,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #dbje  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #a1 #bjag,mr4
 ,ro?fus 7= himself1 ,mr4 ,luetkemey]1 &
 ,mr4 ,p]lmutt]7 introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,f$]al ,f9ancial ,in/itutions         
,exam9ation ,c\ncil ,act ( #aigh to     
e/abli% a ?ree-judge indep5d5t          
exam9ation review panel4  #a4 ,%ort     
title ,?is ,act may be cit$ z !         
,f9ancial ,in/itution ,exam9ation       
,responsiv5ess ,act4  #b4 ,timel9ess (  
exam9ation reports ,! ,f$]al ,f9ancial  
,in/itutions ,exam9ation ,c\ncil ,act ( 
#aigh 7#ab ,u4,s4,c4 #ccja et seq47 is  
am5d$ by add+ at ! end ! foll[+3  #ajab4
 ,timel9ess ( exam9ation reports  7a7 ,9
 g5]al  7#a7 ,f9al exam9ation report ,a 
,f$]al f9ancial in/itutions regulatory  
ag5cy %all provide a f9al exam9ation    
report to a f9ancial in/itution n lat]  
?an #fj days aft] ! lat] (--  7,a7 !    
exit int]view = an exam9ation ( !       

in/itution2 or  7,b7 ! provision (      
additional in=mation by ! in/itution    
relat+ to ! exam9ation4  7#b7 ,exit     
int]view ,) respect to an exam9ation ( a
 f9ancial in/itution by a ,f$]al        
f9ancial in/itutions regulatory ag5cy1  
if ! f9ancial in/itution is n subject to
 a resid5t exam9] program1 ! exit       
int]view = su* exam9ation %all occur n  
lat] ?an ! end ( ! #i-mon? p]iod beg9n+ 
on ! comm5cem5t ( ! exam9ation1 except t
 su* p]iod may be ext5d$ by ! ,f$]al    
f9ancial in/itutions regulatory ag5cy by
 provid+ writt5 notice to ! f9ancial    
in/itution describ+ ) p>ticul>ity !     
reasons t a long] p]iod is ne$$4  7b7   
,exam9ation mat]ials ,^u ! reque/ ( a   
f9ancial in/itution1 ! ,f$]al f9ancial  
in/itutions regulatory ag5cy %all       
include ) a f9al exam9ation report an   
app5dix li/+ all exam9ation or o!r      
factual in=mation reli$ ^u by ! ag5cy 9 
support ( a mat]ial sup]visory          
det]m9ation4  4  #c4 ,indep5d5t         
,exam9ation ,review ,panel  7a7 ,9 g5]al

 ,! ,f$]al ,f9ancial ,in/itutions       
,exam9ation ,c\ncil ,act ( #aigh 7#ab   
,u4,s4,c4 #ccja et seq471 z am5d$ by    
section #b1 is fur!r am5d$ by add+ at ! 
end ! foll[+ new section3  #ajac4       
,indep5d5t ,exam9ation ,review ,panel   
7a7 ,9 g5]al  7#a7 ,e/abli%m5t ,!re is  
e/abli%$ 9 ! executive bran* !          
,indep5d5t ,exam9ation ,review ,panel 79
 ?is section ref]r$ to z ! ,panel74     
7#b7 ,judges ,! ,panel %all consi/ (    
?ree judges1 appo9t$ z foll[s3 7,a7 ,"o 
judge appo9t$ by ! ,c\ncil ) ext5sive   
f9ancial in/itutions regulatory ag5cy   
exp]i5ce4  7,b7 ,"o judge appo9t$ by !  
,securities & ,ex*ange ,commission )    
legal & public acc\nt+ exp]i5ce4  7,c7  
,"o judge appo9t$ by ! ,c\ncil1 select$ 
f c&idates ) private sector s5ior       
managem5t-level exp]i5ce ) legal or     
public acc\nt+ backgr\nd & recomm5d$ to 
! ,c\ncil by a f9ancial in/itution or a 
f9ancial in/itution trade association4  
7#c7 ,t]ms  7,a7 ,9 g5]al ,ea* judge    
appo9t$ to ! ,panel %all s]ve = a t]m ( 

