,,ii #aai? ,,congress #b;d ,session ,s4 #ecce ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,augu/ #f1 #bjbf,mr4 ,moran 7= himself & ,mr4 ,hag]ty7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh to provide = fair audits & inspections = exam9ations4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,fair ,audits & ,inspections = ,regulators' ,exams ,act4 #b4 ,fair audits & inspections = regulators' exams 7a7 ,timel9ess ( exam9ations & 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 ( exam9ations & exam9ation reports 7a7 ,timel9ess ( exam9ations ,a ,f$]al f9ancial in/itutions regulatory ag5cy %all complete any exam9ation ( a f9ancial in/itution1 o!r ?an a f9ancial in/itution subject to a cont9u\s or resid5t exam9ation program1 )9 #bgj days ( comm5c+ ! exam9ation1 except t su* p]iod may be ext5d$ 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$$4 7b7 ,f9al exam9ation report ,a ,f$]al f9ancial in/itutions regulatory ag5cy %all provide a f9al exam9ation report to a f9ancial in/itution1 o!r ?an a f9ancial in/itution subject to a cont9u\s or resid5t exam9ation program1 n lat] ?an #ij days aft] ! lat] (-- 7#a7 ! exit int]view = an exam9ation ( ! in/itution2 or 7#b7 ! provision ( additional mat]ial in=mation by ! in/itution relat+ to ! exam9ation4 7c7 ,exit int]view requirem5t ,n lat] ?an #cj days aft] complet+ an exam9ation = a f9ancial in/itution n subject to a cont9u\s or resid5t exam9ation program1 a ,f$]al f9ancial in/itutions regulatory ag5cy %all conduct an exit int]view ) ! s5ior managem5t or ! bo>d ( directors ( ! f9ancial in/itution1 except t su* p]iod may be ext5d$ by ! ,f$]al f9ancial in/itutions regulatory ag5cy by provid+ writt5 notice to ! in/itution describ+ ) p>ticul>ity ! reasons t a long] p]iod is ne$$4 7d7 ,exam9ation mat]ials ,^u ! writt5 reque/ ( a f9ancial in/itution1 ! ,f$]al f9ancial in/itutions regulatory ag5cy %all include ) ! f9al report an app5dix li/+ all exam9ation or o!r factual in=mation reli$ ^u by ! ag5cy 9 support ( a mat]ial sup]visory det]m9ation4 4 7b7 ,timel9ess ( requir$ prud5tial private lett] rul+s ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq471 z am5d$ by subsection 7a71 is am5d$ by add+ at ! end ! foll[+3 #ajac4 ,timel9ess ( requir$ prud5tial private lett] rul+s 7a7 ,au?ority & regulation 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ action ,! t]m cov]$ action means-- 7i7 any action 9 connection ) a regulat$ activity t ! cov]$ f9ancial in/itution is tak+ or is int5d+ to take1 includ+-- 7,i7 ent]+ into a transaction2 7,,ii7 issu+ a product or s]vice2 or 7,,iii7 *ang+ ! corporate /ructure ( ! cov]$ f9ancial in/itution2 & 7ii7 an objection by a ,f$]al f9ancial in/itutions regulatory ag5cy to ! cov]$ f9ancial in/itution comm5c+ or o!rwise conduct+ an activity 7includ+ an action describ$ 9 subp>agraph 7,a774 7,b7 ,cov]$ f9ancial in/itution ,! t]m cov]$ f9ancial in/itution means any entity subject to ! exam9ation or sup]visory au?ority ( a ,f$]al f9ancial in/itutions regulatory ag5cy4 7#b7 ,proc$ures ,ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all e/abli% proc$ures provid+ t a cov]$ f9ancial in/itution may1 ^u application by ! cov]$ f9ancial in/itution & ) respect to a cov]$ action1 obta9 writt5 advice reg>d+-- 7,a7 ! nonobjection ( ! ag5cy to ! f9ancial in/itution conduct+ a p>ticul> activity2 7,b7 ! int]pretation by ! ag5cy ( a law or regulation z appli$ to a p>ticul> matt]2 7,c7 ! int]pretation by ! ag5cy ( h[ g5]ally accept$ acc\nt+ pr9ciples or acc\nt+ objectives1 /&>ds1 & requirem5ts apply to a p>ticul> matt]2 or 7,d7 ! application by ! ag5cy ( any sup]visory guidance1 /atem5t ( policy1 or int]pretive rule to a p>ticul> matt]4 7b7 ,cont5ts ( reque/ ,! proc$ures e/abli%$ "u subsection 7a7 %all provide t a reque/ = writt5 advice made "u ! proc$ures %all be 9 writ+ & conta9-- 7#a7 ! nature ( ! reque/2 7#b7 applicable facts relat+ to ! matt]2 7#c7 applicable law1 regulations1 or