Sec. 5. Right to appeal before an independent administrative law judge
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The Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3301 et seq. ), as amended by this Act, is amended by adding at the end the following: A financial institution shall have the right to appeal a material supervisory determination contained in a final report of examination. A financial institution seeking an appeal under this section shall file a written notice with the Ombudsman within 60 days after receiving the final report or examination that is the subject of such appeal.
The written notice shall identify the material supervisory determination that is the subject of the appeal, and a statement of the reasons why the institution believes that the determination is incorrect or should otherwise be modified. Any information relied upon by the agency in the final report that is not in the possession of the financial institution may be requested by the financial institution and shall be delivered promptly by the agency to the financial institution. The Ombudsman shall determine the merits of the appeal on the record, after an opportunity for a hearing before an independent administrative law judge.
If a hearing is requested by the financial institution, the hearing shall— take place not later than 60 days after the notice of the appeal was received by the Ombudsman; and be conducted pursuant to the procedures set forth under sections 556 and 557 of title 5, United States Code. In any hearing under this subsection— the administrative law judge shall recommend to the Ombudsman what determination should be made; and in making such recommendation, the administrative law judge shall not defer to the opinions of the examiner or agency, but shall independently determine the appropriateness of the agency’s decision based upon the relevant statutes, regulations, and other appropriate guidance.
A decision by the Ombudsman on an appeal under this section shall— be made not later than 60 days after the record has been closed; and be final agency action, and shall bind the agency whose supervisory determination was the subject of the appeal and the financial institution making the appeal. The Ombudsman shall report annually to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate on actions taken on appeals under this section, including the types of issues that financial institutions have appealed and the results of those appeals.
In no case shall such a report contain information about individual financial institutions or any confidential or privileged information shared by financial institutions. A Federal financial institutions regulatory agency may not— retaliate against a financial institution, including service providers, or any institution-affiliated party, for exercising appellate rights under this section; or delay or deny any agency action that would benefit a financial institution or any institution-affiliated party on the basis that an appeal under this section is pending under this section. .
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Sec. 5
Right to appeal before an independent administrative law judge
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