,,ib ,union ,calendar ,no4 #fea #aahth ,,congress #b;d ,session ,h4 ,r4 #hccg ,report ,no4 #aah-ghh ,,in ,,the ,,house ,,of ,,representatives ,may #aj1 #bjbd,mr4 ,barr introduced the following bill2 which was referred to the ,committee on ,financial ,services ,december #c1 #bjbd;,additional sponsor3 ,mr4 ,fitzgerald ,december #c1 #bjbd,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,may #aj1 #bjbd ,a ,,bill ,to amend the ,federal banking laws to improve the safety and soundness of the ,united ,states banking system1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,bank ,resilience and ,regulatory ,improvement ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,title ,i--,financial ,institution ,regulatory ,tailoring ,enhancement,sec4 #aja4 ,increased asset thresholds4,title ,,ii--,bank ,failure ,prevention,sec4 #bja4 ,complete record on an application4,title ,,iii--,stress ,testing ,accountability and ,transparency,sec4 #cja4 ,rulemaking related to stress capital buffer requirements4,sec4 #cjb4 ,rulemaking relating to stress testing4,sec4 #cjc4 ,,gao report4,title ,,iv--,bank ,supervision ,appeals ,improvement,sec4 #dja4 ,timeliness of examinations and required permission1 regulatory1 and reporting guidance4,sec4 #djb4 ,update of independent intra-agency appellate process for reviewing material supervisory determinations4,sec4 #djc4 ,review of resolution actions resulting in a material loss4,title ,v--,review of ,discount ,window ,operations,sec4 #eja4 ,review of discount window operations4,title ,,vi--,small ,bank ,holding ,company ,relief,sec4 #fja4 ,changes required to the ,small ,bank ,holding ,company and ,savings and ,loan ,holding ,company ,policy ,statement4 ,i ,financial ,institution ,regulatory ,tailoring ,enhancement #aja4 ,increased asset thresholds 7a7 ,bureau ,supervision ,section #ajbe7;a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeae7 is amended by striking #aj1jjj1jjj1jjj each place it occurs and inserting #ej1jjj1jjj1jjj4 7b7 ,durbin ,amendment requirements ,section #iba7;a77#f7 of the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#f77 is amended by striking #aj1jjj1jjj1jjj and inserting #ej1jjj1jjj1jjj4 7c7 ,volker rule requirements ,section #ac7;h77#a77;,b77i7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7;h77#a77;,b77i77 is amended by striking #aj1jjj1jjj1jjj and inserting #ej1jjj1jjj1jjj4 7d7 ,qualified mortgage requirements ,section #abi;,c7b77,f77i7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7b77,f77i77 is amended by striking #aj1jjj1jjj1jjj and inserting #ej1jjj1jjj1jjj4 7e7 ,leverage and risk-,based capital requirements ,section #bja7;a77#c77;,a7 of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecga note 7a77#c77;,a77 is amended by striking #aj1jjj1jjj1jjj and inserting #ej1jjj1jjj1jjj4 ,,ii ,bank ,failure ,prevention #bja4 ,complete record on an application 7a7 ,bank holding companies ,section #c7;b77#a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdb7;b77#a77 is amended-- 7#a7 by striking ,upon receiving and inserting the following3 7,a7 ,in general ,upon receiving 2 7#b7 by striking required and inserting acquired2 7#c7 by striking ,in the event of the failure of the ,board to act on any application for approval under this section within the ninety-one-day period which begins on the date of submission to the ,board of the complete record on that application1 the application shall be deemed to have been granted42 and 7#d7 by adding at the end the following3 7,b7 ,complete record on an application 7i7 ,notice to applicant ,not later than #cj days after the date on which the ,board receives an application for approval under this section1 the ,board shall transmit to the applicant a letter that either-- 7,i7 confirms the record on the application is complete2 or 7,,ii7 details all additional information that is required for the record on that application to be complete4 7ii7 ,extension of notice ,notwithstanding clause 7i71 the ,board may1 if an application is complex1 extend the #cj-;day period described under clause 7i7 for an additional #cj days4 7iii7 ,receipt of response2 deeming of complete record ,upon receipt of a response from an applicant to a notice requesting additional information described under clause 7i77,,ii71 the record on the application shall be deemed complete unless the ,board-- 7,i7 determines that the applicant's response was materially deficient2 and 7,,ii7 not later than #cj days after the date on which the ,board received the response1 provides the applicant a detailed notice describing the deficiencies4 7iv7 ,treatment of third-party information ,in determining whether the record on an application is complete1 the ,board may take into account only information provided by the applicant1 and may not base the determination of completeness on any information 7including reports1 views1 or recommendations7 provided by third parties4 7,c7 ,deadline for determination 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the ,board shall grant or deny an application submitted under this section not later than #ij days after the date on which the application was initially submitted to the ,board1 regardless of whether the record on such initial application was