g5]ally accept$ acc\nt+ pr9ciples relat+ to ! matt]2 & 7#d7 a summ>y ( ! reque/4 7c7 ,response ,to reque/ ,a ,f$]al f9ancial in/itutions regulatory ag5cy receiv+ a reque/ = writt5 advice "u subsection 7a7 %all1 n lat] ?an #cj days aft] receiv+ ! reque/-- 7#a7 provide ! f9ancial in/itution mak+ ! reque/ ) writt5 notification confirm+ receipt ( ! reque/ & /at+ :e!r ! reque/ conta9s all ( ! in=mation requir$ "u subsection 7b72 & 7#b7 if ! reque/ does n conta9 all ( ! in=mation requir$ "u subsection 7b7-- 7,a7 provide ! f9ancial in/itution ) an explanation ( :at in=mation is miss+2 & 7,b7 notify ! f9ancial in/itution t ! f9ancial in/itution may provide ! miss+ in=mation to ! ag5cy )9 #cj days4 7d7 ,provid+ miss+ in=mation ,if a ,f$]al f9ancial in/itutions regulatory ag5cy in=ms ! f9ancial in/itution "u subsection 7c7 t ! reque/ = writt5 advice does n conta9 all ! in=mation requir$ "u subsection 7b71 ! f9ancial in/itution may provide ! miss+ in=mation to ! ,f$]al f9ancial in/itutions regulatory ag5cy n lat] ?an #cj days aft] ! date ! f9ancial in/itution receives ! explanation ( ! miss+ in=mation "u subsection 7c74 7e7 ,det]m9ation ,a ,f$]al f9ancial in/itutions regulatory ag5cy receiv+ a reque/ = writt5 advice "u ! proc$ures e/abli%$ "u subsection 7a7 %all provide ! f9ancial in/itution ) a writt5 response 7or1 = purposes ( p>agraph 7#c71 notify ! f9ancial in/itution t a det]m9ation _c be made7-- 7#a7 if ! initial reque/ conta9s ! in=mation requir$ "u subsection 7b71 n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! date ! ,f$]al f9ancial in/itutions regulatory ag5cy notifies ! f9ancial in/itution ( ! receipt ( ! reque/ "u subsection 7c72 7#b7 if ! initial reque/ does n conta9 ! in=mation requir$ "u subsection 7b71 b ! f9ancial in/itution provides ! miss+ in=mation dur+ ! #cj-;day p]iod describ$ "u subsection 7d71 n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! date su* miss+ in=mation is provid$2 or 7#c7 if ! initial reque/ does n conta9 ! in=mation requir$ "u subsection 7b71 & ! f9ancial in/itution does n provide ! miss+ in=mation dur+ ! #cj-;day p]iod describ$ "u subsection 7d71 n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! end ( su* #cj-;day p]iod4 7f7 ,limit$ b9d+ effect ,writt5 advice issu$ by a ,f$]al f9ancial in/itutions regulatory ag5cy "u ! proc$ures e/abli%$ "u ?is section-- 7#a7 %all be b9d+ on ! ag5cy ) respect to ! f9ancial in/itution reque/+ ! writt5 advice & ! specific facts describ$ 9 ! reque/2 7#b7 may be reli$ ^u by ! f9ancial in/itution reque/+ ! writt5 advice 9 good fai?2 & 7#c7 %all n-- 7,a7 be b9d+ on ! ag5cy ) respect to any o!r p]son or in/itution2 & 7,b7 be treat$ z prec$5t4 7g7 ,confid5tiality & privilege 7#a7 ,treatm5t ( writt5 advice ,writt5 advice issu$ "u ?is section1 & any mat]ials submitt$ 9 connection !re)1 & ! fact t a reque/ = writt5 advice 0 made %all be treat$ z confid5tial sup]visory in=mation & exempt f disclosure "u section #eeb7;b7 ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,publi%+ ( anonymiz$ or r$act$ summ>ies ,a ,f$]al f9ancial in/itutions regulatory ag5cy may publi% anonymiz$ or r$act$ summ>ies ( rul+s = in=mational purposes4 7h7 ,modification or revocation ,a ,f$]al f9ancial in/itutions regulatory ag5cy may modify or revoke writt5 advice issu$ "u ?is section only if-- 7#a7 ! reque/+ f9ancial in/itution made a mat]ial mis/atem5t or omission ( fact2 7#b7 !re has be5 a *ange 9 controll+ law2 or 7#c7 ! rul+ is inconsi/5t ) a f9al rule or judicial decision issu$ aft] ! date ! writt5 advice 0 issu$4 7i7 ,reasonable fees 7#a7 ,9 g5]al ,ea* ,f$]al f9ancial in/itutions regulatory ag5cy may e/abli% & collect a reasonable fee = ! process+ & issuance ( any writt5 advice issu$ "u ?is section4 7#b7 ,requirem5ts ,any fee e/abli%$ "u p>agraph 7#a7-- 7,a7 %all be bas$ on ! e/imat$ co/ to ! ag5cy ( review+1 analyz+1 & respond+ to ! reque/2 7,b7 may v>y bas$ on ! complexity ( ! reque/ or ! size ( ! reque/+ in/itution2 & 7,c7 %all be prescrib$ by regulation4 7j7 ,f9ality ,writt5 advice issu$ "u ! proc$ures e/abli%$ "u ?is section %all n be con/ru$ z a f9al ag5cy action4 4 7c7 ,(fice ( ,indep5d5t ,exam9ation ,review 7#a7 ,9 g5]al ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq471 z am5d$ by subsection 7b71 is am5d$ by add+ at ! end ! foll[+3 #ajad4 ,(fice ( ,indep5d5t ,exam9ation ,review 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,c\ncil an ,(fice ( ,indep5d5t ,exam9ation ,review 7ref]r$ to 9 ?is section z ! ,(fice74 7b7 ,bo>d ( indep5d5t exam9ation review 7#a7 ,9 g5]al ,! head ( ! ,(fice %all be ! ,bo>d ( ,indep5d5t ,exam9ation ,review1 :i* %all be compris$ ( #c memb]s1 appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate4 7#b7 ,qualifications ,! ,presid5t %all appo9t #a memb] ( ! ,bo>d f ea* ( ! foll[+ classes ( individuals3 7,a7 ,individuals :o h be5 employ$ by a ,f$]al f9ancial in/itutions regulatory ag5cy4 7,b7 ,individuals :o-- 7i7 are n1 & 7 n dur+ ! previ\s #e-ye> p]iod1 employ$ by a ,f$]al f9ancial in/itutions regulatory ag5cy or a ,f$]al res]ve bank2 & 7ii7 7,i7 are a lic5s$ attorney or a c]tifi$ public acc\ntant au?oriz$ to practice "u ! laws ( a ,/ate1 ! ,di/rict ( ,columbia1 or a t]ritory ( ! ,unit$ ,/ates2 7,,ii7 h academic or private sector exp]i5ce relat+ to f9ancial s]vices2 or 7,,iii7 h relevant "w-relat$ exp]i5ce 9 consum] affairs or compliance ) consum] protection laws ) respect to f9ancial in/itutions4 7,c7 ,individuals ) at lea/ #aj ye>s private sector f9ancial s]vices s5ior managem5t-level exp]i5ce4 7#c7 ,prohibition on c]ta9 individuals s]v+ z a bo>d memb] ,! ,presid5t may n appo9t an individual z a memb] ( ! ,bo>d if ! individual-- 7,a7 is1 or 0 dur+ ! previ\s #b-ye> p]iod1 employ$ by a ,f$]al f9ancial in/itutions regulatory ag5cy or a ,f$]al res]ve bank2 or 7,b7 is1 or 0 dur+ ! previ\s #b-ye> p]iod1 employ$ by a f9ancial in/itution4 7#d7 ,consultation ,9 appo9t+ memb]s ( ! ,bo>d1 ! ,presid5t %all consult ) ! ,f$]al f9ancial in/itutions regulatory ag5cies & f9ancial in/itutions4 7#e7 ,t]m 7,a7 ,9 g5]al ,ea* memb] ( ! ,bo>d %all s]ve = a t]m ( #c ye>s4 ,^u ! expiration ( a t]m ( (fice ( ! memb]1 ! memb] %all cont9ue to s]ve until ! successor ( ! memb] has be5 confirm$ by ! ,s5ate4 7,b7 ,t]m limitation ,no individual may s]ve m ?an #b full t]ms on ! ,bo>d4 7#f7 ,political affiliation ,n m ?an #b memb]s ( ! ,bo>d %all be memb]s ( ! same political p>ty4 7#g7 ,quorum 7,a7 ,9 g5]al ,?ree memb]s ( ! ,bo>d %all con/itute a quorum4 7,b7 ,initial quorum ,dur+ ! #f-mon? p]iod beg9n+ on ! date ( enactm5t ( ?is section1 #a memb] ( ! ,bo>d %all con/itute a quorum until ! ,bo>d has #c memb]s4 7#h7 ,rate ( pay ,! annual rate ( basic pay = ! memb]s ( ! ,bo>d %all be ! rate ( basic pay = level ,,iv ( ! ,executive ,s*$ule "u section #ecae ( title #e1 ,unit$ ,/ates ,code4 7c7 ,/aff+ 7#a7 ,9 g5]al ,! ,bo>d is au?oriz$ to hire /aff to support ! activities ( ! ,(fice & set ! sal>ies ( su* /aff4 7#b7 ,co/s & exp5ses 7,a7 ,9 g5]al ,"o-fif? ( ! co/s & exp5ses ( ! ,(fice1 includ+ ! sal>ies ( its employees1 %all be paid by ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies4 7,b7 ,assessm5ts ,annual assessm5ts = ! %>e describ$ 9 subp>agraph 7,a7 %all be levi$ by ! ,c\ncil bas$ ^u its project$ budget = ! ye>1 & additional assessm5ts may be made dur+ ! ye> if necess>y4 7d7 ,duties ,! ,bo>d %all-- 7#a7 receive &1 at ! discretion ( ! ,bo>d1 inve/igate compla9ts f f9ancial in/itutions1 _! repres5tatives1 or ano!r entity act+ on behalf ( ! in/itutions1 conc]n+ complet$ exam9ations1 exam9ation practices1 or exam9ation reports2 7#b7 hold meet+s1 at lea/ once e #c mon?s & 9 locations design$ to enc\rage p>ticipation f all sections ( ! ,unit$ ,/ates1 ) f9ancial in/itutions1 _! repres5tatives1 or ano!r entity act+ on behalf ( ! in/itutions1 to discuss exam9ation proc$ures1 exam9ation practices1 or exam9ation policies2 7#c7 review exam9ation proc$ures ( ! ,f$]al