,,ii #aaith ,,congress #b;d ,session ,s4 #ecce ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #f1 #bjbf,mr4 ,moran 7for himself and ,mr4 ,hagerty7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,federal ,financial ,institutions ,examination ,council ,act of #aigh to provide for fair audits and inspections for examinations4 #a4 ,short title ,this ,act may be cited as the ,fair ,audits and ,inspections for ,regulators' ,exams ,act4 #b4 ,fair audits and inspections for regulators' exams 7a7 ,timeliness of examinations and 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 examinations and examination reports 7a7 ,timeliness of examinations ,a ,federal financial institutions regulatory agency shall complete any examination of a financial institution1 other than a financial institution subject to a continuous or resident examination program1 within #bgj days of commencing 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 ,final examination report ,a ,federal financial institutions regulatory agency shall provide a final examination report to a financial institution1 other than a financial institution subject to a continuous or resident examination program1 not later than #ij days after the later of-- 7#a7 the exit interview for an examination of the institution2 or 7#b7 the provision of additional material information by the institution relating to the examination4 7c7 ,exit interview requirement ,not later than #cj days after completing an examination for a financial institution not subject to a continuous or resident examination program1 a ,federal financial institutions regulatory agency shall conduct an exit interview with the senior management or the board of directors of the financial institution1 except that such period may be extended by the ,federal financial institutions regulatory agency by providing written notice to the institution describing with particularity the reasons that a longer period is needed4 7d7 ,examination materials ,upon the written request of a financial institution1 the ,federal financial institutions regulatory agency shall include with the final report an appendix listing all examination or other factual information relied upon by the agency in support of a material supervisory determination4 4 7b7 ,timeliness of required prudential private letter rulings ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq471 as amended by subsection 7a71 is amended by adding at the end the following3 #ajac4 ,timeliness of required prudential private letter rulings 7a7 ,authority and regulation 7#a7 ,definitions ,in this subsection3 7,a7 ,covered action ,the term covered action means-- 7i7 any action in connection with a regulated activity that the covered financial institution is taking or is intending to take1 including-- 7,i7 entering into a transaction2 7,,ii7 issuing a product or service2 or 7,,iii7 changing the corporate structure of the covered financial institution2 and 7ii7 an objection by a ,federal financial institutions regulatory agency to the covered financial institution commencing or otherwise conducting an activity 7including an action described in subparagraph 7,a774 7,b7 ,covered financial institution ,the term covered financial institution means any entity subject to the examination or supervisory authority of a ,federal financial institutions regulatory agency4 7#b7 ,procedures ,each ,federal financial institutions regulatory agency shall establish procedures providing that a covered financial institution may1 upon application by the covered financial institution and with respect to a covered action1 obtain written advice regarding-- 7,a7 the nonobjection of the agency to the financial institution conducting a particular activity2 7,b7 the interpretation by the agency of a law or regulation as applied to a particular matter2 7,c7 the interpretation by the agency of how generally accepted accounting principles or accounting objectives1 standards1 and requirements apply to a particular matter2 or 7,d7 the application by the agency of any supervisory guidance1 statement of policy1 or interpretive rule to a particular matter4 7b7 ,contents of request ,the procedures established under subsection 7a7 shall provide that a request for written advice made under the procedures 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 regulations1 or generally accepted accounting principles relating to the matter2 and 7#d7 a summary of the request4 7c7 ,response ,to request ,a ,federal financial institutions regulatory agency receiving a request for written advice under subsection 7a7 shall1 not later than #cj days after receiving the request-- 7#a7 provide the financial institution making the request with written notification confirming receipt of the request and stating whether the request contains all of the information required under subsection 7b72 and 7#b7 if the request does not contain all of the information required under subsection 7b7-- 7,a7 provide the financial institution with an explanation of what information is missing2 and 7,b7 notify the financial institution that the financial institution may provide the missing information to the agency