complete4 7ii7 ,failure to make a determination ,if the ,board does not grant or deny an application within the time period described under clause 7i71 such application shall be deemed to have been granted4 7iii7 ,tolling of period ,the ,board may at any time extend the deadline described under clause 7i7 at the request of the applicant1 but may not extend the deadline more than #cj days past the deadline described under clause 7i74 4 7b7 ,savings and loan holding companies ,section #aj7;e7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7e77 is amended-- 7#a7 in paragraph 7#b71 by striking 1 and shall render a decision within #ij days after submission to the ,board of the complete record on the application2 7#b7 by redesignating paragraph 7#g7 as paragraph 7#i72 and 7#c7 by inserting after paragraph 7#f7 the following3 7#g7 ,complete record on an application 7,a7 ,notice to applicant ,not later than #cj days after the date on which the ,board receives an application for approval under this subsection1 the ,board shall transmit to the applicant a letter that either-- 7i7 confirms the record on the application is complete2 or 7ii7 details all additional information that is required for the record on that application to be complete4 7,b7 ,extension of notice ,notwithstanding subparagraph 7,a71 the ,board may1 if an application is complex1 extend the #cj-;day period described under subparagraph 7,a7 for an additional #cj days4 7,c7 ,receipt of response2 deeming of complete record ,upon receipt of a response from an applicant to a notice requesting additional information described under subparagraph 7,a77ii71 the record on the application shall be deemed complete unless the ,board-- 7i7 determines that the applicant's response was materially deficient2 and 7ii7 not later than #cj days after the date on which the ,board received the response1 provides the applicant a detailed notice describing the deficiencies4 7,d7 ,treatment of third-party information ,in determining whether the record on an application is complete1 the ,board may take into account only information provided by the applicant1 and may not base the determination of completeness on any information 7including reports1 views1 or recommendations7 provided by third parties4 7#h7 ,deadline for determination 7,a7 ,in general ,notwithstanding any other provision of this subsection1 the ,board shall grant or deny an application submitted under this subsection not later than #ij days after the date on which the application was initially submitted to the ,board1 regardless of whether the record on such initial application was complete4 7,b7 ,failure to make a determination ,if the ,board does not grant or deny an application within the time period described under subparagraph 7,a71 such application shall be deemed to have been granted4 7,c7 ,tolling of period ,the ,board may at any time extend the deadline described under subparagraph 7,a7 at the request of the applicant1 but may not extend the deadline more than #cj days past the deadline described under subparagraph 7,a74 4 7c7 ,insured depository institutions ,section #ah7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7;c77 is amended by adding at the end the following3 7#ad7 ,complete record on an application 7,a7 ,notice to applicant ,not later than #cj days after the date on which the responsible agency receives a merger application for approval under this subsection1 the responsible agency shall transmit to the applicant a letter that either-- 7i7 confirms the record on the application is complete2 or 7ii7 details all additional information that is required for the record on that application to be complete4 7,b7 ,extension of notice ,notwithstanding subparagraph 7,a71 the responsible agency may1 if an application is unusually complex1 extend the #cj-;day period described under subparagraph 7,a7 for an additional #cj days4 7,c7 ,receipt of response2 deeming of complete record ,upon receipt of a response from an applicant to a notice requesting additional information described under subparagraph 7,a77ii71 the record on the application shall be deemed complete unless the responsible agency-- 7i7 determines that the applicant's response was materially deficient2 and 7ii7 not later than #cj days after the date on which the responsible agency received the response1 provides the applicant a detailed notice describing the deficiencies4 7,d7 ,treatment of third-party information ,in determining whether the record on an application is complete1 the responsible agency may take into account only information provided by the applicant1 and may not base the determination of completeness on any information 7including reports1 views1 or recommendations7 provided by third parties4 7#ae7 ,deadline for determination 7,a7 ,in general ,notwithstanding any other provision of this subsection1 the responsible agency shall grant or deny a merger application submitted under this subsection not later than #ij days after the date on which the application was initially submitted to the responsible agency1 regardless of whether the record on such initial application was complete4 7,b7 ,failure to make a determination ,if the responsible agency does not grant or deny an