f9ancial in/itutions regulatory ag5cies to ensure t ! writt5 exam9ation policies ( ^? ag5cies are be+ foll[$ 9 practice & adh]e to ! /&>ds = consi/5cy2 7#d7 conduct a cont9u+ & regul> program ( exam9ation quality assurance on a sample = all exam9ation types conduct$ by ! ,f$]al f9ancial in/itutions regulatory ag5cies2 7#e7 c>ry out an indep5d5t review ( any sup]visory appeal initiat$ "u section #ajae2 & 7#f7 report annually to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,c\ncil1 on ! reviews c>ri$ out pursuant to p>agraphs 7#c7 & 7#e71 includ+ compliance ) ! requirem5ts set =? 9 section #ajab reg>d+ timel9ess ( exam9ation reports1 & ! recomm5dations ( ! ,bo>d = improvem5ts 9 exam9ation proc$ures1 practices1 & policies4 7e7 ,confid5tiality 7#a7 ,9 g5]al ,! ,bo>d & ! ,c\ncil %all keep confid5tial-- 7,a7 all meet+s1 discussions1 & in=mation provid$ by f9ancial in/itutions & ,f$]al f9ancial in/itutions regulatory ag5cies t involve confid5tial sup]visory in=mation or privileg$ in=mation2 7,b7 all in=mation & communications ex*ang$ betwe5 a f9ancial in/itution & ! ,(fice2 & 7,c7 all in=mation & communications ex*ang$ betwe5 a ,f$]al f9ancial in/itutions regulatory ag5cy & ! ,(fice4 7#b7 ,submission ( in=mation does n con/itute a waiv] ,section #ah7x7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7x77 & section #bje7;j7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 %all apply to ! submission ( in=mation to ! ,bo>d by a f9ancial in/itution or a ,f$]al f9ancial in/itutions regulatory ag5cy to ! same ext5t z ^? sections apply to ! submission ( in=mation describ$ 9 ^? sections4 7#c7 ,%>+ ( in=mation )\t waiv+ privilege ,! ,bo>d %all be consid]$ a cov]$ ag5cy = purposes ( section #aa7t7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7t774 4 7#b7 ,def9itions ,section #ajjc ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjb7 is am5d$-- 7,a7 9 p>agraph 7#b71 by /rik+ & at ! end2 & 7,b7 by add+ at ! end ! foll[+3 7#d7 ! t]m ,bo>d means ! ,bo>d ( ,indep5d5t ,exam9ation ,review e/abli%$ "u section #ajad7;b72 7#e7 ! t]m mat]ial sup]visory det]m9ation has ! mean+ giv5 ! t]m 9 section #cji7;f7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dhjf7;f772 7#f7 ! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7#g7 ! t]m insur$ cr$it union has ! mean+ giv5 ! t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 4 7d7 ,"r to indep5d5t review ( mat]ial sup]visory det]m9ations ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq471 z am5d$ by subsection 7c71 is am5d$ by add+ at ! end ! foll[+3 #ajae4 ,"r to indep5d5t review ( mat]ial sup]visory det]m9ations 7a7 ,9 g5]al ,a f9ancial in/itution %all h ! "r to obta9 an indep5d5t review ( a mat]ial sup]visory det]m9ation conta9$ 9 a f9al report ( exam9ation4 ,a ,f$]al f9ancial in/itutions regulatory ag5cy & ! ,bo>d may n conduct concurr5t reviews4 7b7 ,notice 7#a7 ,tim+ ,a f9ancial in/itution seek+ review ( a mat]ial sup]visory det]m9ation "u ?is section %all file a writt5 notice ) ! ,bo>d n lat] ?an #cj days aft] receiv+ ! f9al report ( exam9ation t is ! subject ( ! review4 7#b7 ,ext5sion ,! in/itution may file a writt5 reque/ ) ! ,bo>d = an ext5sion ( ! #fj-;day "t p]iod describ$ "u p>agraph 7#a71 :i* %all /ate good cause = grant+ ! ext5sion4 ,su* reque/ %all be grant$ 9 ! sole discretion ( ! ,bo>d4 7#c7 ,id5tification ( det]m9ation ,! writt5 notice %all-- 7,a7 id5tify ! mat]ial sup]visory det]m9ation t is ! subject ( ! reque/$ indep5d5t exam9ation review2 7,b7 /ate ! reasons :y ! in/itution believes t ! mat]ial sup]visory det]m9ation is incorrect or %\ld o!rwise be modifi$2 & 7,c7 include-- 7i7 a cle> & complete /atem5t ( all relevant facts & issues2 7ii7 all argum5ts t ! in/itution wi%es to pres5t2 & 7iii7 all relevant & mat]ial docum5ts 9 ! possession ( ! in/itution t ! in/itution wi%es to be consid]$4 7#d7 ,in=mation made available to in/itution ,a f9ancial in/itution seek+ a review ( a mat]ial