#c ye>s1 except z provid$ 9 subp>agraph 
7,b74 ,no judge may be appo9t$ to s]ve m
 ?an #b t]ms4  7,b7 ,t]ms ( initial     
appo9tees ,( ! judges fir/ appo9t$ to ! 
,panel-- 7i7 ! judge appo9t$ pursuant to
 p>agraph 7#b77;,a7 %all be appo9t$ = a 
t]m ( #a ye>2  7ii7 ! judge appo9t$     
pursuant to p>agraph 7#b77;,b7 %all be  
appo9t$ = a t]m ( #b ye>s2 &  7iii7 !   
judge appo9t$ pursuant to p>agraph      
7#b77;,c7 %all be appo9t$ = a t]m ( #c  
ye>s4  7#d7 ,requirem5ts = appo9tm5t ,an
 individual appo9t$ "u subp>agraph 7,b7 
or 7,c7 ( p>agraph 7#b7 %all-- 7,a7 be a
 lic5s$ attorney & a c]tifi$ public     
acc\ntant au?oriz$ to practice "u ! laws
 ( a ,/ate1 ! ,di/rict ( ,columbia1 !   
,commonweal? ( ,pu]to ,rico1 or any o!r 
t]ritory or possession ( ! ,unit$       
,/ates2 &  7,b7 h relevant subject matt]
 education & "w-relat$ exp]i5ce1 includ+
 work+ k ( g5]ally accept$ acc\nt+      
pr9ciples1 z det]m9$ by ! entity mak+ ! 
appo9tm5t4  7b7 ,jurisdiction ,! ,panel 
%all h exclusive jurisdiction ( an      

appeal ( a f9al mat]ial sup]visory      
det]m9ation ( a ,f$]al f9ancial         
in/itutions regulatory ag5cy4 ,! ,panel 
%all det]m9e ! m]its ( ! appeal1 aft] an
 opportunity = a he>+ on ! record4  7c7 
,/&>d ( review ,9 an appeal he>d by !   
,panel "u ?is section1 ! ,panel may n   
def] only to ! op9ions ( an exam9] or a 
,f$]al f9ancial in/itutions regulatory  
ag5cy1 b %all indep5d5tly det]m9e !     
appropriat5ess ( ! ,f$]al f9ancial      
in/itutions regulatory ag5cy's decision 
bas$ ^u ! relevant /atutes1 regulations1
 judicial prec$5ts1 & previ\s decisions 
( ! ,panel4  7d7 ,notice  7#a7 ,9 g5]al 
,a f9ancial in/itution seek+ an appeal  
"u ?is section %all file a writt5 notice
 ) ! ,panel )9 #cj days aft] receiv+ !  
f9al mat]ial sup]visory det]m9ation f ! 
ag5cy1 or )9 #bgj days aft] receiv+ !   
f9al exam9ation report1 :i*ev] occurs   
fir/4  7#b7 ,cont5ts ( notice ,! writt5 
notice %all id5tify ! f9al mat]ial      
sup]visory det]m9ation t is ! subject ( 
! appeal & a /atem5t ( ! reasons :y !   

f9ancial in/itution believes su*        
det]m9ation %\ld be modifi$4  7e7       
,in=mation ,to be provid$ to in/itution 
prior to he>+ be=e ! ,panel ,any        
in=mation reli$ ^u by a ,f$]al f9ancial 
in/itutions regulatory ag5cy 9 a f9al   
exam9ation report t is n 9 ! possession 
( a f9ancial in/itution reque/+ an      
appeal "u ?is section may be reque/$ by 
! f9ancial in/itution &1 if reque/$1    
%all be deliv]$ promptly by ! ag5cy to !
 f9ancial in/itution4  7f7 ,he>+ ,if a  
f9ancial in/itution reque/s a he>+ be=e 
! ,panel 9 connection ) an appeal by !  
f9ancial in/itution "u ?is section1 !   
he>+ %all--  7#a7 take place n lat] ?an 
#fj days aft] ! date on :i* ! notice ( !
 appeal 0 receiv$ by ! ,panel1 except ! 
,panel 9 its discretion or ^u good cause
 %[n may ext5d ! he>+ by up to #fj days2
 &  7#b7 be conduct$ pursuant to !      
proc$ures set =? "u sections #eef & #eeg
 ( title #e1 ,unit$ ,/ates ,code4  7g7  
,decision ,a decision by ! ,panel on an 
appeal "u ?is section %all be made n    