within #cj days4 7d7 ,providing missing information ,if a ,federal financial institutions regulatory agency informs the financial institution under subsection 7c7 that the request for written advice does not contain all the information required under subsection 7b71 the financial institution may provide the missing information to the ,federal financial institutions regulatory agency not later than #cj days after the date the financial institution receives the explanation of the missing information under subsection 7c74 7e7 ,determination ,a ,federal financial institutions regulatory agency receiving a request for written advice under the procedures established under subsection 7a7 shall provide the financial institution with a written response 7or1 for purposes of paragraph 7#c71 notify the financial institution that a determination cannot be made7-- 7#a7 if the initial request contains the information required under subsection 7b71 not later than the end of the #fj-;day period beginning on the date the ,federal financial institutions regulatory agency notifies the financial institution of the receipt of the request under subsection 7c72 7#b7 if the initial request does not contain the information required under subsection 7b71 but the financial institution provides the missing information during the #cj-;day period described under subsection 7d71 not later than the end of the #fj-;day period beginning on the date such missing information is provided2 or 7#c7 if the initial request does not contain the information required under subsection 7b71 and the financial institution does not provide the missing information during the #cj-;day period described under subsection 7d71 not later than the end of the #fj-;day period beginning on the end of such #cj-;day period4 7f7 ,limited binding effect ,written advice issued by a ,federal financial institutions regulatory agency under the procedures established under this section-- 7#a7 shall be binding on the agency with respect to the financial institution requesting the written advice and the specific facts described in the request2 7#b7 may be relied upon by the financial institution requesting the written advice in good faith2 and 7#c7 shall not-- 7,a7 be binding on the agency with respect to any other person or institution2 and 7,b7 be treated as precedent4 7g7 ,confidentiality and privilege 7#a7 ,treatment of written advice ,written advice issued under this section1 and any materials submitted in connection therewith1 and the fact that a request for written advice was made shall be treated as confidential supervisory information and exempt from disclosure under section #eeb7;b7 of title #e1 ,united ,states ,code4 7#b7 ,publishing of anonymized or redacted summaries ,a ,federal financial institutions regulatory agency may publish anonymized or redacted summaries of rulings for informational purposes4 7h7 ,modification or revocation ,a ,federal financial institutions regulatory agency may modify or revoke written advice issued under this section only if-- 7#a7 the requesting financial institution made a material misstatement or omission of fact2 7#b7 there has been a change in controlling law2 or 7#c7 the ruling is inconsistent with a final rule or judicial decision issued after the date the written advice was issued4 7i7 ,reasonable fees 7#a7 ,in general ,each ,federal financial institutions regulatory agency may establish and collect a reasonable fee for the processing and issuance of any written advice issued under this section4 7#b7 ,requirements ,any fee established under paragraph 7#a7-- 7,a7 shall be based on the estimated cost to the agency of reviewing1 analyzing1 and responding to the request2 7,b7 may vary based on the complexity of the request or the size of the requesting institution2 and 7,c7 shall be prescribed by regulation4 7j7 ,finality ,written advice issued under the procedures established under this section shall not be construed as a final agency action4 4 7c7 ,office of ,independent ,examination ,review 7#a7 ,in general ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq471 as amended by subsection 7b71 is amended by adding at the end the following3 #ajad4 ,office of ,independent ,examination ,review 7a7 ,establishment ,there is established in the ,council an ,office of ,independent ,examination ,review 7referred to in this section as the ,office74 7b7 ,board of independent examination review 7#a7 ,in general ,the head of the ,office shall be the ,board of ,independent ,examination ,review1 which shall be comprised of #c members1 appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,qualifications ,the ,president shall appoint #a member of the ,board from each of the following classes of individuals3 7,a7 ,individuals who have been employed by a ,federal financial institutions regulatory agency4 7,b7 ,individuals who-- 7i7 are not1 and were not during the previous #e-year period1 employed by a ,federal financial institutions regulatory agency or a ,federal reserve bank2 and 7ii7 7,i7 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 7,,ii7 have academic or private sector experience relating to financial services2 or 7,,iii7 