Sec. 4. Timeliness of required permission, regulatory, and reporting guidance
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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 new section: A financial institution may request a written determination by a Federal financial institutions regulatory agency of— the agency’s permission to take an action where permission is mandated by regulation; the agency’s interpretation of a law or regulation; and the agency’s interpretation of generally accepted accounting principles or accounting objectives, standards, and requirements under section 37 of the Federal Deposit Insurance Act. A request made under subsection
(a)shall be in writing and contain all the information needed to communicate to the Federal financial institutions regulatory agency the following: The nature of the request. Applicable facts relating to the matter. Applicable law, regulation, or generally accepted accounting principles relating to the matter. Discussion relative to the nature of the request summarizing the financial institution’s position or summary of the request. A Federal financial institutions regulatory agency receiving a request under subsection
(a)shall— within 60 days of receiving the request— provide the financial institution making the request with written notification that the agency received the request and stating whether the request contains the information required under subsection (b); and if the request does not contain the information required under subsection (b), provide the financial institution with an explanation of what information is missing; and within 120 days of receiving the request, if the request contains the information required under subsection (b), make a determination on the request and provide the financial institution with a written notice of such determination. For purposes of section 1013(b), the following actions are deemed a final agency material supervisory determination: Any determination made under subsection (c)(2). Any failure by a Federal financial institutions regulatory agency to comply with a deadline required by this section. Any determination by a Federal financial institutions regulatory agency under subsection (c)(1)(B) that a request does not contain the information required under subsection (b). Each Federal financial institutions regulatory agency shall, within 120 days after making a determination under subsection (c)(2), publish a summary of the determination, in order to offer guidance to the applicable industry. The summary may not contain confidential or privileged information about the financial institution, financial institution clients, or agency personnel. .
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Sec. 4
Timeliness of required permission, regulatory, and reporting guidance
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