application within the time period described under subparagraph 7,a71 such application shall be deemed to have been granted4 7,c7 ,tolling of period ,the responsible agency may at any time extend the deadline described under subparagraph 7,a7 at the request of the applicant1 but may not extend the deadline more than #cj days past the deadline described under subparagraph 7,a74 4 ,,iii ,stress ,testing ,accountability and ,transparency #cja4 ,rulemaking related to stress capital buffer requirements 7a7 ,in general ,not later than #ij days after the date of the enactment of this section1 the ,board of ,governors of the ,federal ,reserve ,system 7in this title referred to as the ,board7 shall issue a rule to establish any models1 assumptions1 formulas1 or other decisional methodologies that are used to determine any component or subcomponent of the stress capital buffer requirement for a bank holding company4 7b7 ,changes ,the ,board may only make changes to the rule issued under subsection 7a7 through notice and comment rulemaking4 7c7 ,stress capital buffer requirement defined ,the term stress capital buffer requirement has the meaning given the term in section #bbe4h7;c7 of title #ab of the ,code of ,federal ,regulations4 #cjb4 ,rulemaking relating to stress testing 7a7 ,in general ,beginning in the first calendar year beginning after the date of the enactment of this section1 the ,board shall1 not less than #cj days before conducting a stress test pursuant to section #afe7;i7 of the ,financial ,stability ,act of #bjaj1 issue a rule to establish each scenario to be used in such stress test4 7b7 ,prohibition ,the ,board may not1 by rule or otherwise1 subject any nonbank financial company to a climate-related stress test using the authority provided in section #afe7;i7 of the ,financial ,stability ,act of #bjaj4 #cjc4 ,,gao report 7a7 ,in general ,the ,comptroller ,general of the ,united ,states shall1 every #c years1 conduct a study and submit a report to the ,congress with respect to the stress tests conducted by the ,board under section #afe7;i7 of the ,financial ,stability ,act of #bjaj in the #c most recent calendar years4 7b7 ,contents ,the report submitted to the ,congress under subsection 7a7 shall consider the effectiveness of the stress tests in evaluating-- 7#a7 the safety and soundness of the nonbank financial institutions subjected to stress tests2 7#b7 the stability of the ,united ,states financial system4 ,,iv ,bank ,supervision ,appeals ,improvement #dja4 ,timeliness of examinations and required permission1 regulatory1 and reporting guidance 7a7 ,exit interview requirement2 timeliness of examinations 7#a7 ,insured depository institutions ,section #aj7;d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is amended by adding at the end the following3 7#aa7 ,examination timeliness ,the appropriate ,federal banking agency shall complete any examination of an insured depository institution within #bgj days of commencing the examination1 except that such period may be extended by the appropriate ,federal banking agency by providing written notice to the insured depository institution describing with particularity the reasons that a longer period is needed4 7#ab7 ,exit interview requirement ,within #cj days of completing an examination1 the appropriate ,federal banking agency shall conduct an exit interview with the insured depository institution's senior management and board of directors4 7#ac7 ,timeliness of examination reports 7,a7 ,final examination report ,with respect to an examination of an insured depository institution by an appropriate ,federal banking agency1 the appropriate ,federal banking agency shall provide a final examination report to the insured depository institution not later than #fj days after the later of-- 7i7 the exit interview for the examination2 or 7ii7 the provision of additional information by the insured depository institution relating to the examination4 7,b7 ,examination materials ,upon the request of an insured depository institution1 the appropriate ,federal banking agency shall include with a final examination report an appendix listing all materials relied upon by the agency in support of all material supervisory determinations4 7,c7 ,material supervisory determination defined ,in this paragraph1 the term material supervisory determination has the meaning given such term in section #cji7;i7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid4 4 7#b7 ,insured credit unions ,section #bjd of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghd7 is amended by adding at the end the following3 7h7 ,exit interview requirement2 timeliness of examinations 7#a7 ,examination timeliness ,the ,board shall complete any examination of an insured credit union within #bgj days of commencing the examination1 except that such period may be extended by the ,board by providing written notice to the insured credit union describing with particularity the reasons that a longer period is needed4 7#b7 ,exit interview requirement ,within #cj days of completing an examination1 the ,board shall conduct an exit interview with the insured credit union's senior management and board of directors4 7#c7 ,timeliness of examination reports 7,a7 ,final examination report ,with respect to an examination of an insured credit union1 the ,board shall provide a final examination report to the insured credit union not later than #fj days after the later of-- 7i7 the exit interview for the examination2 or 7ii7 the provision of additional information by the insured credit union relating to the examination4 7,b7 ,examination materials ,upon the request of an insured credit union1 the ,board shall include with a final examination report an appendix listing all materials relied upon by the ,board in support of all material supervisory determinations4 7,c7 ,material supervisory determination defined ,in this paragraph1 the term material supervisory determination has the meaning given such term in section #cji7;i7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid4 4 7b7 ,timeliness of required permission1 regulatory1 and reporting guidance 7#a7 ,insured depository institutions ,section #aj of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7 is amended by adding at the end the following3 7l7 ,timeliness of required permission1 regulatory1 and reporting guidance 7#a7 ,request for permission or guidance ,an insured depository institution may request a written determination by the appropriate ,federal banking agency of-- 7,a7 the agency's permission to take a particular action2 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 #cg4 7#b7 ,contents of request ,a request made under paragraph 7#a7 shall be in writing and contain-- 7,a7 the nature of the request2 7,b7 applicable facts relating to the matter2 7,c7 applicable law1 regulation1 or generally accepted accounting principles relating to the matter2 and 7,d7 a summary of the request4 7#c7 ,response to request ,a ,federal banking agency receiving a request under paragraph 7#a7 shall1 not later than #cj days after receiving the request-- 7,a7 provide the insured depository institution making the request with written notification that the agency received the request and stating whether the request contains the information required under paragraph 7#b72 and 7,b7 if the request does not contain the information required under paragraph 7#b71 provide the insured depository institution with an explanation of what information is missing4 7#d7 ,providing missing information ,if a ,federal banking agency informs the insured depository institution under paragraph 7#c7 that the request does not contain all the information required under paragraph 7#b71 the insured depository institution may provide the missing information to the ,federal banking agency during the #cj-;day period beginning on the date the insured depository institution receives the explanation of the missing information under paragraph 7#c74 7#e7 ,determination ,a ,federal banking agency receiving a request under paragraph 7#a7 shall make a determination on the request and provide the insured depository institution with a written notice of such determination-- 7,a7 if the initial request contains the information required under paragraph 7#b71 not later than the end of the #fj-;day period beginning on the date the ,federal banking agency notifies the insured depository institution of the receipt of the request under paragraph 7#c72 or 7,b7 if the initial request does not contain the information required under paragraph 7#b7-- 7i7 not later than the end of the #fj-;day period beginning on the date that the insured depository institution provides the ,federal banking agency with the missing information under paragraph 7#d72 or 7ii7 if the insured depository institution does not provide the ,federal banking agency with the missing information within the #cj-;day period described under paragraph 7#d71 not later than the end of the #fj-;day period beginning on the end of such #cj-;day period4 7#f7 ,reports and publication ,each ,federal banking agency shall1 within #abj days after making a determination under paragraph 7#e71 publish a summary of the determination on the public website of the ,federal banking agency4 ,each ,federal banking agency shall redact any confidential supervisory information about the insured depository institution1 any identifying facts about the institution1 and any sensitive personally identifiable information4 4 7#b7 ,insured credit unions ,section #bji of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghi7 is amended by adding at the end the following3 7c7 ,timeliness of required permission1 regulatory1 and reporting guidance 7#a7 ,request for permission or guidance ,an insured credit union may request a written determination by the ,board of-- 7,a7 the ,board's permission to take a particular action2 7,b7 the ,board's interpretation of a law or regulation2 and 7,c7 the ,board's interpretation of generally accepted accounting principles or other accounting objectives1 standards1 and requirements4 7#b7 ,contents of request ,a request made under paragraph 7#a7 shall be in writing and contain-- 7,a7 the nature of the request2 7,b7 applicable facts relating to the matter2 7,c7 applicable law1 regulation1 or generally accepted accounting principles relating to the matter2 and 7,d7 a summary of the request4 7#c7 ,response to request ,the ,board1 upon receiving a request under