have relevant work-related experience in consumer affairs or compliance with consumer protection laws with respect to financial institutions4 7,c7 ,individuals with at least #aj years private sector financial services senior management-level experience4 7#c7 ,prohibition on certain individuals serving as a board member ,the ,president may not appoint an individual as a member of the ,board if the individual-- 7,a7 is1 or was during the previous #b-year period1 employed by a ,federal financial institutions regulatory agency or a ,federal reserve bank2 or 7,b7 is1 or was during the previous #b-year period1 employed by a financial institution4 7#d7 ,consultation ,in appointing members of the ,board1 the ,president shall consult with the ,federal financial institutions regulatory agencies and financial institutions4 7#e7 ,term 7,a7 ,in general ,each member of the ,board shall serve for a term of #c years4 ,upon the expiration of a term of office of the member1 the member shall continue to serve until the successor of the member has been confirmed by the ,senate4 7,b7 ,term limitation ,no individual may serve more than #b full terms on the ,board4 7#f7 ,political affiliation ,not more than #b members of the ,board shall be members of the same political party4 7#g7 ,quorum 7,a7 ,in general ,three members of the ,board shall constitute a quorum4 7,b7 ,initial quorum ,during the #f-month period beginning on the date of enactment of this section1 #a member of the ,board shall constitute a quorum until the ,board has #c members4 7#h7 ,rate of pay ,the annual rate of basic pay for the members of the ,board shall be the rate of basic pay for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code4 7c7 ,staffing 7#a7 ,in general ,the ,board is authorized to hire staff to support the activities of the ,office and set the salaries of such staff4 7#b7 ,costs and expenses 7,a7 ,in general ,one-fifth of the costs and expenses of the ,office1 including the salaries of its employees1 shall be paid by each of the ,federal financial institutions regulatory agencies4 7,b7 ,assessments ,annual assessments for the share described in subparagraph 7,a7 shall be levied by the ,council based upon its projected budget for the year1 and additional assessments may be made during the year if necessary4 7d7 ,duties ,the ,board shall-- 7#a7 receive and1 at the discretion of the ,board1 investigate complaints from financial institutions1 their representatives1 or another entity acting on behalf of the institutions1 concerning completed examinations1 examination practices1 or examination reports2 7#b7 hold meetings1 at least once every #c months and in locations designed to encourage participation from all sections of the ,united ,states1 with financial institutions1 their representatives1 or another entity acting on behalf of the institutions1 to discuss examination procedures1 examination practices1 or examination policies2 7#c7 review examination procedures of the ,federal financial institutions regulatory agencies to ensure that the written examination policies of those agencies are being followed in practice and adhere to the standards for consistency2 7#d7 conduct a continuing and regular program of examination quality assurance on a sample for all examination types conducted by the ,federal financial institutions regulatory agencies2 7#e7 carry out an independent review of any supervisory appeal initiated under section #ajae2 and 7#f7 report annually to the ,committee on ,financial ,services of the ,house of ,representatives1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,council1 on the reviews carried out pursuant to paragraphs 7#c7 and 7#e71 including compliance with the requirements set forth in section #ajab regarding timeliness of examination reports1 and the recommendations of the ,board for improvements in examination procedures1 practices1 and policies4 7e7 ,confidentiality 7#a7 ,in general ,the ,board and the ,council shall keep confidential-- 7,a7 all meetings1 discussions1 and information provided by financial institutions and ,federal financial institutions regulatory agencies that involve confidential supervisory information or privileged information2 7,b7 all information and communications exchanged between a financial institution and the ,office2 and 7,c7 all information and communications exchanged between a ,federal financial institutions regulatory agency and the ,office4 7#b7 ,submission of information does not constitute a waiver ,section #ah7x7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7x77 and section #bje7;j7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 shall apply to the submission of information to the ,board by a financial institution or a ,federal financial institutions regulatory agency to the same extent as those sections apply to the submission of information described in those sections4 7#c7 ,sharing of information without waiving privilege ,the ,board shall be considered a covered agency for purposes of section #aa7t7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7t774 4 7#b7 ,definitions ,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 and at the end2 and 