sup]visory det]m9ation may1 n lat] ?an #g days aft] receiv+ ! f9al exam9ation report1 reque/ t ! ,f$]al f9ancial in/itutions regulatory ag5cy t made ! mat]ial sup]visory det]m9ation provide ! f9ancial in/itution ) all exam9ation & factual in=mation reli$ ^u by ! ,f$]al f9ancial in/itutions regulatory ag5cy 9 mak+ ! mat]ial sup]visory det]m9ation4 ,! ,f$]al f9ancial in/itutions regulatory ag5cy %all provide su* in=mation to ! f9ancial in/itution n lat] ?an #ad days aft] receiv+ ! reque/4 7#e7 ,submission ( record ,aft] receiv+ a writt5 notice ( review f a f9ancial in/itution "u ?is subsection1 ! ,bo>d %all direct ! ,f$]al f9ancial in/itutions regulatory ag5cy t made ! mat]ial sup]visory det]m9ation "u review to file ) ! ,bo>d ! sup]visory record ( ! exam9ation result+ 9 ! mat]ial sup]visory det]m9ation "u review4 7c7 ,det]m9ation2 "r to he>+ 7#a7 ,9 g5]al ,! ,bo>d %all-- 7,a7 det]m9e ! m]its on ! record1 includ+ :e!r ! mat]ial sup]visory det]m9ation be+ review$ %\ld be upheld1 cancel$1 or modifi$2 or 7,b7 at ! election ( ! f9ancial in/itution1 conduct a he>+1 :i* %all take place n lat] ?an #fj days aft] ! petition = review is receiv$ by ! ,bo>d1 except t su* #fj-;day p]iod may be ext5d$ if bo? ! f9ancial in/itution & ! ,bo>d agree to su* ext5sion4 7#b7 ,"r to obta9 te/imony ,a f9ancial in/itution elect+ = a he>+ "u p>agraph 7#a77;,b7 %all h ! "r ! obta9 te/imony "u oa? f ag5cy employees & obta9 docum5ts & o!r evid5ce at ! he>+1 or 9 advance ( ! he>+1 accord+ to proc$ures in/itut$ by ! ,bo>d consi/5t ) ^? set =? "u sections #eef & #eeg ( title #e1 ,unit$ ,/ates ,code4 7#c7 ,basis ( decision ,! ,bo>d %all issue a writt5 decision bas$ ^u ! record ( ! exam9ation1 supplem5t$ by ! record e/abli%$ be=e ! ,bo>d & at any he>+4 7#d7 ,/&>d ( review ,! review by ! ,bo>d ( a mat]ial sup]visory det]m9ation "u ?is subsection %all be de novo1 & ! ,bo>d %all n def] to ! op9ions ( ! exam9]s or ! ,f$]al f9ancial in/itutions regulatory ag5cy1 b %all indep5d5tly det]m9e ! appropriat5ess ( ! mat]ial sup]visory det]m9ation bas$ ^u ! relevant /atutes1 regulations1 o!r appropriate guidance1 & ! evid5ti>y record4 7#e7 ,policy matt]s ,! ,bo>d %all conduct reviews "u ?is section apply+ ! policies1 regulations1 & int]pretations ( ! ,f$]al f9ancial in/itutions regulatory ag5cy t made ! mat]ial sup]visory det]m9ation "u review 9 effect at ! "t ! mat]ial sup]visory det]m9ation 0 made4 7d7 ,f9al decision ,a decision by ! ,bo>d on an indep5d5t review "u ?is section %all-- 7#a7 be made n lat] ?an #fj days aft] ! record has be5 clos$2 & 7#b7 be deem$ f9al & %all b9d ! ag5cy ^: sup]visory det]m9ation 0 ! subject ( ! review & ! f9ancial in/itution reque/+ ! review4 7e7 ,ref]ral ( violations ,if ! ,bo>d1 9 c>ry+ out ?is section1 det]m9es t a f9ancial in/itution has violat$ a law or regulation1 ! ,bo>d %all ref] su* det]m9ation to ! applicable ,f$]al f9ancial in/itutions regulatory ag5cy4 7f7 ,annual report 7#a7 ,9 g5]al ,! ,bo>d %all report annually to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,c\ncil on actions tak5 "u ?is section1 includ+ ! types ( issues t ! ,bo>d has review$ & ! results ( ^? reviews1 includ+ in=mation on ea* f9al det]m9ation ) respect to a mat]ial sup]visory det]m9ation4 7#b7 ,confid5tiality ,9 report+ "u p>agraph 7#a71 ! ,bo>d %all-- 7,a7 r$act in=mation ab\t individual f9ancial in/itutions & any confid5tial sup]visory in=mation or privileg$ in=mation %>$ by f9ancial in/itutions2 & 7,b7 anonymize any unr$act$ in=mation t c\ld1 9 ! aggregate1 id5tify a f9ancial in/itution4 7g7 ,retaliation prohibit$ 7#a7 ,9 g5]al ,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+ 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 a review "u ?is section is p5d+ "u ?is section4 7#b7 ,retaliation ,= purposes ( ?is subsection1 retaliation includes delay+ consid]ation (1 or )hold+ approval (1 any reque/1 notice1 or application t o!rwise w\ld h be5 approv$1 b = ! ex]cise ( rights ( a f9ancial