lat] ?an-- 7#a7 #fj days aft] ! date on 
:i* ! notice ( appeal is fil$ ) !       
,panel2 or  7#b7 #cj days aft] ! date on
 :i* a he>+ "u subsection 7f7 has       
conclud$1 if a he>+ is reque/$ by !     
f9ancial in/itution4  7h7 ,"r to        
judicial review ,a f9ancial in/itution &
 ! ,f$]al f9ancial in/itution regulatory
 ag5cy t made ! mat]ial sup]visory      
det]m9ation appeal$ "u ?is section %all 
h ! "r to petition = review ( ! decision
 ( ! ,panel "u ?is section by fil+ a    
petition = review n lat] ?an #fj days   
aft] ! date on :i* ! decision 0 made 9 !
 ,unit$ ,/ates ,c\rt ( ,appeals = !     
,di/rict ( ,columbia ,circuit or !      
circuit 9 :i* ! f9ancial in/itution is  
locat$4  7i7 ,reports & publication     
7#a7 ,reports ,! ,panel %all1 )9 #ij    
days ( ! end ( ea* cal5d> ye>1 report   
f9al decisions made "u subsection 7g7   
dur+ su* cal5d> ye> to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives4   

,su* reports may n conta9 confid5tial or
 privileg$ in=mation %>$ by f9ancial    
in/itutions4  7#b7 ,publication ,any    
report submitt$ "u p>agraph 7#a7 %all be
 made available on ! ,c\ncil's website 9
 su* a mann] t su* reports may s]ve z   
prec$5t = future disputes4  7j7 ,exp5ses
  7#a7 ,9 g5]al ,! reasonable co/s &    
exp5ses incurr$ by ! ,panel %all be paid
 by ! ,c\ncil4  7#b7 ,sal>ies           
,comp5sation = ! judges appo9t$ to !    
,panel "u ?is section %all be det]m9$ by
 ! ,c\ncil & bas$ ^u ! fair m>ket value 
( ! level ( s]vice & "t provid$ consid]+
 ! tra9+1 k1 & exp]i5ce ne$$ to prop]ly 
& pr(essionally c>ry out ! duties       
requir$4  7k7 ,retaliation prohibit$ ,a 
,f$]al f9ancial in/itutions regulatory  
ag5cy may n-- 7#a7 retaliate aga9/ a    
f9ancial in/itution1 includ+ s]vice     
provid]s1 or any in/itution-affiliat$   
p>ty1 = ex]cis+ appellate rights "u ?is 
section2 or  7#b7 delay or d5y any ag5cy
 action t w\ld b5efit a f9ancial        
in/itution or any in/itution-affiliat$  

p>ty on ! basis t an appeal "u ?is      
section is p5d+ "u ?is section4  4  7b7 
,def9ition ,section #ajjc ( ! ,f$]al    
,f9ancial ,in/itutions ,exam9ation      
,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4     
#ccjb7 is am5d$--  7#a7 9 p>agraph 7#b71
 by /rik+ &2  7#b7 9 p>agraph 7#c71 by  
add+ & at ! end2 &  7#c7 by add+ at !   
end ! foll[+ new p>agraph3  7#d7 ! t]m  
mat]ial sup]visory det]m9ations has !   
mean+ giv5 su* t]m 9 section #cji7;f7 ( 
! ,riegle ,community ,developm5t &      
,regulatory ,improvem5t ,act ( #aiid    
7#ab ,u4,s4,c4 #dhjf7;f774  4  #d4      
,timel9ess ( requir$ p]mission1         
regulatory1 & report+ guidance ,! ,f$]al
 ,f9ancial ,in/itutions ,exam9ation     
,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4     
#ccja et seq471 z am5d$ by section #c1  
is fur!r am5d$ by add+ at ! end ! foll[+
 new section3  #ajad4 ,timel9ess (      
requir$ p]mission1 regulatory1 & report+
 guidance  7a7 ,reque/ = p]mission or   
guidance ,a f9ancial in/itution may     
reque/ a writt5 det]m9ation by a ,f$]al 

