Title: Prudential Regulator Oversight 
Policy area: Finance and Financial Sector

Summary:
Prudential Regulator Oversight Act
This bill requires the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to report semiannually and testify annually on their supervisory and regulatory responsibilities and activities.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4841 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4841

    To require the prudential banking regulators to provide annual 
 testimony to Congress on their supervision and regulation activities, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 23, 2019

Mr. Phillips (for himself, Mr. Loudermilk, and Mrs. Beatty) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
    To require the prudential banking regulators to provide annual 
 testimony to Congress on their supervision and regulation activities, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Prudential Regulator Oversight 
Act''.

SEC. 2. ANNUAL TESTIMONY OF PRUDENTIAL REGULATORS.

    (a) In General.--The Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5301 et seq.) is amended by adding at the end 
of title VI the following:

``SEC. 629. ANNUAL TESTIMONY OF PRUDENTIAL REGULATORS.

    ``(a) Semi-Annual Report.--
            ``(1) In general.--The prudential regulators shall each 
        issue a semi-annual report to the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Financial Services of the House of Representatives regarding 
        the efforts, activities, objectives, and plans of the regulator 
        with respect to the conduct of supervision and regulation of 
        depository institution holding companies, depository 
        institutions, and credit unions.
            ``(2) Specific contents.--Each report required under 
        paragraph (1) shall include a description of--
                    ``(A) the safety and soundness of depository 
                institution holding companies, depository institutions, 
                and credit unions, including capital, liquidity, 
                leverage, stress testing, and living wills, as 
                applicable;
                    ``(B) the examination and supervision of depository 
                institution holding companies, depository institutions, 
                and credit unions, particularly G-SIBs, including a 
                detailed description of enforcement actions taken 
                during the reporting period, and a description of the 
                regulator's exercise of all available tools beyond 
                imposing fines to ensure compliance with all applicable 
                laws and regulations, as well as actions to ensure 
                accountability for culpable executives;
                    ``(C) emerging risks that may affect depository 
                institutions and potential threats to the financial 
                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 regulator as 
                a voting member of the Financial Stability Oversight 
                Council and any updates related to authorities the 
                regulator has under title I or title VIII of this Act 
                with respect to enhanced prudential standards and 
                supervision of large bank holding companies and firms 
                designated by the Financial Stability Oversight 
                Council;
                    ``(E) the implementation of the regulator's 
                diversity and inclusion efforts, including its 
                implementation 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 minority 
                depository institutions;
                    ``(F) the implementation of the Community 
                Reinvestment Act of 1977, including information on 
                examinations, guidance, and regulations;
                    ``(G) any mandatory provision of law that has not 
                been implemented yet by the regulator, including the 
                date on which the mandatory provision will be 
                implemented;
                    ``(H) an overview of the mergers and acquisitions 
                process, including data and descriptions 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 Enforcement Network and 
                appropriate communication 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 institutions and credit 
                unions as well as partnerships with third-party 
                companies; and
                    ``(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.
    ``(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 Governors shall 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 semiannual hearing to testify with 
        respect to the reports required under subsection (a). Any such 
        appearance shall satisfy the requirements of section 10(12) of 
        the Federal Reserve Act.
    ``(c) Definitions.--In this section:
            ``(1) Bank secrecy act.--The term `Bank Secrecy Act' 
        means--
                    ``(A) section 21 of the Federal Deposit Insurance 
                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 Comptroller of the Currency, the 
        Chairperson of the Corporation, 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.''.
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