Sec. 401. Timeliness of examinations and required permission, regulatory, and reporting guidance
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Section 10(d) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(d) ) is amended by adding at the end the following: The appropriate Federal banking agency shall complete any examination of an insured depository institution within 270 days of commencing the examination, except that such period may be extended by the appropriate Federal banking agency by providing written notice to the insured depository institution describing with particularity the reasons that a longer period is needed.
Within 30 days of completing an examination, the appropriate Federal banking agency shall conduct an exit interview with the insured depository institution’s senior management and board of directors. With respect to an examination of an insured depository institution by an appropriate Federal banking agency, the appropriate Federal banking agency shall provide a final examination report to the insured depository institution not later than 60 days after the later of— the exit interview for the examination; or the provision of additional information by the insured depository institution relating to the examination.
Upon the request of an insured depository institution, the appropriate Federal banking agency shall include with a final examination report an appendix listing all materials relied upon by the agency in support of all material supervisory determinations. In this paragraph, the term material supervisory determination has the meaning given such term in section 309(i) of the Riegle Community Development and Regulatory Improvement Act of 1994. . Section 204 of the Federal Credit Union Act ( 12 U.S.C. 1784 ) is amended by adding at the end the following:
The Board shall complete any examination of an insured credit union within 270 days of commencing the examination, except that such period may be extended by the Board by providing written notice to the insured credit union describing with particularity the reasons that a longer period is needed. Within 30 days of completing an examination, the Board shall conduct an exit interview with the insured credit union’s senior management and board of directors. With respect to an examination of an insured credit union, the Board shall provide a final examination report to the insured credit union not later than 60 days after the later of— the exit interview for the examination; or the provision of additional information by the insured credit union relating to the examination.
Upon the request of an insured credit union, the Board shall include with a final examination report an appendix listing all materials relied upon by the Board in support of all material supervisory determinations. In this paragraph, the term material supervisory determination has the meaning given such term in section 309(i) of the Riegle Community Development and Regulatory Improvement Act of 1994. . Section 10 of the Federal Deposit Insurance Act ( 12 U.S.C. 1820 ) is amended by adding at the end the following:
An insured depository institution may request a written determination by the appropriate Federal banking 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. A request made under paragraph
(1)shall be in writing and contain— the nature of the request; applicable facts relating to the matter; applicable law, regulation, or generally accepted accounting principles relating to the matter; and a summary of the request. A Federal banking agency receiving a request under paragraph
(1)shall, not later than 30 days after receiving the request— provide the insured depository institution making the request with written notification that the agency received the request and stating whether the request contains the information required under paragraph (2); and if the request does not contain the information required under paragraph (2), provide the insured depository institution with an explanation of what information is missing. If a Federal banking agency informs the insured depository institution under paragraph
(3)that the request does not contain all the information required under paragraph (2), the insured depository institution may provide the missing information to the Federal banking agency during the 30-day period beginning on the date the insured depository institution receives the explanation of the missing information under paragraph (3). A Federal banking agency receiving a request under paragraph
(1)shall make a determination on the request and provide the insured depository institution with a written notice of such determination— if the initial request contains the information required under paragraph (2), not later than the end of the 60-day period beginning on the date the Federal banking agency notifies the insured depository institution of the receipt of the request under paragraph (3); or if the initial request does not contain the information required under paragraph (2)— not later than the end of the 60-day period beginning on the date that the insured depository institution provides the Federal banking agency with the missing information under paragraph (4); or if the insured depository institution does not provide the Federal banking agency with the missing information within the 30-day period described under paragraph (4), not later than the end of the 60-day period beginning on the end of such 30-day period. Each Federal banking agency shall, within 120 days after making a determination under paragraph (5), publish a summary of the determination. Each Federal banking agency shall redact any confidential supervisory information about the insured depository institution, any identifying facts about the institution, and any sensitive personally identifiable information. . Section 209 of the Federal Credit Union Act ( 12 U.S.C. 1789 ) is amended by adding at the end the following: An insured credit union may request a written determination by the Board of— the Board’s permission to take an action where permission is mandated by regulation; the Board’s interpretation of a law or regulation; and the Board’s interpretation of generally accepted accounting principles or other accounting objectives, standards, and requirements. A request made under paragraph
(1)shall be in writing and contain— the nature of the request; applicable facts relating to the matter; applicable law, regulation, or generally accepted accounting principles relating to the matter; and a summary of the request. The Board, upon receiving a request under paragraph
(1)shall, not later than 30 days after receiving the request— provide the insured credit union making the request with written notification that the Board received the request and stating whether the request contains the information required under paragraph (2); and if the request does not contain the information required under paragraph (2), provide the insured credit union with an explanation of what information is missing. If the Board informs the insured credit union under paragraph
(3)that the request does not contain all the information required under paragraph (2), the insured credit union may provide the missing information to the Board during the 30-day period beginning on the date the insured credit union receives the explanation of the missing information under paragraph (3). The Board shall make a determination on a request made under paragraph
(1)and provide the insured credit union with a written notice of such determination— if the initial request contains the information required under paragraph (2), not later than the end of the 60-day period beginning on the date the Board notifies the insured credit union of the receipt of the request under paragraph (3); or if the initial request does not contain the information required under paragraph (2)— not later than the end of the 60-day period beginning on the date that the insured credit union provides the Board with the missing information under paragraph (4); or if the insured credit union does not provide the Board with the missing information within the 30-day period described under paragraph (4), not later than the end of the 60-day period beginning on the end of such 30-day period. The Board shall, within 120 days after making a determination under paragraph (5), publish a summary of the determination. The Board shall redact any confidential supervisory information about the insured credit union, any identifying facts about the credit union, and any sensitive personally identifiable information. .
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Sec. 401
Timeliness of examinations and required permission, regulatory, and reporting guidance
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