Sec. 3. Independent Examination Review Panel
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The Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3301 et seq.), as amended by section 2, is further amended by adding at the end the following new section: There is established in the executive branch the Independent Examination Review Panel (in this section referred to as the Panel ). The Panel shall consist of three judges, appointed as follows: One judge appointed by the Council with extensive financial institutions regulatory agency experience.
One judge appointed by the Securities and Exchange Commission with legal and public accounting experience. One judge appointed by the Council, selected from candidates with private sector senior management-level experience with legal or public accounting background and recommended to the Council by a financial institution or a financial institution trade association. Each judge appointed to the Panel shall serve for a term of 3 years, except as provided in subparagraph (B). No judge may be appointed to serve more than 2 terms.
Of the judges first appointed to the Panel— the judge appointed pursuant to paragraph (2)(A) shall be appointed for a term of 1 year; the judge appointed pursuant to paragraph (2)(B) shall be appointed for a term of 2 years; and the judge appointed pursuant to paragraph (2)(C) shall be appointed for a term of 3 years. An individual appointed under subparagraph
(B)or
(C)of paragraph
(2)shall— be a licensed attorney and a certified public accountant authorized to practice under the laws of a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States; and have relevant subject matter education and work-related experience, including working knowledge of generally accepted accounting principles, as determined by the entity making the appointment. The Panel shall have exclusive jurisdiction of an appeal of a final material supervisory determination of a Federal financial institutions regulatory agency. The Panel shall determine the merits of the appeal, after an opportunity for a hearing on the record. In an appeal heard by the Panel under this section, the Panel may not defer to the opinions of an examiner or a Federal financial institutions regulatory agency, but shall independently determine the appropriateness of the Federal financial institutions regulatory agency’s decision based upon the relevant statutes, regulations, judicial precedents, and previous decisions of the Panel. A financial institution seeking an appeal under this section shall file a written notice with the Panel within 30 days after receiving the final material supervisory determination from the agency, or within 270 days after receiving the final examination report, whichever occurs first. The written notice shall identify the final material supervisory determination that is the subject of the appeal and a statement of the reasons why the financial institution believes such determination should be modified. Any information relied upon by a Federal financial institutions regulatory agency in a final examination report that is not in the possession of a financial institution requesting an appeal under this section may be requested by the financial institution and, if requested, shall be delivered promptly by the agency to the financial institution. If a financial institution requests a hearing before the Panel in connection with an appeal by the financial institution under this section, the hearing shall— take place not later than 60 days after the date on which the notice of the appeal was received by the Panel; and be conducted pursuant to the procedures set forth under sections 556 and 557 of title 5, United States Code. A decision by the Panel on an appeal under this section shall be made not later than— 60 days after the date on which the notice of appeal is filed with the Panel; or 30 days after the date on which a hearing under subsection
(f)has concluded, if a hearing is requested by the financial institution. A financial institution and the Federal financial institution regulatory agency that made the material supervisory determination appealed under this section shall have the right to petition for review of the decision of the Panel under this section by filing a petition for review not later than 60 days after the date on which the decision was made in the United States Court of Appeals for the District of Columbia Circuit or the circuit in which the financial institution is located. The Panel shall, within 90 days of the end of each calendar year, report final decisions made under subsection
(g)during such calendar year to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. Such reports may not contain confidential or privileged information shared by financial institutions. Any report submitted under paragraph
(1)shall be made available on the Council’s website in such a manner that such reports may serve as precedent for future disputes. The reasonable costs and expenses incurred by the Panel shall be paid by the Council. Compensation for the judges appointed to the Panel under this section shall be determined by the Council and based upon the fair market value of the level of service and time provided considering the training, knowledge, and experience needed to properly and professionally carry out the duties required. 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. . Section 1003 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3302 ) is amended— in paragraph (2), by striking and ; in paragraph (3), by adding and at the end; and by adding at the end the following new paragraph: the term material supervisory determinations has the meaning given such term in section 309(f) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4806(f) ). .
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