Sec. 905. Independent Examination Review
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The Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3301 et seq. ) is amended by adding at the end the following: There is established in the Council an Office of Independent Examination Review. There is established the position of the Director as the head of the Office of Independent Examination Review, who shall be appointed by the Council for a term of 5 years. The President may remove the Director from office. Not later than 30 days after the date on which the Director is removed from office under subparagraph (A), the President shall submit to Congress a written notification describing the reasons for the removal.
The Director may hire staff to support the activities of the Office of Independent Examination Review. The Director shall— receive and, at the discretion of the Director, investigate complaints from financial institutions, representatives of financial institutions, or any other entity acting on behalf of financial institutions, concerning examinations, examination practices, or examination reports; hold meetings, not less than once every 90 days and in locations designed to encourage participation from all regions of the United States, with financial institutions, representatives of financial institutions, or any other entity acting on behalf of financial 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 the agencies are being followed in practice and adhere to the standards for consistency established by the Council; conduct a continuing and regular program of examination quality assurance for all types of examinations conducted by the Federal financial institutions regulatory agencies; and submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Council an annual report on the reviews carried out pursuant to paragraphs
(3)and (4), including recommendations for improvements in examination procedures, practices, and policies. The Director shall keep confidential— all meetings, discussions, and information provided by financial institutions; and any confidential or privileged information provided by a Federal financial institutions regulatory agency. One-fifth of the costs and expenses of the Office of Independent Examination Review, including the salaries of its employees, shall be paid by each of the Federal financial institutions regulatory agencies, which shall be based on the budget submitted under paragraph (2). Not later than April 15 of each fiscal year, the Director shall submit to the Council a projected budget for the Office of Independent Examination Review for the following fiscal year. . Section 1003 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3302 ) is amended— by striking paragraph
(1)and inserting the following: the term Federal financial institutions regulatory agencies means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Bureau of Consumer Financial Protection; ; in paragraph (2), by striking ; and and inserting a semicolon; in paragraph (3), by striking the semicolon and inserting ; and ; and by adding at the end the following: the term Director means the Director established under section 1012. . Section 309 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4806 ) is amended— in the first sentence of subsection (a), by inserting , the Bureau of Consumer Financial Protection, after Federal banking agency ; in subsection (b)— by redesignating paragraphs
(1)and
(2)as subparagraphs
(A)and (B), respectively, and adjusting the margins accordingly; in the matter preceding subparagraph (A), as so redesignated, by striking In establishing and inserting the following: In establishing ; in paragraph (1)(B), as so redesignated, by striking the appellant from retaliation by agency examiners and inserting the insured depository institution or insured credit union from retaliation by an agency referred to in subsection
(a); and by adding at the end the following: For purposes of this subsection and subsection (e), retaliation includes delaying consideration of, or withholding approval of, any request, notice, or application that otherwise would have been approved, but for the exercise of the rights of the insured depository institution or insured credit union under this section. ; and in subsection (e)(2)— in subparagraph (B), by striking ; and and inserting a semicolon; in subparagraph (C), by striking the period at the end and inserting ; and ; and by adding at the end the following: ensure that appropriate safeguards exist for protecting the insured depository institution or insured credit union from retaliation by any appropriate Federal banking agency for exercising the rights of the insured depository institution or insured credit union under this subsection. . Nothing in this subsection shall be construed to affect the authority of an appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) or the National Credit Union Administration Board to take enforcement or other supervisory action. Section 205(j) of the Federal Credit Union Act ( 12 U.S.C. 1785(j) ) is amended by inserting the Bureau of Consumer Financial Protection, before the Administration each place that term appears. Section 1005 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3304 ) is amended by striking One-fifth and inserting One-fourth .
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Sec. 905
Independent Examination Review
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