in/itution "u ?is section4 7h7 ,rulemak+ ,! ,bo>d %all issue rules1 consi/5t ) sub*apt] ,,ii ( *apt] #e ( title #e1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,adm9i/rative ,proc$ure ,act71 to e/abli% proc$ures = he>+s describ$ "u ?is section1 includ+ t-- 7#a7 a f9ancial in/itution may appe> at ! he>+ p]sonally or ?r\gh c\nsel2 7#b7 a f9ancial in/itution may provide an oral & writt5 pres5tation at ! he>+2 7#c7 ! ,bo>d may ask que/ions ( any p]son p>ticipat+ 9 ! he>+2 7#d7 ! he>+ %all n be gov]n$ by ! ,f$]al ,rules ( ,evid5ce2 & 7#e7 ! ,bo>d %all h a v]batim transcript ( ! he>+ prep>$4 7i7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$-- 7#a7 to affect ! "r ( a ,f$]al f9ancial in/itutions regulatory ag5cy to take en=cem5t or o!r sup]visory actions relat$ to a mat]ial sup]visory det]m9ation "u review "u ?is section2 or 7#b7 to prohibit ! review "u ?is section ( a mat]ial sup]visory det]m9ation ) respect to :i* !re is an ongo+ en=cem5t or o!r sup]visory action4 4 7e7 ,additional am5dm5ts 7#a7 ,regulatory appeals process1 ombudsman1 & alt]native dispute resolution 7,a7 ,9 g5]al ,section #cji ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dhjf7 is am5d$-- 7i7 9 ! head+1 by /rik+ ,regulatory appeals process1 ombudsman1 & ins]t+ ,ombudsman2 7ii7 by /rik+ subsections 7a71 7b71 & 7c72 7iii7 by r$esignat+ subsections 7d71 7e71 7f71 & 7g7 z subsections 7a71 7b71 7c71 & 7d71 respectively2 7iv7 9 subsection 7b71 z s r$esignat$-- 7,i7 9 p>agraph 7#b7-- 7aa7 9 subp>agraph 7,b71 by /rik+ & at ! end2 7bb7 9 subp>agraph 7,c71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7cc7 by add+ at ! end ! foll[+3 7,d7 ensure t appropriate safegu>ds exi/ = protect+ any p>ty f retaliation by any ag5cy = ex]cis+ rights "u ?is subsection4 2 & 7,,ii7 by add+ at ! end ! foll[+3 7#f7 ,retaliation ,= purposes ( ?is subsection1 retaliation includes delay+ consid]ation (1 or )hold+ approval (1 any reque/1 notice1 or application t o!rwise w\ld h be5 approv$1 b = ! ex]cise ( rights "u ?is section4 2 7v7 9 p>agraph 7#a77;,a7 ( subsection 7c71 z s r$esignat$-- 7,i7 9 clause 7ii71 by /rik+ 2 & & ins]t+ a semicolon2 7,,ii7 9 clause 7iii71 by /rik+ 2 & & ins]t+ a semicolon2 & 7,,iii7 by add+ at ! end ! foll[+3 7iv7 any issue specifically li/$ 9 an exam report z a matt] requir+ att5tion by ! managem5t or bo>d ( directors ( an in/itution2 & 7v7 any susp5sion or removal ( ! /atus ( an in/itution z eligible = exp$it$ process+ ( applications1 reque/s1 notices1 or fil+s on ! gr\nds ( a sup]visory or compliance conc]n1 reg>dless ( :e!r t conc]n has be5 cit$ 9 an exam9ation report or matt] requir+ att5tion 9 an exam9ation report1 if ! conduct at issue did n involve violation ( any crim9al law2 & 2 & 7vi7 9 ! table ( cont5ts1 by /rik+ ! item relat+ to section #cji & ins]t+ ! foll[+3 ,sec4 #cji4 ,ombudsman1 & alt]native dispute resolution4 4 7,b7 ,te*nical & con=m+ am5dm5t ,section #baf7k7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agij;d7k77 is am5d$ by /rik+ ! indep5d5t appellate process requir$ by section #cji ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid & ins]t+ section #ajae ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh4 7,c7 ,effect 7i7 ,def9ition ,9 ?is subp>agraph1 ! t]m ,f$]al bank+ ag5cy-- 7,i7 has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,,ii7 includes-- 7aa7 ! ,national ,cr$it ,union ,adm9i/ration2 & 7bb7 ! ,bureau ( ,consum] ,f9ancial ,protection4 7ii7 ,au?ority ,no?