Sec. 4. Office of Independent Examination Review
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The Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3301 et seq. ), as amended by section 3, is further amended by adding at the end the following: There is established in the Council an Office of Independent Examination Review (the Office ). The head of the Office shall be the Board of Independent Examination Review, which shall be comprised of 3 members, appointed by the President, by and with the advice and consent of the Senate. The President shall appoint the 1 member of the Board from each of the following classes of individuals:
Individuals who have been employed by a Federal financial institutions regulatory agency. Individuals who— are a licensed attorney or a certified public accountant authorized to practice under the laws of a State, the District of Columbia, or a territory of the United States; have either academic or private sector experience; have relevant work-related experience in consumer affairs or compliance with consumer protection laws with respect to financial institutions; and are not, and were not during the previous 10-year period, employed by a Federal banking agency, a Federal reserve bank, or the National Credit Union Administration.
Individuals— with at least 10 years private sector financial services senior management-level experience; and recommended by— an insured depository institution; an insured credit union; or a trade association for such institutions or credit unions. The President may not appoint an individual as a member of the Board if the individual— is, or was during the previous 2-year period, employed by a Federal financial institutions regulatory agency or a Federal reserve bank; is, or was during the previous 2-year period, employed by a financial institution; or is reporting, or was reporting in the past 5 years, directly or indirectly to a Federal financial institutions regulatory agency official who makes material supervisory determinations.
In appointing members of the Board, the President shall consult with the Federal financial institutions regulatory agencies and financial institutions. Each member of the Board shall serve for a term of 3 years. No individual may serve more than 2 full terms on the Board. Not more than 2 members of the Board shall be members of the same political party. 3 members of the Board shall constitute a quorum. During the 6-month period beginning on the date of enactment of this section, 1 member of the Board shall constitute a quorum until the Board has 3 members.
The Board 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 Board shall— receive and, at the discretion of the Board, 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; 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 1015; 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 1013 regarding timeliness of examination reports, and the Board’s recommendations for improvements in examination procedures, practices, and policies. The Board and the Council shall keep confidential— all meetings, discussions, and information provided by financial institutions and Federal financial institutions regulator agencies that involve confidential supervisory information or privileged information; all information and communications exchanged between a financial institution and the Office of Independent Examination Review; and all information and communications exchanged between a Federal financial institutions regulator agency 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; and by adding at the end the following: the term Board means the Board of Independent Examination Review established under section 1014(b); the term material supervisory determination has the meaning given such term in section 309(c) of the Riegle Community Development and Regulatory Improvement Act of 1994; the term insured depository institution has the meaning given that term in section 3 of the Federal Deposit Insurance Act; and the term insured credit union has the meaning given that term in section 101 of the Federal Credit Union Act. .
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