7,b7 by adding at the end the following3 7#d7 the term ,board means the ,board of ,independent ,examination ,review established under section #ajad7;b72 7#e7 the term material supervisory determination has the meaning given the term in section #cji7;f7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dhjf7;f772 7#f7 the term insured depository institution has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7#g7 the term insured credit union has the meaning given the term in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 4 7d7 ,right to independent review of material supervisory determinations ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq471 as amended by subsection 7c71 is amended by adding at the end the following3 #ajae4 ,right to independent review of material supervisory determinations 7a7 ,in general ,a financial institution shall have the right to obtain an independent review of a material supervisory determination contained in a final report of examination4 ,a ,federal financial institutions regulatory agency and the ,board may not conduct concurrent reviews4 7b7 ,notice 7#a7 ,timing ,a financial institution seeking review of a material supervisory determination under this section shall file a written notice with the ,board not later than #cj days after receiving the final report of examination that is the subject of the review4 7#b7 ,extension ,the institution may file a written request with the ,board for an extension of the #fj-;day time period described under paragraph 7#a71 which shall state good cause for granting the extension4 ,such request shall be granted in the sole discretion of the ,board4 7#c7 ,identification of determination ,the written notice shall-- 7,a7 identify the material supervisory determination that is the subject of the requested independent examination review2 7,b7 state the reasons why the institution believes that the material supervisory determination is incorrect or should otherwise be modified2 and 7,c7 include-- 7i7 a clear and complete statement of all relevant facts and issues2 7ii7 all arguments that the institution wishes to present2 and 7iii7 all relevant and material documents in the possession of the institution that the institution wishes to be considered4 7#d7 ,information made available to institution ,a financial institution seeking a review of a material supervisory determination may1 not later than #g days after receiving the final examination report1 request that the ,federal financial institutions regulatory agency that made the material supervisory determination provide the financial institution with all examination and factual information relied upon by the ,federal financial institutions regulatory agency in making the material supervisory determination4 ,the ,federal financial institutions regulatory agency shall provide such information to the financial institution not later than #ad days after receiving the request4 7#e7 ,submission of record ,after receiving a written notice of review from a financial institution under this subsection1 the ,board shall direct the ,federal financial institutions regulatory agency that made the material supervisory determination under review to file with the ,board the supervisory record of the examination resulting in the material supervisory determination under review4 7c7 ,determination2 right to hearing 7#a7 ,in general ,the ,board shall-- 7,a7 determine the merits on the record1 including whether the material supervisory determination being reviewed should be upheld1 canceled1 or modified2 or 7,b7 at the election of the financial institution1 conduct a hearing1 which shall take place not later than #fj days after the petition for review is received by the ,board1 except that such #fj-;day period may be extended if both the financial institution and the ,board agree to such extension4 7#b7 ,right to obtain testimony ,a financial institution electing for a hearing under paragraph 7#a77;,b7 shall have the right the obtain testimony under oath from agency employees and obtain documents and other evidence at the hearing1 or in advance of the hearing1 according to procedures instituted by the ,board consistent with those set forth under sections #eef and #eeg of title #e1 ,united ,states ,code4 7#c7 ,basis of decision ,the ,board shall issue a written decision based upon the record of the examination1 supplemented by the record established before the ,board and at any hearing4 7#d7 ,standard of review ,the review by the ,board of a material supervisory determination under this subsection shall be de novo1 and the ,board shall not defer to the opinions of the examiners or the ,federal financial institutions regulatory agency1 but shall independently determine the appropriateness of the material supervisory determination based upon the relevant statutes1 regulations1 other appropriate guidance1 and the evidentiary record4 7#e7 ,policy matters ,the ,board shall conduct reviews under this section applying the policies1 regulations1 and interpretations of the ,federal financial institutions regulatory agency that made the material supervisory determination under review in effect at the time