f9ancial in/itutions regulatory ag5cy   
(--  7#a7 ! ag5cy's p]mission to take an
 action :]e p]mission is m&at$ by       
regulation2  7#b7 ! ag5cy's             
int]pretation ( a law or regulation2 &  
7#c7 ! ag5cy's int]pretation ( g5]ally  
accept$ acc\nt+ pr9ciples or acc\nt+    
objectives1 /&>ds1 & requirem5ts "u     
section #cg ( ! ,f$]al ,deposit         
,insurance ,act4  7b7 ,cont5ts ( reque/ 
,a reque/ made "u subsection 7a7 %all be
 9 writ+ & conta9 all ! in=mation ne$$  
to communicate to ! ,f$]al f9ancial     
in/itutions regulatory ag5cy ! foll[+3  
7#a7 ,! nature ( ! reque/4  7#b7        
,applicable facts relat+ to ! matt]4    
7#c7 ,applicable law1 regulation1 or    
g5]ally accept$ acc\nt+ pr9ciples relat+
 to ! matt]4  7#d7 ,discussion relative 
to ! nature ( ! reque/ summ>iz+ !       
f9ancial in/itution's position or summ>y
 ( ! reque/4  7c7 ,response to reque/ ,a
 ,f$]al f9ancial in/itutions regulatory 
ag5cy receiv+ a reque/ "u subsection 7a7
 %all-- 7#a7 )9 #fj days ( receiv+ !    

reque/--  7,a7 provide ! f9ancial       
in/itution mak+ ! reque/ ) writt5       
notification t ! ag5cy receiv$ ! reque/ 
& /at+ :e!r ! reque/ conta9s ! in=mation
 requir$ "u subsection 7b72 &  7,b7 if !
 reque/ does n conta9 ! in=mation       
requir$ "u subsection 7b71 provide !    
f9ancial in/itution ) an explanation (  
:at in=mation is miss+2 &  7#b7 )9 #abj 
days ( receiv+ ! reque/1 if ! reque/    
conta9s ! in=mation requir$ "u          
subsection 7b71 make a det]m9ation on ! 
reque/ & provide ! f9ancial in/itution )
 a writt5 notice ( su* det]m9ation4  7d7
 ,appeal ,= purposes ( section          
#ajac7;b71 ! foll[+ actions are deem$ a 
f9al ag5cy mat]ial sup]visory           
det]m9ation3  7#a7 ,any det]m9ation made
 "u subsection 7c77#b74  7#b7 ,any      
failure by a ,f$]al f9ancial in/itutions
 regulatory ag5cy to comply ) a deadl9e 
requir$ by ?is section4  7#c7 ,any      
det]m9ation by a ,f$]al f9ancial        
in/itutions regulatory ag5cy "u         
subsection 7c77#a77;,b7 t a reque/ does 

n conta9 ! in=mation requir$ "u         
subsection 7b74  7e7 ,reports &         
publication ,ea* ,f$]al f9ancial        
in/itutions regulatory ag5cy %all1 )9   
#abj days aft] mak+ a det]m9ation "u    
subsection 7c77#b71 publi% a summ>y ( ! 
det]m9ation1 9 ord] to (f] guidance to !
 applicable indu/ry4 ,! summ>y may n    
conta9 confid5tial or privileg$         
in=mation ab\t ! f9ancial in/itution1   
f9ancial in/itution cli5ts1 or ag5cy    
p]sonnel4  4