Faster Bank Audits and Independent Review of Regulatory Decisions.
This law introduces new rules for auditing banks and financial institutions, limiting the time regulatory agencies have to issue final examination reports to 60 days. It establishes an independent office where institutions can appeal significant negative supervisory findings, ensuring greater fairness and transparency in the financial system. While primarily focused on regulatory procedures, these changes aim to foster a more stable banking sector, indirectly protecting consumer deposits and financial interests.
Key points
Regulatory agencies must provide final examination reports to financial institutions within 60 days, speeding up administrative processes.
A new, independent Office of Independent Examination Review is established to handle complaints and appeals from financial institutions regarding audit findings.
Financial institutions gain the right to an independent appeal of material supervisory determinations, and agencies are prohibited from retaliating against them for exercising this right.
Expired
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