the material supervisory determination was made4 7d7 ,final decision ,a decision by the ,board on an independent review under this section shall-- 7#a7 be made not later than #fj days after the record has been closed2 and 7#b7 be deemed final and shall bind the agency whose supervisory determination was the subject of the review and the financial institution requesting the review4 7e7 ,referral of violations ,if the ,board1 in carrying out this section1 determines that a financial institution has violated a law or regulation1 the ,board shall refer such determination to the applicable ,federal financial institutions regulatory agency4 7f7 ,annual report 7#a7 ,in general ,the ,board shall report annually to the ,committee on ,financial ,services of the ,house of ,representatives1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,council on actions taken under this section1 including the types of issues that the ,board has reviewed and the results of those reviews1 including information on each final determination with respect to a material supervisory determination4 7#b7 ,confidentiality ,in reporting under paragraph 7#a71 the ,board shall-- 7,a7 redact information about individual financial institutions and any confidential supervisory information or privileged information shared by financial institutions2 and 7,b7 anonymize any unredacted information that could1 in the aggregate1 identify a financial institution4 7g7 ,retaliation prohibited 7#a7 ,in general ,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 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 a review under this section is pending under this section4 7#b7 ,retaliation ,for purposes of this subsection1 retaliation includes delaying consideration of1 or withholding approval of1 any request1 notice1 or application that otherwise would have been approved1 but for the exercise of rights of a financial institution under this section4 7h7 ,rulemaking ,the ,board shall issue rules1 consistent with subchapter ,,ii of chapter #e of title #e1 ,united ,states ,code 7commonly known as the ,administrative ,procedure ,act71 to establish procedures for hearings described under this section1 including that-- 7#a7 a financial institution may appear at the hearing personally or through counsel2 7#b7 a financial institution may provide an oral and written presentation at the hearing2 7#c7 the ,board may ask questions of any person participating in the hearing2 7#d7 the hearing shall not be governed by the ,federal ,rules of ,evidence2 and 7#e7 the ,board shall have a verbatim transcript of the hearing prepared4 7i7 ,rule of construction ,nothing in this section may be construed-- 7#a7 to affect the right of a ,federal financial institutions regulatory agency to take enforcement or other supervisory actions related to a material supervisory determination under review under this section2 or 7#b7 to prohibit the review under this section of a material supervisory determination with respect to which there is an ongoing enforcement or other supervisory action4 4 7e7 ,additional amendments 7#a7 ,regulatory appeals process1 ombudsman1 and alternative dispute resolution 7,a7 ,in general ,section #cji of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dhjf7 is amended-- 7i7 in the heading1 by striking ,regulatory appeals process1 ombudsman1 and inserting ,ombudsman2 7ii7 by striking subsections 7a71 7b71 and 7c72 7iii7 by redesignating subsections 7d71 7e71 7f71 and 7g7 as subsections 7a71 7b71 7c71 and 7d71 respectively2 7iv7 in subsection 7b71 as so redesignated-- 7,i7 in paragraph 7#b7-- 7aa7 in subparagraph 7,b71 by striking and at the end2 7bb7 in subparagraph 7,c71 by striking the period and inserting 2 and2 and 7cc7 by adding at the end the following3 7,d7 ensure that appropriate safeguards exist for protecting any party from retaliation by any agency for exercising rights under this subsection4 2 and 7,,ii7 by adding at the end the following3 7#f7 ,retaliation ,for purposes of this subsection1 retaliation includes delaying consideration of1 or withholding approval of1 any request1 notice1 or application that otherwise would have been approved1 but for the exercise of rights under this section4 2 7v7 in paragraph 7#a77;,a7 of subsection 7c71 as so redesignated-- 7,i7 in clause 7ii71 by striking 2 and and inserting a semicolon2 7,,ii7 in clause 7iii71 by striking 2 and and inserting a semicolon2 and 7,,iii7 by adding at the end the following3 7iv7 any issue specifically listed in an exam report as a matter requiring attention by the management or board of directors of an institution2 and 7v7 any suspension or removal of the status of an institution as eligible for expedited processing of applications1 requests1 notices1 or filings on the grounds of a supervisory or compliance concern1 regardless of whether that concern has been cited in an examination report or matter requiring attention in an examination report1 if the conduct at issue did not involve violation of any criminal law2 and 2 and 7vi7 in the table of contents1 by striking the item relating to section #cji and inserting the following3 ,sec4 #cji4 ,ombudsman1 and alternative