Sec. 3. Independent Examination Review Director
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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 of this Act, is further 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 Independent Examination Review Director, as the head of the Office of Independent Examination Review. The Director shall be appointed by the President, by and with the advice and consent of the Senate.
The Director is authorized to hire staff to support the activities of the Office of Independent Examination Review. One-fifth of the costs and expenses of the Office, including the salaries of its employees, shall be paid by each of the Federal financial institutions regulatory agencies. Annual assessments for such share shall be levied by the Council based upon its projected budget for the year, and additional assessments may be made during the year if necessary. The Director shall— receive and, at the discretion of the Director, investigate complaints from financial institutions, their representatives, or another entity acting on behalf of such institutions, concerning examinations, examination practices, or examination reports; hold meetings, at least once every three months and in locations designed to encourage participation from all sections of the United States, with financial institutions, their representatives, or another entity acting on behalf of such 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 those agencies are being followed in practice and adhere to the standards for consistency, which shall be established, after notice and opportunity for comment, by the Council not later than 90 days after the date of enactment of this section; conduct a continuing and regular program of examination quality assurance for all examination types conducted by the Federal financial institutions regulatory agencies; carry out an independent review of any supervisory appeal initiated under section 1014; and report annually to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Council, on the reviews carried out pursuant to paragraphs
(3)and (5), including compliance with the requirements set forth in section 1012 regarding timeliness of examination reports, and the Council’s recommendations for improvements in examination procedures, practices, and policies. The Director shall keep confidential all meetings, discussions, and information provided by financial institutions. The Council shall keep confidential all information and communications exchanged by a financial institution and the Office of Independent Examination Review. . 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 at the end; in paragraph (3), by adding and at the end; and by adding at the end the following: the term Director means the Independent Examination Review Director established under section 1013(b). .
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