Sec. 4. Independent Examination Review Director
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The Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3301 et seq. ), as amended by section 3, is further amended by adding at the end the following: There is established in the Council an Office of Independent Examination Review (the Office ). There is established the position of the Independent Examination Review Director (the Director ), as the head of the Office. The Director shall be appointed by the Council and shall be independent from any member agency of the Council.
The Director is authorized to hire staff to support the activities of the Office. The Director shall— receive and, at the Director’s discretion, investigate complaints from financial institutions, their representatives, or another entity acting on behalf of such institutions, concerning examinations, examination practices, or examination reports; hold meetings, at least once every three months and in locations designed to encourage participation from all sections of the United States, with financial institutions, their representatives, or another entity acting on behalf of such institutions, to discuss examination procedures, examination practices, or examination policies; 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 consistency established by the Council; conduct a continuing and regular review of examination quality assurance for all examination types conducted by the Federal financial institutions regulatory agencies; adjudicate any supervisory appeal initiated under section 1015; and report annually to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Council, on the reviews carried out pursuant to paragraphs
(3)and (4), including compliance with the requirements set forth in section 1012 regarding timeliness of examination reports, and the Council’s recommendations for improvements in examination procedures, practices, and policies. The Director shall keep confidential all meetings with, discussions with, and information provided by financial institutions. .
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Sec. 4
Independent Examination Review Director
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