Sec. 3. 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 2, is further amended by adding at the end the following: With respect to an action that a financial institution is taking or is intending to take, the financial institution may request a written determination by the applicable Federal financial institutions regulatory agency of— the agency’s non-objection to the financial institution conducting a particular activity; 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.
A request made under subsection
(a)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 financial institutions regulatory agency receiving a request under subsection
(a)shall, not later than 30 days after 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 all of the information required under subsection (b); and if the request does not contain all of the information required under subsection (b), provide the financial institution with an explanation of what information is missing. If a Federal financial institutions regulatory agency informs the financial institution under subsection
(c)that the request does not contain all the information required under subsection (b), the financial institution may provide the missing information to the Federal financial institutions regulatory agency during the 30-day period beginning on the date the financial institution receives the explanation of the missing information under subsection (c). A Federal financial institutions regulatory agency receiving a request under subsection
(a)shall make a determination on the request and provide the financial institution with a written notice of such determination— if the initial request contains the information required under subsection (b), not later than the end of the 60-day period beginning on the date the Federal financial institutions regulatory agency notifies the financial institution of the receipt of the request under subsection (c); or if the initial request does not contain the information required under subsection (b), but the financial institution provides the missing information during the 30-day period described under subsection (d), not later than the end of the 60-day period beginning on the date such missing information is provided; or if the initial request does not contain the information required under subsection (b), and the financial institution does not provide the missing information during the 30-day period described under subsection (d), not later than the end of the 60-day period beginning on the end of such 30-day period. Each Federal financial institutions regulatory agency shall, within 120 days after making a determination under paragraph (5), publish a summary of the determination on the public website of the Federal financial institutions regulatory agency. Each Federal financial institutions regulatory agency shall redact any confidential supervisory information about the financial institution, any identifying facts about the financial institution, and any sensitive personally identifiable information, and anonymize any un-redacted information that could, individually or in the aggregate, identify the financial institution. .
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Sec. 3
Timeliness of required permission, regulatory, and reporting guidance
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