,i #aaeth ,,congress #ast ,session ,h4 ,r4 #dbje ,,in ,,the ,,house ,,of ,,representatives ,november #a1 #bjag,mr4 ,rothfus 7for himself1 ,mr4 ,luetkemeyer1 and ,mr4 ,perlmutter7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,federal ,financial ,institutions ,examination ,council ,act of #aigh to establish a three-judge independent examination review panel4 #a4 ,short title ,this ,act may be cited as the ,financial ,institution ,examination ,responsiveness ,act4 #b4 ,timeliness of examination reports ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is amended by adding at the end the following3 #ajab4 ,timeliness of examination reports 7a7 ,in general 7#a7 ,final examination report ,a ,federal financial institutions regulatory agency shall provide a final examination report to a financial institution not later than #fj days after the later of-- 7,a7 the exit interview for an examination of the institution2 or 7,b7 the provision of additional information by the institution relating to the examination4 7#b7 ,exit interview ,with respect to an examination of a financial institution by a ,federal financial institutions regulatory agency1 if the financial institution is not subject to a resident examiner program1 the exit interview for such examination shall occur not later than the end of the #i-month period beginning on the commencement of the examination1 except that such period may be extended by the ,federal financial institutions regulatory agency by providing written notice to the financial institution describing with particularity the reasons that a longer period is needed4 7b7 ,examination materials ,upon the request of a financial institution1 the ,federal financial institutions regulatory agency shall include with a final examination report an appendix listing all examination or other factual information relied upon by the agency in support of a material supervisory determination4 4 #c4 ,independent ,examination ,review ,panel 7a7 ,in general ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq471 as amended by section #b1 is further amended by adding at the end the following new section3 #ajac4 ,independent ,examination ,review ,panel 7a7 ,in general 7#a7 ,establishment ,there is established in the executive branch the ,independent ,examination ,review ,panel 7in this section referred to as the ,panel74 7#b7 ,judges ,the ,panel shall consist of three judges1 appointed as follows3 7,a7 ,one judge appointed by the ,council with extensive financial institutions regulatory agency experience4 7,b7 ,one judge appointed by the ,securities and ,exchange ,commission with legal and public accounting experience4 7,c7 ,one judge appointed by the ,council1 selected from candidates with private sector senior management-level experience with legal or public accounting background and recommended to the ,council by a financial institution or a financial institution trade association4 7#c7 ,terms 7,a7 ,in general ,each judge appointed to the ,panel shall serve for a term of #c years1 except as provided in subparagraph 7,b74 ,no judge may be appointed to serve more than #b terms4 7,b7 ,terms of initial appointees ,of the judges first appointed to the ,panel-- 7i7 the judge appointed pursuant to paragraph 7#b77;,a7 shall be appointed for a term of #a year2 7ii7 the judge appointed pursuant to paragraph 7#b77;,b7 shall be appointed for a term of #b years2 and 7iii7 the judge appointed pursuant to paragraph 7#b77;,c7 shall be appointed for a term of #c years4 7#d7 ,requirements for appointment ,an individual appointed under subparagraph 7,b7 or 7,c7 of paragraph 7#b7 shall-- 7,a7 be a licensed attorney and a certified public accountant authorized to practice under the laws of a ,state1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 or any other territory or possession of the ,united ,states2 and 7,b7 have relevant subject matter education and work-related experience1 including working knowledge of generally accepted accounting principles1 as determined by the entity making the appointment4 7b7 ,jurisdiction ,the ,panel shall have exclusive jurisdiction of an appeal of a final material supervisory determination of a ,federal financial institutions regulatory agency4 ,the ,panel shall determine the merits of the appeal1 after an opportunity for a hearing on the record4 7c7 ,standard of review ,in an appeal heard by the ,panel under this section1 the ,panel may not defer only to the opinions of an examiner or a ,federal financial institutions regulatory agency1 but shall independently determine the appropriateness of the ,federal financial institutions regulatory agency's decision based upon the relevant statutes1 regulations1 judicial precedents1 and previous decisions of the ,panel4 7d7 ,notice 7#a7 ,in general ,a financial institution seeking an appeal under this section shall file a written notice with the ,panel within #cj days after receiving the final material supervisory determination from the agency1 or within #bgj days after receiving the final examination report1 whichever occurs first4 7#b7 ,contents of notice ,the written notice shall identify the final material supervisory determination that is the subject of the appeal and a statement of the reasons why the financial institution believes such determination should be modified4 7e7 ,information ,to be provided to institution prior to hearing before the ,panel ,any information relied upon by a ,federal financial institutions regulatory agency in a final examination report that is not in the possession of a financial institution requesting an appeal under this section may be requested by the financial institution and1 if requested1 shall be delivered promptly by the agency to the financial institution4 7f7 ,hearing ,if a financial institution requests a hearing before the ,panel in connection with an appeal by the financial institution under this section1 the hearing shall-- 7#a7 take place not later