paragraph 7#a7 shall1 not later than #cj days after receiving the request-- 7,a7 provide the insured credit union making the request with written notification that the ,board received the request and stating whether the request contains the information required under paragraph 7#b72 and 7,b7 if the request does not contain the information required under paragraph 7#b71 provide the insured credit union with an explanation of what information is missing4 7#d7 ,providing missing information ,if the ,board informs the insured credit union under paragraph 7#c7 that the request does not contain all the information required under paragraph 7#b71 the insured credit union may provide the missing information to the ,board during the #cj-;day period beginning on the date the insured credit union receives the explanation of the missing information under paragraph 7#c74 7#e7 ,determination ,the ,board shall make a determination on a request made under paragraph 7#a7 and provide the insured credit union with a written notice of such determination-- 7,a7 if the initial request contains the information required under paragraph 7#b71 not later than the end of the #fj-;day period beginning on the date the ,board notifies the insured credit union of the receipt of the request under paragraph 7#c72 or 7,b7 if the initial request does not contain the information required under paragraph 7#b7-- 7i7 not later than the end of the #fj-;day period beginning on the date that the insured credit union provides the ,board with the missing information under paragraph 7#d72 or 7ii7 if the insured credit union does not provide the ,board with the missing information within the #cj-;day period described under paragraph 7#d71 not later than the end of the #fj-;day period beginning on the end of such #cj-;day period4 7#f7 ,reports and publication ,the ,board shall1 within #abj days after making a determination under paragraph 7#e71 publish a summary of the determination on the public website of the ,board4 ,the ,board shall redact any confidential supervisory information about the insured credit union1 any identifying facts about the credit union1 and any sensitive personally identifiable information4 4 #djb4 ,update of independent intra-agency appellate process for reviewing material supervisory determinations 7a7 ,update of independent intra-,agency appellate process ,not later than #ahj days after the date of enactment of this ,act1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,comptroller of the ,currency1 the ,federal ,deposit ,insurance ,corporation ,board1 and the ,national ,credit ,union ,administration ,board shall revise the independent intra-agency appellate process required under section #cji7;a7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dhjf7;a774 7b7 ,office of ,supervisory ,appeals2 appeals process ,section #cji of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dhjf7 is amended-- 7#a7 by redesignating subsection 7f7 as subsection 7i72 and 7#b7 by inserting after subsection 7e7 the following3 7f7 ,office of ,supervisory ,appeals ,the ,federal banking agencies and the ,national ,credit ,union ,administration shall each establish an ,office of ,supervisory ,appeals to carry out the independent intra-agency appellate process required under this section4 7g7 ,appeals officials 7#a7 ,appointment ,the head of each of the ,federal banking agencies and the ,national ,credit ,union ,administration shall appoint appeals officials1 in a number sufficient to fully staff the panels described under subsection 7h71 from among the following classes of individuals3 7,a7 ,individuals who have financial institutions regulatory agency experience4 7,b7 ,individuals who-- 7i7 are a licensed attorney or a certified public accountant authorized to practice under the laws of a ,state1 the ,district of ,columbia1 or a territory of the ,united ,states2 7ii7 have either academic or private sector experience2 7iii7 have relevant subject matter knowledge or work-related experience in the financial services sector1 as determined by the agency making the appointment2 and 7iv7 are not1 and were not during the previous #aj-year period1 employed by a ,federal banking agency1 a ,federal reserve bank1 or the ,national ,credit ,union ,administration4 7,c7 ,individuals-- 7i7 with at least #aj years private sector financial services senior management-level experience2 and 7ii7 recommended by-- 7,i7 an insured depository institution2 7,,ii7 an insured credit union2 or 7,,iii7 a trade association for such institutions or credit unions4 7#b7 ,term 7,a7 ,in general ,each appeals official appointed under paragraph 7#a7 shall serve for a term of #c years4 7,b7 ,term limitation ,no individual may be appointed under paragraph 7#a7 to serve more than #b full terms4 7,c7 ,dismissal ,an appeals official appointed under paragraph 7#a7 may be removed at any time by the appointing agency4 7h7 ,appeals process and panel hearing of material supervisory determinations 7#a7 ,appeal to the head of supervision 7,a7 ,in general ,an institution seeking an appeal of a material supervisory determination shall-- 7i7 file a written appeal to the head of supervision for the agency not later than #cj days after receiving the