 
‘‘(iv) are not, and were not during the 
previous 10-year period, employed by a 
Federal banking agency, a Federal reserve 
bank, or the National Credit Union Admin-
istration. 
‘‘(C) Individuals— 
‘‘(i) with at least 10 years private sec-
tor financial services senior management- 
level experience; and 
‘‘(ii) recommended by— 
‘‘(I) an insured depository insti-
tution; 
‘‘(II) an insured credit union; or 
‘‘(III) a trade association for such 
institutions or credit unions. 
‘‘(2) TERM.— 
‘‘(A) IN GENERAL.—Each appeals official 
appointed under paragraph (1) shall serve for a 
term of 3 years. 
‘‘(B) TERM
LIMITATION.—No individual 
may be appointed under paragraph (1) to serve 
more than 2 full terms. 
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‘‘(C) DISMISSAL.—An appeals official ap-
pointed under paragraph (1) may be removed at 
any time by the appointing agency. 
‘‘(h) APPEALS PROCESS AND PANEL HEARING OF MA-
TERIAL SUPERVISORY DETERMINATIONS.— 
‘‘(1) APPEAL TO THE HEAD OF SUPERVISION.— 
‘‘(A) IN GENERAL.—An institution seeking 
an appeal of a material supervisory determina-
tion shall— 
‘‘(i) file a written appeal to the head 
of supervision for the agency not later than 
30 days after receiving the material super-
visory determination from the agency; and 
‘‘(ii) include in the appeal— 
‘‘(I) a clear and complete state-
ment of all relevant facts and issues; 
‘‘(II) all arguments that the insti-
tution wishes to present; and 
‘‘(III) all relevant and material 
documents that the institution wishes 
to be considered. 
‘‘(B) EXTENSION.—The institution may file 
a written request with the head of supervision for 
an extension of the 30-day time period described 
under subparagraph (A)(i), which shall state 
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good cause for granting the extension. Such re-
quest shall be granted in the sole discretion of the 
head of supervision. 
‘‘(C) INFORMATION MADE AVAILABLE TO IN-
STITUTION.—An institution seeking an appeal of 
a material supervisory determination may, not 
later than 7 days after receiving the material su-
pervisory determination, request that the agency 
provide the institution with any information re-
lied upon by the agency in making the material 
supervisory determination. The agency shall pro-
vide that information to the institution not later 
than 14 days after receiving the request. 
‘‘(2) CONSIDERATION OF APPEAL BY THE HEAD 
OF SUPERVISION.— 
‘‘(A) IN GENERAL.—A head of supervision 
receiving an appeal under paragraph (1) shall, 
after reviewing the information provided by the 
institution in such appeal— 
‘‘(i) grant the appeal; 
‘‘(ii) refer the appeal to a panel ap-
pointed under paragraph (3) for a rec-
ommendation; or 
‘‘(iii) deny the appeal. 
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‘‘(B) NOTIFICATION.—A head of supervision 
shall promptly inform the institution and the 
head of the agency after granting, referring, or 
denying an appeal under subparagraph (A). 
‘‘(C) RIGHT TO APPEAL DENIAL.—An insti-
tution that has an appeal denied by the head of 
supervision under subparagraph (A) may appeal 
such denial directly to a panel appointed under 
paragraph (3). 
‘‘(3) APPOINTMENT OF PANEL.— 
‘‘(A) IN
GENERAL.—With respect to each 
appeal referred by a head of supervision under 
paragraph (2)(A)(ii) or appealed by an institu-
tion after a denial under paragraph (2)(A)(iii), 
the agency shall appoint a panel of 3 appeals of-
ficials to provide a recommendation on such ap-
peal, with 1 of the 3 appeals officials being ap-
pointed to the panel from individuals in each of 
the classes described under subparagraphs (A), 
(B), and (C) of subsection (g)(1). 
‘‘(B) REPORTING
PROHIBITION.—An ap-
peals official may not be appointed to a panel 
under subparagraph (A) if the appeals official is 
reporting, or has reported, directly or indirectly 
in the past 5 years, to the agency official who 
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made the material supervisory determination 
under review. 
‘‘(4) PANEL HEARINGS.— 
‘‘(A) REQUEST FOR HEARING.—An institu-
tion may request a hearing with the panel on the 
institution’s appeal by— 
‘‘(i) making such request not later than 
7 days after the date on which the institu-
tion is informed that the head of super-
vision referred an appeal to a panel under 
paragraph (2); or 
‘‘(ii) including the request in the insti-
tution’s appeal of a denial under paragraph 
(2). 
‘‘(B) TIMING OF HEARING.—If an institu-
tion requests a hearing, as described under sub-
paragraph (A), the panel shall provide the insti-
tution with a hearing on the institution’s appeal 
not later than 30 days after the date the hearing 
is requested, except the panel may, in the discre-
tion of the panel or upon good cause shown, ex-
tend such deadline by up to 15 days. 
‘‘(C) RULEMAKING.—The Federal banking 
agencies and the National Credit Union Admin-
istration shall each issue rules to establish proce-
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dures for panel hearings described under this 
paragraph, including that— 
‘‘(i) the institution may appear at the 
hearing personally or through counsel; 
‘‘(ii) the institution may provide an 
oral and written presentation at the hear-
ing; 
‘‘(iii) the panel may ask questions of 
any person participating in the hearing; 
‘‘(iv) the hearing may not involve— 
‘‘(I) taking testimony; 
‘‘(II) a cross-examination; and 
‘‘(III) discovery; 
‘‘(v) the hearing shall not be governed 
by formal rules of evidence; and 
‘‘(vi) the panel shall have a verbatim 
transcript of the hearing prepared. 
‘‘(5) RECOMMENDATION BY PANEL.— 
‘‘(A) IN GENERAL.—A panel making a rec-
ommendation on an appeal under this subsection 
shall make the recommendation not later than— 
‘‘(i) 90 days after the date on which 
the appeal was referred by a head of super-
vision under paragraph (2)(A)(ii) or ap-
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pealed by an institution after a denial 
under paragraph (2)(A); or 
‘‘(ii) if the institution requested a 
hearing under paragraph (4), 60 days after 
the date on which the hearing concluded. 
‘‘(B) FORM
OF
RECOMMENDATION.—The 
panel may recommend— 
‘‘(i) that the material supervisory de-
termination be continued, terminated, or 
otherwise modified; or 
‘‘(ii) that the material supervisory de-
termination be remanded to the examiners 
to allow the examiners to consider addi-
tional information presented in connection 
with the appeal. 
‘‘(C) NOTICE.—After a recommendation is 
made under subparagraph (A), the panel shall 
promptly notify the institution, the head of su-
pervision of the agency, and the head of the 
agency of the recommendation, which shall con-
tain a statement of the basis for the panel’s rec-
ommendation and identify the information on 
which the panel relied in reaching the rec-
ommendation. 
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