than #fj days after the date on which the notice of the appeal was received by the ,panel1 except the ,panel in its discretion or upon good cause shown may extend the hearing by up to #fj days2 and 7#b7 be conducted pursuant to the procedures set forth under sections #eef and #eeg of title #e1 ,united ,states ,code4 7g7 ,decision ,a decision by the ,panel on an appeal under this section shall be made not later than-- 7#a7 #fj days after the date on which the notice of appeal is filed with the ,panel2 or 7#b7 #cj days after the date on which a hearing under subsection 7f7 has concluded1 if a hearing is requested by the financial institution4 7h7 ,right to judicial review ,a financial institution and the ,federal financial institution regulatory agency that made the material supervisory determination appealed under this section shall have the right to petition for review of the decision of the ,panel under this section by filing a petition for review not later than #fj 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 financial institution is located4 7i7 ,reports and publication 7#a7 ,reports ,the ,panel shall1 within #ij days of the end of each calendar year1 report final decisions made under subsection 7g7 during such calendar year to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives4 ,such reports may not contain confidential or privileged information shared by financial institutions4 7#b7 ,publication ,any report submitted under paragraph 7#a7 shall be made available on the ,council's website in such a manner that such reports may serve as precedent for future disputes4 7j7 ,expenses 7#a7 ,in general ,the reasonable costs and expenses incurred by the ,panel shall be paid by the ,council4 7#b7 ,salaries ,compensation for the judges appointed to the ,panel under this section shall be determined by the ,council and based upon the fair market value of the level of service and time provided considering the training1 knowledge1 and experience needed to properly and professionally carry out the duties required4 7k7 ,retaliation prohibited ,a ,federal financial institutions regulatory agency may not-- 7#a7 retaliate against a financial institution1 including service providers1 or any institution-affiliated party1 for exercising appellate rights under this section2 or 7#b7 delay or deny any agency action that would benefit a financial institution or any institution-affiliated party on the basis that an appeal under this section is pending under this section4 4 7b7 ,definition ,section #ajjc of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjb7 is amended-- 7#a7 in paragraph 7#b71 by striking and2 7#b7 in paragraph 7#c71 by adding and at the end2 and 7#c7 by adding at the end the following new paragraph3 7#d7 the term material supervisory determinations has the meaning given such term in section #cji7;f7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dhjf7;f774 4 #d4 ,timeliness of required permission1 regulatory1 and reporting guidance ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq471 as amended by section #c1 is further amended by adding at the end the following new section3 #ajad4 ,timeliness of required permission1 regulatory1 and reporting guidance 7a7 ,request for permission or guidance ,a financial institution may request a written determination by a ,federal financial institutions regulatory agency of-- 7#a7 the agency's permission to take an action where permission is mandated by regulation2 7#b7 the agency's interpretation of a law or regulation2 and 7#c7 the agency's interpretation of generally accepted accounting principles or accounting objectives1 standards1 and requirements under section #cg of the ,federal ,deposit ,insurance ,act4 7b7 ,contents of request ,a request made under subsection 7a7 shall be in writing and contain all the information needed to communicate to the ,federal financial institutions regulatory agency the following3 7#a7 ,the nature of the request4 7#b7 ,applicable facts relating to the matter4 7#c7 ,applicable law1 regulation1 or generally accepted accounting principles relating to the matter4 7#d7 ,discussion relative to the nature of the request summarizing the financial institution's position or summary of the request4 7c7 ,response to request ,a ,federal financial institutions regulatory agency receiving a request under subsection 7a7 shall-- 7#a7 within #fj days of receiving the request-- 7,a7 provide the financial institution making the request with written notification that the agency received the request and stating whether the request contains the information required under subsection 7b72 and 7,b7 if the request does not contain the information required under subsection 7b71 provide the financial institution with an explanation of what information is missing2 and 7#b7 within #abj days of receiving the request1 if the request contains the information required under subsection 7b71 make a determination on the request and provide the financial institution with a written notice of such determination4 7d7 ,appeal ,for purposes of section #ajac7;b71 the following actions are deemed a final agency material supervisory determination3 7#a7 ,any determination made under subsection 7c77#b74 7#b7 ,any failure by a ,federal financial institutions regulatory agency to comply with a deadline required by this section4 7#c7 ,any determination by a ,federal financial institutions regulatory agency under subsection 7c77#a77;,b7 that a request does not contain the information required under subsection 7b74 7e7 ,reports and publication ,each ,federal financial institutions regulatory agency shall1 within #abj days after making a determination under subsection 7c77#b71 publish a summary of the determination1 in order to offer guidance to the applicable industry4 ,the summary may not contain confidential or privileged information about the financial institution1 financial institution clients1 or agency personnel4 4