Financial Institutions Examination Fairness and Reform Act

Bill: 115-hr-4545
Sponsor: Rep. Tipton, Scott  R. [R-CO-3]
Introduced: 2017-12-04 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Consumer Financial Protection Bureau
Executive agency funding and structure
Federal Reserve System
Government studies and investigations
Judicial review and appeals
Performance measurement

Summary:
action_date: 2017-12-04
text: 

Financial Institutions Examination Fairness and Reform Act

 
This bill amends the Federal Financial Institutions Examination Council Act of 1978 to: 
 
 
set deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency, and 
 
establish the Office of Independent Examination Review to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. 

 
The bill also requires the establishment of an independent internal agency appellate process at the Consumer Financial Protection Bureau (CFPB) for the review of supervisory determinations made at institutions supervised by the CFPB. 

action_date: 2018-03-06
text: 

Financial Institutions Examination Fairness and Reform Act

 
This bill amends the Federal Financial Institutions Examination Council Act of 1978 to: 
 
 
set deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency, and 
 
establish the Office of Independent Examination Review to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. 

 
The bill also requires the establishment of an independent internal agency appellate process at the Consumer Financial Protection Bureau (CFPB) for the review of supervisory determinations made at institutions supervised by the CFPB. 

action_date: 2018-03-15
text: 

Financial Institutions Examination Fairness and Reform Act

 
(Sec. 2) This bill amends the Federal Financial Institutions Examination Council Act of 1978 to apply specified procedures related to reporting and review, as established by the bill, to a nondepository covered person that is subject to Consumer Financial Protection Bureau (CFPB) supervision. 
 
(Sec. 3) The bill sets deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency. 
 
(Sec. 4) The Office of Independent Examination Review is established to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. 
 
(Sec. 5) Financial institutions have the right to an independent review of a material supervisory determination. The bill also establishes a limited review by the Federal Financial Institutions Examination Council (FFIEC) if there is evidence that the final decision reached by the office would pose an imminent threat to the financial institution's safety and soundness. Certain retaliatory actions by regulatory agencies with respect to such review are prohibited. 
 
(Sec. 6) The bill also requires the establishment of an independent internal agency appellate process at the CFPB for the review of supervisory determinations made at institutions supervised by the CFPB. The proportion of FFIEC costs covered by regulatory agencies is raised. 
 
(Sec. 7) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks. 


Legislative actions:
action_date: 2018-03-19
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2018-03-15
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-03-15
text: On passage Passed by the Yeas and Nays: 283 - 133 (Roll no. 112).
action_date: 2018-03-15
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 283 - 133 (Roll no. 112).
action_date: 2018-03-15
text: Considered as unfinished business. (consideration: CR H1642-1643)
action_date: 2018-03-15
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Maxine Waters amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Ms. Waters demanded the yeas and nays, and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
action_date: 2018-03-15
text: The previous question was ordered on the amendment and the bill without objection.
action_date: 2018-03-15
text: DEBATE - Pursuant to the provisions of H.Res. 773, the House proceeded with 10 minutes of debate on the Waters Part B amendment No. 1.
action_date: 2018-03-15
text: DEBATE - The House proceeded with one hour of debate on H.R. 4545.
action_date: 2018-03-15
text: Rule provides for consideration of H.R. 4545, H.R. 1116 and H.R. 4263. Rule provides for consideration of H.R. 4545 under a structured rule, and makes in order amendments printed in the report, with one motion to recommit with or without instructions. Rule also provides for consideration of H.R. 1116 and H.R. 4263 under closed rules. The rule provides for one hour of debate equally divided and controlled by the Chair and Ranking Minority Member of the Committee on Financial Services for each measure, and one motion to recommit with or without instructions for each measure.
action_date: 2018-03-15
text: Considered under the provisions of rule H. Res. 773. (consideration: CR H1624-1634; text of measure as reported in House: CR H1624-1625)
action_date: 2018-03-15
text: ORDER OF BUSINESS - Mr. Hensarling asked unanimous consent that the question of adopting amendment No. 1 printed in Part B of House Report 115-595 to H.R.4545 may be subject to postponement as though under clause 8 of rule 20. Agreed to without objection.
action_date: 2018-03-13
text: Rules Committee Resolution H. Res. 773 Reported to House. Rule provides for consideration of H.R. 4545, H.R. 1116 and H.R. 4263. Rule provides for consideration of H.R. 4545 under a structured rule, and makes in order amendments printed in the report, with one motion to recommit with or without instructions. Rule also provides for consideration of H.R. 1116 and H.R. 4263 under closed rules. The rule provides for one hour of debate equally divided and controlled by the Chair and Ranking Minority Member of the Committee on Financial Services for each measure, and one motion to recommit with or without instructions for each measure.
action_date: 2018-03-06
text: Placed on the Union Calendar, Calendar No. 447.
action_date: 2018-03-06
text: Reported by the Committee on Financial Services. H. Rept. 115-589.
action_date: 2018-03-06
text: Reported by the Committee on Financial Services. H. Rept. 115-589.
action_date: 2017-12-13
text: Ordered to be Reported by the Yeas and Nays: 50 - 10.
action_date: 2017-12-13
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-12-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-12-04
text: Referred to the House Committee on Financial Services.
action_date: 2017-12-04
text: Introduced in House
action_date: 2017-12-04
text: Introduced in House