dispute resolution4 4 7,b7 ,technical and conforming amendment ,section #baf7k7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agij;d7k77 is amended by striking the independent appellate process required by section #cji of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid and inserting section #ajae of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh4 7,c7 ,effect 7i7 ,definition ,in this subparagraph1 the term ,federal banking agency-- 7,i7 has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,,ii7 includes-- 7aa7 the ,national ,credit ,union ,administration2 and 7bb7 the ,bureau of ,consumer ,financial ,protection4 7ii7 ,authority ,nothing in this subsection affects the authority of a ,federal banking agency to take enforcement or other supervisory action4 7#b7 ,federal ,credit ,union ,act ,section #bje7;j7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 is amended by inserting the ,bureau of ,consumer ,financial ,protection1 before the ,administration each place that term appears4 7#c7 ,federal ,financial ,institutions ,examination ,council ,act ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is amended-- 7,a7 in section #ajjc 7#ab ,u4,s4,c4 #ccjb7-- 7i7 by striking paragraph 7#a7 and inserting the following3 7#a7 the term ,federal financial institutions regulatory agencies-- 7,a7 means the ,office of the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration2 and 7,b7 includes the ,bureau of ,consumer ,financial ,protection for purposes of sections #ajab through #ajae2 2 and 7ii7 in paragraph 7#c71 by striking the semicolon at the end and inserting 1 except that for purposes of sections #ajab through #ajae1 the term financial institution does not include a credit union that is not an insured credit union22 7,b7 in section #ajjd7;a77#d7 7#ab ,u4,s4,c4 #ccjc71 by striking ,consumer ,financial ,protection ,bureau and inserting ,bureau of ,consumer ,financial ,protection2 and 7,c7 in section #ajje 7#ab ,u4,s4,c4 #ccjd7-- 7i7 by striking ,one-fifth and inserting ,one-fourth2 and 7ii7 by inserting described under section #ajjc7a77;,a7 after agencies4 7f7 ,election of forum for review of supervisory enforcement 7#a7 ,federal ,deposit ,insurance ,act ,section #h of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahah7 is amended-- 7,a7 in subsection 7b71 by adding at the end the following3 7#aa7 ,hearing ,with respect to any notice properly issued and served upon a depository institution or institution-affiliated party under this subsection1 such depository institution or institution-affiliated party shall be afforded a hearing before-- 7,a7 the appropriate ,federal banking agency2 or 7,b7 if such institution or person submits a request not later than #bj days after the issuance of the notice1 the appropriate district court of the ,united ,states1 which shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice of charges1 including those authorized under this subsection4 2 7,b7 in subsection 7e71 by adding at the end the following3 7#h7 ,hearing ,with respect to any notice properly issued and served upon an institution-affiliated party under this subsection1 such institution-affiliated party shall be afforded a hearing before-- 7,a7 the appropriate ,federal banking agency2 or 7,b7 if such party submits a request for such hearing and forum not later than #bj days after the issuance of the notice1 the appropriate district court of the ,united ,states1 which shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice1 including those authorized under this subsection4 2 7,c7 in subsection 7h7-- 7i7 in paragraph 7#a71 by striking 7other than the hearing provided for in subsection 7g77#c7 of this section7 and inserting 7other than the hearing provided for in subsection 7b77#aa77;,b71 7e77#h77;,b71 7g77#c71 or 7i77#b77;,h77ii772 and 7ii7 by adding at the end the following3 7#d7 ,any hearing provided for in subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 shall be subject to the jurisdiction1 powers1 and equitable authority of the district court and be governed by the ,federal ,rules of ,civil ,procedure and the ,federal ,rules of ,evidence4 7#e7 ,any final decision of a district court of the ,united ,states made pursuant to the election of a respondent under subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 shall be reviewable in the appropriate court of appeals of the ,united ,states in the same manner and to the same extent as any other civil action to which the ,united ,states is a party4 2 7,d7 in subsection 7i77#b7-- 7i7 by amending subparagraph 7,e77ii7 to read as follows3 7ii7 ,finality of assessment ,if1 with respect to any assessment under clause 7i71 a hearing is not requested or an election is not made and timely noticed pursuant to subparagraph 7,h7 within the period of time allowed under such subparagraph1 the assessment shall constitute a final and unappealable order4 2 7ii7 by amending subparagraph 7,h7 to read as follows3 7,h7 ,hearing ,the insured depository institution or institution-affiliated party against whom any penalty is assessed under this paragraph shall be afforded a hearing before-- 7i7 an agency1 if such institution or person submits