material supervisory determination from the agency2 and 7ii7 include in the appeal-- 7,i7 a clear and complete statement of all relevant facts and issues2 7,,ii7 all arguments that the institution wishes to present2 and 7,,iii7 all relevant and material documents that the institution wishes to be considered4 7,b7 ,extension ,the institution may file a written request with the head of supervision for an extension of the #cj-;day time period described under subparagraph 7,a77i71 which shall state good cause for granting the extension4 ,such request shall be granted in the sole discretion of the head of supervision4 7,c7 ,information made available to institution ,an institution seeking an appeal of a material supervisory determination may1 not later than #g days after receiving the material supervisory determination1 request that the agency provide the institution with any information relied upon by the agency in making the material supervisory determination4 ,the agency shall provide that information to the institution not later than #ad days after receiving the request4 7#b7 ,consideration of appeal by the head of supervision 7,a7 ,in general ,a head of supervision receiving an appeal under paragraph 7#a7 shall1 after reviewing the information provided by the institution in such appeal-- 7i7 grant the appeal2 7ii7 refer the appeal to a panel appointed under paragraph 7#c7 for a recommendation2 or 7iii7 deny the appeal4 7,b7 ,notification ,a head of supervision shall promptly inform the institution and the head of the agency after granting1 referring1 or denying an appeal under subparagraph 7,a74 7,c7 ,right to appeal denial ,an institution that has an appeal denied by the head of supervision under subparagraph 7,a7 may appeal such denial directly to a panel appointed under paragraph 7#c74 7#c7 ,appointment of panel 7,a7 ,in general ,with respect to each appeal referred by a head of supervision under paragraph 7#b77;,a77ii7 or appealed by an institution after a denial under paragraph 7#b77;,a77iii71 the agency shall appoint a panel of #c appeals officials to provide a recommendation on such appeal1 with #a of the #c appeals officials being appointed to the panel from individuals in each of the classes described under subparagraphs 7,a71 7,b71 and 7,c7 of subsection 7g77#a74 7,b7 ,reporting prohibition ,an appeals official may not be appointed to a panel under subparagraph 7,a7 if the appeals official is reporting1 or has reported1 directly or indirectly in the past #e years1 to the agency official who made the material supervisory determination under review4 7#d7 ,panel hearings 7,a7 ,request for hearing ,an institution may request a hearing with the panel on the institution's appeal by-- 7i7 making such request not later than #g days after the date on which the institution is informed that the head of supervision referred an appeal to a panel under paragraph 7#b72 or 7ii7 including the request in the institution's appeal of a denial under paragraph 7#b74 7,b7 ,timing of hearing ,if an institution requests a hearing1 as described under subparagraph 7,a71 the panel shall provide the institution with a hearing on the institution's appeal not later than #cj days after the date the hearing is requested1 except the panel may1 in the discretion of the panel or upon good cause shown1 extend such deadline by up to #ae days4 7,c7 ,rulemaking ,the ,federal banking agencies and the ,national ,credit ,union ,administration shall each issue rules to establish procedures for panel hearings described under this paragraph1 including that-- 7i7 the institution may appear at the hearing personally or through counsel2 7ii7 the institution may provide an oral and written presentation at the hearing2 7iii7 the panel may ask questions of any person participating in the hearing2 7iv7 the hearing may not involve-- 7,i7 taking testimony2 7,,ii7 a cross-examination2 and 7,,iii7 discovery2 7v7 the hearing shall not be governed by formal rules of evidence2 and 7vi7 the panel shall have a verbatim transcript of the hearing prepared4 7#e7 ,recommendation by panel 7,a7 ,in general ,a panel making a recommendation on an appeal under this subsection shall make the recommendation not later than-- 7i7 #ij days after the date on which the appeal was referred by a head of supervision under paragraph 7#b77;,a77ii7 or appealed by an institution after a denial under paragraph 7#b77;,a72 or 7ii7 if the institution requested a hearing under paragraph 7#d71 #fj days after the date on which the hearing concluded4 7,b7 ,form of recommendation ,the panel may recommend-- 7i7 that the material supervisory determination be continued1 terminated1 or otherwise modified2 or 7ii7 that the material supervisory determination be remanded to the examiners to allow the examiners to consider additional information presented in connection with the appeal4 7,c7 ,notice ,after a recommendation is made under subparagraph 7,a71 the panel shall promptly notify the institution1 the head of supervision of the agency1 and the head of the agency of the recommendation1 which shall contain a statement of the basis for the panel's recommendation and identify the information on which the panel relied in reaching the recommendation4 