+ 9 ?is subsection affects ! au?ority ( a ,f$]al bank+ ag5cy to take en=cem5t or o!r sup]visory action4 7#b7 ,f$]al ,cr$it ,union ,act ,section #bje7;j7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 is am5d$ by ins]t+ ! ,bureau ( ,consum] ,f9ancial ,protection1 be=e ! ,adm9i/ration ea* place t t]m appe>s4 7#c7 ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is am5d$-- 7,a7 9 section #ajjc 7#ab ,u4,s4,c4 #ccjb7-- 7i7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ! t]m ,f$]al f9ancial in/itutions regulatory ag5cies-- 7,a7 means ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration2 & 7,b7 includes ! ,bureau ( ,consum] ,f9ancial ,protection = purposes ( sections #ajab ?r\gh #ajae2 2 & 7ii7 9 p>agraph 7#c71 by /rik+ ! semicolon at ! end & ins]t+ 1 except t = purposes ( sections #ajab ?r\gh #ajae1 ! t]m f9ancial in/itution does n include a cr$it union t is n an insur$ cr$it union22 7,b7 9 section #ajjd7;a77#d7 7#ab ,u4,s4,c4 #ccjc71 by /rik+ ,consum] ,f9ancial ,protection ,bureau & ins]t+ ,bureau ( ,consum] ,f9ancial ,protection2 & 7,c7 9 section #ajje 7#ab ,u4,s4,c4 #ccjd7-- 7i7 by /rik+ ,"o-fif? & ins]t+ ,"o-f\r?2 & 7ii7 by ins]t+ describ$ "u section #ajjc7a77;,a7 aft] ag5cies4 7f7 ,election ( =um = review ( sup]visory en=cem5t 7#a7 ,f$]al ,deposit ,insurance ,act ,section #h ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahah7 is am5d$-- 7,a7 9 subsection 7b71 by add+ at ! end ! foll[+3 7#aa7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u a depository in/itution or in/itution-affiliat$ p>ty "u ?is subsection1 su* depository in/itution or in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! appropriate ,f$]al bank+ ag5cy2 or 7,b7 if su* in/itution or p]son submits a reque/ n lat] ?an #bj days aft] ! issuance ( ! notice1 ! appropriate di/rict c\rt ( ! ,unit$ ,/ates1 :i* %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice ( *>ges1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,b7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#h7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u an in/itution-affiliat$ p>ty "u ?is subsection1 su* in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! appropriate ,f$]al bank+ ag5cy2 or 7,b7 if su* p>ty submits a reque/ = su* he>+ & =um n lat] ?an #bj days aft] ! issuance ( ! notice1 ! appropriate di/rict c\rt ( ! ,unit$ ,/ates1 :i* %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,c7 9 subsection 7h7-- 7i7 9 p>agraph 7#a71 by /rik+ 7o!r ?an ! he>+ provid$ = 9 subsection 7g77#c7 ( ?is section7 & ins]t+ 7o!r ?an ! he>+ provid$ = 9 subsection 7b77#aa77;,b71 7e77#h77;,b71 7g77#c71 or 7i77#b77;,h77ii772 & 7ii7 by add+ at ! end ! foll[+3 7#d7 ,any he>+ provid$ = 9 subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 %all be subject to ! jurisdiction1 p[]s1 & equitable au?ority ( ! di/rict c\rt & be gov]n$ by ! ,f$]al ,rules ( ,civil ,proc$ure & ! ,f$]al ,rules ( ,evid5ce4 7#e7 ,any f9al decision ( a di/rict c\rt ( ! ,unit$ ,/ates made pursuant to ! election ( a respond5t "u subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 %all be reviewable 9 ! appropriate c\rt ( appeals ( ! ,unit$ ,/ates 9 ! same mann] & to ! same ext5t z any o!r civil action to :i* ! ,unit$ ,/ates is a p>ty4 2 7,d7 9 subsection 7i77#b7-- 7i7 by am5d+ subp>agraph 7,e77ii7 to read z foll[s3 7ii7 ,f9ality ( assessm5t ,if1 ) respect to any assessm5t "u clause 7i71 a he>+ is n reque/$ or an election is n made & timely notic$ pursuant to subp>agraph 7,h7 )9 ! p]iod ( "t all[$ "u su* subp>agraph1 ! assessm5t %all con/itute a f9al & unappealable ord]4 2 7ii7 by am5d+ subp>agraph 7,h7 to read z foll[s3 7,h7 ,he>+ ,! insur$ depository in/itution or in/itution-affiliat$ p>ty aga9/ :om any p5alty is assess$ "u ?is p>agraph %all be af=d$ a he>+ be=e-- 7i7 an ag5cy1 if su* in/itution or p]son submits a reque/ = su* he>+ n lat] ?an #bj days aft] ! issuance ( ! notice ( assessm5t2 or 7ii7 ! appropriate di/rict c\rt ( ! ,unit$ ,/ates1 if su* in/itution or p]son submits a reque/ = su* he>+ & =um n lat] ?an #bj days aft] ! issuance ( ! notice ( assessm5t4 2 & 7iii7 by am5d+ subp>agraph 7,i77ii7 to read z foll[s3 7ii7 ,appropriat5ess ( p5alty n reviewable ,9 any civil action "u clause 7i71 except a civil action tri$ 9 a di/rict c\rt ( ! ,unit$ ,/ates pursuant to subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii71 ! validity & appropriat5ess ( ! p5alty %all n be subject to review4 2 & 7,e7 by add+ at ! end ! foll[+3 7x7 ,sav+s clause ,no?