a request for such hearing not later than #bj days after the issuance of the notice of assessment2 or 7ii7 the appropriate district court of the ,united ,states1 if such institution or person submits a request for such hearing and forum not later than #bj days after the issuance of the notice of assessment4 2 and 7iii7 by amending subparagraph 7,i77ii7 to read as follows3 7ii7 ,appropriateness of penalty not reviewable ,in any civil action under clause 7i71 except a civil action tried in a district court of the ,united ,states pursuant to subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii71 the validity and appropriateness of the penalty shall not be subject to review4 2 and 7,e7 by adding at the end the following3 7x7 ,savings clause ,nothing in subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 shall be construed to-- 7#a7 limit the authority of a ,federal banking agency to initiate an administrative enforcement action2 or 7#b7 impair the validity of any consent order4 4 7#b7 ,federal ,credit ,union ,act ,section #bjf of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghf7 is amended-- 7,a7 in subsection 7e71 by adding at the end the following3 7#e7 ,hearing ,with respect to any notice properly issued and served upon an insured credit union1 credit union which has insured accounts1 or an institution-affiliated party under this subsection1 such insured credit union1 credit union which has insured accounts1 or institution-affiliated party shall be afforded a hearing before-- 7,a7 the ,administration2 or 7,b7 if such insured credit union1 credit union which has insured accounts1 or institution-affiliated party submits a request not later than #bj days after the issuance of the notice1 the appropriate district court of the ,united ,states1 which shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice of charges1 including those authorized under this subsection4 2 7,b7 in subsection 7g71 by adding at the end the following3 7#h7 ,hearing ,with respect to any notice properly issued and served upon an institution-affiliated party under this subsection1 such institution-affiliated party shall be afforded a hearing before-- 7,a7 the ,administration2 or 7,b7 if such institution-affiliated party submits a request not later than #bj days after the issuance of the notice1 the appropriate district court of the ,united ,states1 which shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice of charges1 including those authorized under this subsection4 2 7,c7 in subsection 7j7-- 7i7 in paragraph 7#a71 by striking 7other than the hearing provided for in subsection 7i77#c7 of this section7 and inserting 7other than the hearing provided for in subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii772 and 7ii7 by adding at the end the following3 7#d7 ,any hearing provided for in subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii7 shall be subject to the jurisdiction1 powers1 and equitable authority of the district court and be governed by the ,federal ,rules of ,civil ,procedure and the ,federal ,rules of ,evidence4 7#e7 ,any final decision of a district court of the ,united ,states made pursuant to the election of a respondent under subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii7 shall be reviewable in the appropriate court of appeals of the ,united ,states in the same manner and to the same extent as any other civil action to which the ,united ,states is a party4 2 7,d7 in subsection 7k77#b7-- 7i7 by amending subparagraph 7,e77ii7 to read as follows3 7ii7 ,finality of assessment ,if1 with respect to any assessment under clause 7i71 a hearing is not requested or an election is not made and timely noticed pursuant to subparagraph 7,h7 within the period of time allowed under such subparagraph1 the assessment shall constitute a final and unappealable order4 2 7ii7 by amending subparagraph 7,h7 to read as follows3 7,h7 ,hearing ,the insured credit union or institution-affiliated party against whom any penalty is assessed under this paragraph shall be afforded a hearing before-- 7i7 the ,administration1 if such insured credit union or institution-affiliated party submits a request for such hearing not later than #bj days after the issuance of the notice of assessment2 or 7ii7 the appropriate ,united ,states district court1 if such insured credit union or institution-affiliated party submits a request for such hearing and forum not later than #bj days after the issuance of the notice of assessment4 2 and 7iii7 by amending subparagraph 7,i77ii7 to read as follows3 7ii7 ,appropriateness of penalty not reviewable ,in any civil action under clause 7i71 except a civil action tried in a district court of the ,united ,states pursuant to subsection 7e77#e77;,b71 7g77#h77;,b71 or 7k77#b77;,h77ii71 the validity and appropriateness of the penalty shall not be subject to review4 2 and 7,e7 by adding at the end the following3 7x7 ,savings clause ,nothing in subsection 7e77#e77;,b71 7g77#h77;,b71 or 7k77#b77;,h77ii7 shall be construed to-- 7#a7 limit the authority of the ,administration to initiate an administrative enforcement action2 or 7#b7 impair the validity of any consent order4 4