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Streamlining Financial Audits and Protecting Institutions' Rights

This new law changes how financial institution examinations are conducted, setting time limits for completion and report issuance. It also establishes an independent office to handle complaints and appeals against supervisory decisions, aiming for greater transparency and fairness. Citizens may experience an indirect impact through more stable and predictable financial institutions.
Key points
Financial institution examinations must be completed within 270 days, and final reports issued within 90 days of the examination's conclusion.
Financial institutions can request written interpretations or approvals, with agencies having specific deadlines to respond.
An Office of Independent Examination Review is established to handle complaints and appeals against supervisory determinations, ensuring independent oversight.
Financial institutions gain the right to an independent review of material supervisory determinations, with the option to appeal to court.
The act prohibits regulatory agencies from retaliating against institutions for exercising their appeal rights.
article Official text account_balance Process page
Placed on Calendar
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Additional Information
Print number: 119_HR_940
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2025-02-04
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FAIR Exams Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_940.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-02-04.

What are the main provisions?

Key points include:

  • Financial institution examinations must be completed within 270 days, and final reports issued within 90 days of the examination's conclusion.
  • Financial institutions can request written interpretations or approvals, with agencies having specific deadlines to respond.
  • An Office of Independent Examination Review is established to handle complaints and appeals against supervisory determinations, ensuring independent oversight.
  • Financial institutions gain the right to an independent review of material supervisory determinations, with the option to appeal to court.
  • The act prohibits regulatory agencies from retaliating against institutions for exercising their appeal rights.
What is the specific legal status?

The current status is Placed on Calendar.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Hill, J. French [R-AR-2].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 176.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy Courts and Law