Plain Language Summary
# FAIR Exams Act Summary **What the Bill Does:** The FAIR Exams Act would create a new independent review office within the Federal Financial Institutions Examination Council to hear appeals and complaints from banks and financial institutions about their federal examinations. If passed, it would give financial institutions the right to challenge major findings in their examination reports through this new review process. The bill also requires federal banking regulators to meet specific deadlines for completing examination reports and conducting exit interviews with institutions being examined. **Who It Affects and Key Provisions:** This bill primarily affects banks, credit unions, and other financial institutions that undergo federal examinations. It would require regulatory agencies to provide a list of all materials they used to support their major findings when institutions request them.
The bill includes procedures for hearings and formal decisions on appeals. Supporters argue these measures would make the examination process more transparent and fair, while opponents might worry about delays in regulatory oversight. **Current Status:** The bill (HR 940) was introduced in the 119th Congress by Representative J. French Hill (R-AR) and is currently in committee, meaning it has not yet been debated or voted on by the full House.
CRS Official Summary
Fair Audits and Inspections for Regulators’ Exams Act or the FAIR Exams ActThis bill establishes new procedures related to the federal examination of financial intuitions. Specifically, the bill establishes the Office of Independent Examination Review within the Federal Financial Institutions Examination Council to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. Under the bill, financial institutions have the right to obtain an independent review of a material supervisory determination contained in a final report of examination. The bill sets forth provisions regarding hearings and final decisions. The bill also sets deadlines for federal financial regulatory agencies to provide final examination reports and to perform exit interviews of a financial institution. In addition, the agency must list all materials relied upon in support of a material supervisory determination upon the request of the financial institution.
Latest Action
Placed on the Union Calendar, Calendar No. 176.