7,d7 ,publication ,a copy of each panel recommendation shall be posted on the agency's public website as soon as practicable1 with exempt information redacted4 ,if the panel determines that redaction is insufficient to prevent improper disclosure1 the recommendation may be presented in summary form4 7,e7 ,standard of review ,a panel's review of a material supervisory determination being appealed under this subsection shall be de novo4 7,f7 ,no authority to delay or stay orders ,a panel shall have no authority to delay or stay the implementation of any formal order from the applicable agency4 7#f7 ,review by the head of the agency 7,a7 ,response by institution ,not later than #ae days after receiving a notice of a recommendation under paragraph 7#e77;,c71 the institution may submit to the head of the agency written exceptions to the recommended decision4 7,b7 ,review by head of the agency ,not later than #de days after receiving a notice of a recommendation under paragraph 7#e77;,c71 the head of an agency shall review such decision and either ratify or reject the panel's decision4 7,c7 ,review may not be delegated ,a review by the head of an agency under this paragraph may not be delegated to any other employee of the agency and1 in the case of an agency that is headed by a body made up of multiple individuals1 all such individuals shall participate in the review4 7,d7 ,reports to ,congress ,the ,federal banking agencies and the ,national ,credit ,union ,administration shall each1 not later than #ij days after the end of each calendar year1 issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate describing the actions taken by the agency under this paragraph during such calendar year1 including information on each of the panel decisions reviewed1 after redacting any confidential supervisory information4 7,e7 ,publication ,a copy of each decision by the head of the agency under this paragraph shall be posted on the agency's public website as soon as practicable1 with any information identifying the appealing institution redacted4 ,if the head of the agency determinates that redaction is insufficient to prevent improper disclosure1 the decision may be presented in summary form4 7#g7 ,right to judicial review ,an institution shall have the right to petition for review of an agency head's decision under paragraph 7#f7 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 institution is located4 7#h7 ,retaliation prohibited ,the ,federal banking agencies and the ,national ,credit ,union ,administration may not-- 7,a7 retaliate against an insured depository institution or insured credit union1 or a service provider or institution-affiliated party of an insured depository institution or insured credit union1 for exercising rights under this subsection2 or 7,b7 delay or deny any agency action that would benefit an insured depository institution or insured credit union1 or a service provider or institution-affiliated party of an insured depository institution or insured credit union1 on the basis that a matter under this section is pending under this section4 7#i7 ,definitions ,with respect to the appeal of a material supervisory determination under this subsection3 7,a7 ,agency ,the term agency means the ,federal agency1 either a ,federal banking agency or the ,national ,credit ,union ,administration1 that made the material supervisory determination4 7,b7 ,institution ,the term institution means the company1 either an insured depository institution or an insured credit union1 with respect to which the material supervisory determination was made4 4 #djc4 ,review of resolution actions resulting in a material loss ,section #ch7k7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7k77 is amended by adding at the end the following3 7#g7 ,review of resolution actions by ,corporation inspector general 7,a7 ,in general ,if the ,deposit ,insurance ,fund incurs a material loss with respect to an insured depository institution1 the inspector general of the ,corporation shall-- 7i7 review the ,corporation's resolution of the institution to determine whether the material loss to the ,deposit ,insurance ,fund could have been avoided by the ,corporation when resolving the institution2 and 7ii7 make a written report to the ,corporation and the ,congress containing the results of such review and any recommendations for preventing a material loss to the ,deposit ,insurance ,fund in the future when resolving an institution4 7,b7 ,testimony to ,congress ,if the inspector general of the ,corporation determines1 in a review carried out under subparagraph 7,a7 that the ,corporation's resolution of an institution caused a material loss to the ,deposit ,insurance ,fund1 but such resolution could have been carried out in a manner to avoid such a material loss1 the ,chairperson of the ,corporation shall testify before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate to explain why the material loss occurred4 4 ,v ,review of ,discount ,window ,operations #eja4 ,review of discount window operations ,section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bda et seq47 is amended-- 7#a7 by redesignating paragraph 7#ab7 as paragraph 7#aa72 and 7#b7 by adding at the end the following3 