+ 9 subsection 7b77#aa77;,b71 7e77#h77;,b71 or 7i77#b77;,h77ii7 %all be con/ru$ to-- 7#a7 limit ! au?ority ( a ,f$]al bank+ ag5cy to initiate an adm9i/rative en=cem5t action2 or 7#b7 impair ! validity ( any cons5t ord]4 4 7#b7 ,f$]al ,cr$it ,union ,act ,section #bjf ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghf7 is am5d$-- 7,a7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#e7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u an insur$ cr$it union1 cr$it union :i* has insur$ acc\nts1 or an in/itution-affiliat$ p>ty "u ?is subsection1 su* insur$ cr$it union1 cr$it union :i* has insur$ acc\nts1 or in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! ,adm9i/ration2 or 7,b7 if su* insur$ cr$it union1 cr$it union :i* has insur$ acc\nts1 or in/itution-affiliat$ p>ty submits a reque/ n lat] ?an #bj days aft] ! issuance ( ! notice1 ! appropriate di/rict c\rt ( ! ,unit$ ,/ates1 :i* %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice ( *>ges1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,b7 9 subsection 7g71 by add+ at ! end ! foll[+3 7#h7 ,he>+ ,) respect to any notice prop]ly issu$ & s]v$ ^u an in/itution-affiliat$ p>ty "u ?is subsection1 su* in/itution-affiliat$ p>ty %all be af=d$ a he>+ be=e-- 7,a7 ! ,adm9i/ration2 or 7,b7 if su* in/itution-affiliat$ p>ty submits a reque/ n lat] ?an #bj days aft] ! issuance ( ! notice1 ! appropriate di/rict c\rt ( ! ,unit$ ,/ates1 :i* %all h jurisdiction to adjudicate all claims & reque/$ rem$ies /at$ 9 ! notice ( *>ges1 includ+ ^? au?oriz$ "u ?is subsection4 2 7,c7 9 subsection 7j7-- 7i7 9 p>agraph 7#a71 by /rik+ 7o!r ?an ! he>+ provid$ = 9 subsection 7i77#c7 ( ?is section7 & ins]t+ 7o!r ?an ! he>+ provid$ = 9 subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii772 & 7ii7 by add+ at ! end ! foll[+3 7#d7 ,any he>+ provid$ = 9 subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii7 %all be subject to ! jurisdiction1 p[]s1 & equitable au?ority ( ! di/rict c\rt & be gov]n$ by ! ,f$]al ,rules ( ,civil ,proc$ure & ! ,f$]al ,rules ( ,evid5ce4 7#e7 ,any f9al decision ( a di/rict c\rt ( ! ,unit$ ,/ates made pursuant to ! election ( a respond5t "u subsection 7e77#e77;,b71 7g77#h77;,b71 7i77#c71 or 7k77#b77;,h77ii7 %all be reviewable 9 ! appropriate c\rt ( appeals ( ! ,unit$ ,/ates 9 ! same mann] & to ! same ext5t z any o!r civil action to :i* ! ,unit$ ,/ates is a p>ty4 2 7,d7 9 subsection 7k77#b7-- 7i7 by am5d+ subp>agraph 7,e77ii7 to read z foll[s3 7ii7 ,f9ality ( assessm5t ,if1 ) respect to any assessm5t "u clause 7i71 a he>+ is n reque/$ or an election is n made & timely notic$ pursuant to subp>agraph 7,h7 )9 ! p]iod ( "t all[$ "u su* subp>agraph1 ! assessm5t %all con/itute a f9al & unappealable ord]4 2 7ii7 by am5d+ subp>agraph 7,h7 to read z foll[s3 7,h7 ,he>+ ,! insur$ cr$it union or in/itution-affiliat$ p>ty aga9/ :om any p5alty is assess$ "u ?is p>agraph %all be af=d$ a he>+ be=e-- 7i7 ! ,adm9i/ration1 if su* insur$ cr$it union or in/itution-affiliat$ p>ty submits a reque/ = su* he>+ n lat] ?an #bj days aft] ! issuance ( ! notice ( assessm5t2 or 7ii7 ! appropriate ,unit$ ,/ates di/rict c\rt1 if su* insur$ cr$it union or in/itution-affiliat$ p>ty submits a reque/ = su* he>+ & =um n lat] ?an #bj days aft] ! issuance ( ! notice ( assessm5t4 2 & 7iii7 by am5d+ subp>agraph 7,i77ii7 to read z foll[s3 7ii7 ,appropriat5ess ( p5alty n reviewable ,9 any civil action "u clause 7i71 except a civil action tri$ 9 a di/rict c\rt ( ! ,unit$ ,/ates pursuant to subsection 7e77#e77;,b71 7g77#h77;,b71 or 7k77#b77;,h77ii71 ! validity & appropriat5ess ( ! p5alty %all n be subject to review4 2 & 7,e7 by add+ at ! end ! foll[+3 7x7 ,sav+s clause ,no?+ 9 subsection 7e77#e77;,b71 7g77#h77;,b71 or 7k77#b77;,h77ii7 %all be con/ru$ to-- 7#a7 limit ! au?ority ( ! ,adm9i/ration to initiate an adm9i/rative en=cem5t action2 or 7#b7 impair ! validity ( any cons5t ord]4 4