Sec. 933. Right to independent review of material supervisory determinations
791 words·~4 min read·
/bill/115/hr/6147/eh/section-933A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3301 et seq.), as amended by section 932, is further amended by adding at the end the following: A financial institution shall have the right to obtain an independent review of a material supervisory determination contained in a final report of examination. A financial institution seeking review of a material supervisory determination under this section shall file a written notice with the Independent Examination Review Director (the Director ) within 60 days after receiving the final report of examination that is the subject of such review.
The written notice shall identify the material supervisory determination that is the subject of the independent examination review, 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 Director shall determine the merits of the appeal on the record or, at the financial institution’s election, shall refer the appeal to an Administrative Law Judge to conduct a confidential hearing pursuant to the procedures set forth under sections 556 and 557 of title 5, United States Code, which hearing shall take place not later than 60 days after the petition for review was received by the Director, and to issue a proposed decision to the Director based upon the record established at such hearing.
In rendering a determination or recommendation under this subsection, neither the Administrative Law Judge nor the Director shall defer to the opinions of the examiner or agency, but shall conduct a de novo review to independently determine the appropriateness of the agency’s decision based upon the relevant statutes, regulations, and other appropriate guidance, as well as evidence adduced at any hearing. A decision by the Director on an independent review under this section shall— be made not later than 60 days after the record has been closed; and subject to subsection (e), be deemed a final agency action and shall bind the agency whose supervisory determination was the subject of the review and the financial institution requesting the review.
If the agency whose supervisory determination was the subject of the review believes that the Director’s decision under subsection
(d)would pose an imminent threat to the safety and soundness of the financial institution, such agency may file a written notice seeking review of the Director’s decision with the Council within 10 days of receiving the Director’s decision. In making a determination under this subsection, the Council shall conduct a review to determine whether there is substantial evidence that the Director’s decision would pose an imminent threat to the safety and soundness of the financial institution. A determination by the Council shall— be made not later than 30 days after the filing of the notice pursuant to paragraph (1); and be deemed a final agency action and shall bind the agency whose supervisory determination was the subject of the review and the financial institution requesting the review. A financial institution shall have the right to petition for review of final agency action under this section by filing a Petition for Review within 60 days of the Director’s decision or the Council’s decision in the United States Court of Appeals for the District of Columbia Circuit or the Circuit in which the financial institution is located. The Director shall report annually to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on actions taken under this section, including the types of issues that the Director has reviewed and the results of those reviews. 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 (as defined under section 3 of the Federal Deposit Insurance Act), 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. Nothing in this section may be construed— to affect the right of a Federal financial institutions regulatory agency to take enforcement or other supervisory actions related to a material supervisory determination under review under this section; or to prohibit the review under this section of a material supervisory determination with respect to which there is an ongoing enforcement or other supervisory action. .
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 933
Right to independent review of material supervisory determinations
Cites 1Cited by 0 across 0 sources