7#ab7 ,review of discount window operations 7,a7 ,in general ,not later than #fj days after the date of enactment of this paragraph1 the ,board of ,governors shall commence a review of the discount window lending programs of the ,federal reserve banks 7the discount window71 and shall complete such review not later than #bdj days after the date of enactment of this paragraph4 7,b7 ,contents ,the review required by subparagraph 7,a7 shall include a consideration of-- 7i7 the effectiveness of the discount window in providing liquidity to financial institutions1 including in times of financial stress2 7ii7 whether the technology infrastructure1 including means of communications1 are sufficient to support the timely provision of liquidity1 including in times of financial stress2 7iii7 the effectiveness of cybersecurity measures2 7iv7 the effectiveness of communications between ,federal reserve banks regarding discount window operations2 7v7 the effectiveness of the ,board of ,governors in providing oversight of the discount window2 7vi7 how the discount window interacts with other providers of liquidity1 including the ,federal ,home ,loan ,banks1 during both normal operations and times of financial distress2 and 7vii7 the effectiveness of existing discount window operating hours and whether such hours should be expanded1 taking into account the interaction between discount window operating hours and the operating hours of payment systems of the ,board of ,governors and ,federal reserve banks1 such as ,fed,wire and ,fed,now4 7,c7 ,public comment ,in carrying out the review required by subparagraph 7,a71 the ,board of ,governors shall provide the public with an opportunity to comment on the effectiveness of discount window operations and to offer suggestions for improving operations4 7,d7 ,remediation plan ,after completing the review required by subparagraph 7,a7 and considering any public comments received pursuant to subparagraph 7,c71 the ,board of ,governors shall develop1 and approve by a vote of the ,board of ,governors1 a written plan to remediate any identified deficiencies or areas for enhancing effectiveness of the discount window1 which shall include-- 7i7 an identification of actions that the ,board of ,governors will take to remediate those deficiencies2 7ii7 timelines and milestones for implementing the plan and measures to demonstrate how the ,board of ,governors will maintain implemented improvements on an ongoing basis2 and 7iii7 measures of managing and controlling deficiencies until the plan is implemented in full4 7,e7 ,report to ,congress on review and plan 7i7 ,in general ,not later than #cfe days after the date of enactment of this paragraph1 the ,board of ,governors shall1 after approval by a vote of the ,board of ,governors1 submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing-- 7,i7 the findings of the review required by subparagraph 7,a72 and 7,,ii7 the remediation plan required by subparagraph 7,d74 7ii7 ,consultation ,before submitting the report required by clause 7i71 the ,board of ,governors shall-- 7,i7 provide a copy of the proposed report to the ,comptroller ,general of the ,united ,states and the ,inspector ,general of the ,board of ,governors of the ,federal ,reserve ,system and the ,bureau of ,consumer ,financial ,protection2 and 7,,ii7 provide the ,comptroller ,general and ,inspector ,general with an opportunity to provide feedback on the report4 7iii7 ,testimony ,the ,chairman of the ,board of ,governors shall testify before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with respect to the contents of the report required under this subparagraph4 7,f7 ,annual reports to ,congress 7i7 ,reports by the ,board ,the ,board of ,governors shall submit an annual report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing a review of the effectiveness of discount window operations4 7ii7 ,reports by the ,inspector ,general ,the ,inspector ,general of the ,board of ,governors of the ,federal ,reserve ,system and the ,bureau of ,consumer ,financial ,protection shall submit an annual report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing a report on the progress of the ,board of ,governors in implementing the remediation plan required by subparagraph 7,d74 7,g7 ,confidential report information ,any report required under this paragraph may contain a confidential annex containing information that details any cybersecurity deficiencies or any deficiencies which1 if made public1 could cause financial instability4 4 ,,vi ,small ,bank ,holding ,company ,relief #fja4 ,changes required to the ,small ,bank ,holding ,company and ,savings and ,loan ,holding ,company ,policy ,statement ,not later than #ahj days after the date of enactment of this ,act1 the ,board of ,governors of the ,federal ,reserve ,system shall revise appendix ,c to part #bbe of title #ab1 ,code of ,federal ,regulations 7commonly known as the ,small ,bank ,holding ,company and ,savings and ,loan ,holding ,company ,policy ,statement71 to raise the consolidated asset threshold under that appendix to #aj1jjj1jjj1jjj for any bank holding company or savings and loan holding company4 ,december #c1 #bjbd,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed