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house Bill H.R. 4545

Should an Independent Office Review Complaints & Appeals by Banks About Their Regulatory Exams?

Argument in favor

The process for banks appealing the findings of regulatory examinations should be consolidated under an independent office so that banks don’t have to file and track multiple different appeals.

Mart's Opinion
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03/15/2018
Not a fan of more committees, but if it helps free the market, great! It’d be best though to remove ALL regulations, except the basic law of fraud!
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Jeffrey's Opinion
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03/16/2018
The Federal Government has proven again and again that it is no more trustworthy organization than any bank! At least Banks need a contract to confiscate your money, the Federal Government just uses the IRS!
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Larry's Opinion
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03/15/2018
You cannot expect justis to be served if the judge is not an uninterested 3rf party.
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Argument opposed

The existing process for banks appealing the findings of financial regulators works just fine, and this bill would let banks escape or delay accountability for violations of federal laws.

OlderNWiser's Opinion
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03/15/2018
Independent? Office? #45 has these criteria for any department head or member of his Administration: They must praise him endlessly, endorse any idiotic words from his mouth including all contradictions,must be prepared to destroy the Constitution, the American people, and the office or department they head to further enrich the wealthiest 1%.
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screenbones's Opinion
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03/15/2018
Banks will try anything to lower their regulations, no matter the actual regulatory burden. ***These banks are doing just fine right now***! The point of regulations is to protect the American people. Stop trying to destroy these protections.
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Marc's Opinion
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03/15/2018
Not unless trump unlocks the consumer and financial protection bureau and gives it the freedom that Dodd/frank gave it
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What is House Bill H.R. 4545?

This bill would establish the Office of Independent Examination Review to investigate complaints from financial institutions about regulatory examinations, review the quality of examinations, and adjudicate appeals of determinations made within examinations. It would also set deadlines for regulators to hold exit interviews and issue final examination reports to financial institutions. Under current law, federal financial regulators have their own appeals review processes with varying rules and stipulations.

The office would be established within the Federal Financial Institutions Examination Council.

Impact

Financial institutions; the Office of Independent Examination Review; and federal financial regulatory agencies.

Cost of House Bill H.R. 4545

$123.00 Million
The CBO estimates that enacting this bill would increase deficits by $123 million over the 2018-2027 period.

More Information

In-Depth: Sponsoring Rep Scott Tipton (R-CO) introduced this bill to consolidate the appeals process for financial regulatory examinations under an independent office, rather than each agency having its own appeals process:

“Bringing the examination appeals process under an independent office provides financial institutions with greater certainty that they will receive fair and standard treatment in the appeals process. I’m pleased to work with my colleague Representative Maloney to advance this bipartisan legislation to ensure financial institutions including small banks undergo an effective and fair examination process.”

Original cosponsor, Rep. Carolyn Maloney (D-NY), added:

“In the aftermath of the financial crisis, I heard from countless community banks that they were afraid to appeal exam decisions, because they thought their examiner would retaliate against them. That’s why I’m proud to have worked with Congressman Tipton to introduce this bill that would improve the examination process. This bill ensures that banks are treated fairly by their examiners, and creates a rigorous and independent process for banks to appeal certain exam decisions, which will bring transparency and consistency to the examination process. This improvement will protect the integrity of the banking system, while also improving the fairness of the examination process.”

Some House Democrats opposed this bill in committee, writing:

“H.R. 4545 would enable any bank, regardless of size, to appeal and postpone material supervisory determinations by the bank’s regulator, which include adverse determinations such as a downgrade of a bank’s rating for capital, asset quality, management, earnings, liquidity, and sensitivity to market risks (CAMELS); significant deficiencies in the institution’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program; findings related to violations of various regulations; or a downgrade of a bank’s Community Reinvestment Act (CRA) rating… This bill would make it more likely that megabanks would be able to escape or delay accountability for egregious violations of federal laws protecting consumers and the economy.”

This legislation passed the House Financial Services Committee on a 50-10 vote and has the support of seven bipartisan cosponsors, including five Republicans and two Democrats.


Media:

Summary by Eric Revell

(Photo Credit: ultramarine5 / iStock)

AKA

Financial Institutions Examination Fairness and Reform Act

Official Title

To amend the Federal Financial Institutions Examination Council Act of 1978 to improve the examination of depository institutions, and for other purposes.

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed March 15th, 2018
    Roll Call Vote 283 Yea / 133 Nay
      house Committees
      Committee on Financial Services
    IntroducedDecember 4th, 2017
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    Mart's Opinion In Favor
    ···
    03/15/2018
    Not a fan of more committees, but if it helps free the market, great! It’d be best though to remove ALL regulations, except the basic law of fraud!
    Like (23)
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    Share
    OlderNWiser's Opinion Against
    ···
    03/15/2018
    Independent? Office? #45 has these criteria for any department head or member of his Administration: They must praise him endlessly, endorse any idiotic words from his mouth including all contradictions,must be prepared to destroy the Constitution, the American people, and the office or department they head to further enrich the wealthiest 1%.
    Like (42)
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    screenbones's Opinion Against
    ···
    03/15/2018
    Banks will try anything to lower their regulations, no matter the actual regulatory burden. ***These banks are doing just fine right now***! The point of regulations is to protect the American people. Stop trying to destroy these protections.
    Like (33)
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    Sandi716's Public Comment
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    03/15/2018
    I am so disappointed in our Delaware senators. This bill dismantles consumer protections. Big banks are bullies already. So many people were hurt in 2008....why risk it happening again? Sandi Townsend Wilmington Delaware
    Like (20)
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    Marc's Opinion Against
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    03/15/2018
    Not unless trump unlocks the consumer and financial protection bureau and gives it the freedom that Dodd/frank gave it
    Like (16)
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    Santiago's Opinion Against
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    03/15/2018
    The existing process for banks appealing the findings of financial regulators works just fine, and this bill would let banks escape or delay accountability for violations of federal laws.
    Like (13)
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    Donna's Opinion Against
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    03/15/2018
    Here's an idea. Why not save the taxpayers money and stop wasting time drafting and passing individual bills that completely erode any hint of regulation of the financial industry in this country? You are not subtle and the public is not stupid! We understand you want to spend your last term in office giving what is left of the nation away to your special interests, lobbyists and big donors. You have proven over the past year you have their interests in mind, not the interests of the American people in your districts for whom you were elected to REPRESENT! I hope you all have your life jackets ready for the wave I hope hits DC. It is time to return public service, civility, honesty and humility to our political environment. The American people deserve it and our democratic republic demands it.
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    Robert j.'s Opinion Against
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    03/15/2018
    Another attempt to hamstring bank regulation?
    Like (9)
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    Craig's Opinion Against
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    03/15/2018
    As soon as I saw this was sponsored by a Republican, my immediate reaction was to oppose it. Upon further examination though I find that this is just another attempt by Republicans to weaken consumer protections and further the interests of the big banks. No way this should be approved. GET RID OF CONGRESSIONAL REPUBLICANS IN NOVEMBER
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    Marcia's Opinion Against
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    03/15/2018
    Have “we” forgotten the financial disaster of 2008. I haven’t! Dodd-Frank was established to protect the American people from the greed and recklessness of the big financial institutions. I remember clearly what happened to my retirement funds and how many years it took to get back to the pre-2008 level. Those are years it could have been growing instead of recovering! So now we are going to deregulate our banks back to that disaster?? What are you people thinking? Obviously not about the welfare of your constituents!
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    Jeffrey's Opinion In Favor
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    03/16/2018
    The Federal Government has proven again and again that it is no more trustworthy organization than any bank! At least Banks need a contract to confiscate your money, the Federal Government just uses the IRS!
    Like (6)
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    Waffleboy's Opinion Against
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    03/15/2018
    This bill would give banks to much freedom in the long run which could eventually lead to some kind of greed. I believe banks are currently in check right now, so we shouldn't pass this bill, especially because of it being an independent office. The reason I emphasize independent office is because if this bill was passed it might start as an independent office, but who´s to say it will stay that way. As you can see we U.S citizens seem to distrust banks holding our money, but we will still use them for our convince.
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    Frances's Opinion Against
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    03/14/2018
    BANKS WILL TRY ANYTHING TO GET OUT OF BEING REGULATED AND THIS IS SOMETHING REPUBLICANS JUST LOVE! BUT REGULATIONS ARE THERE FOR THE SAFETY OF THE PEOPLE, NOT THE PROFIT OF BUSINESSES! NOTHING THAT TAKES AWAY THE POWER OF THE REGULATIONS THAT PROTECT US--THE CITIZENS OF THE UNITED STATES, SHOULD EVER BE ALLOWED TO WEAKEN THOSE REGULATIONS. THAT WAY LEADS TO FRAUD BY THE BIG BUSINESSES OF THE LITTLE GUY, AND THAT IS THE REST OF THE NON-EXTREMELY WEALTHY! WE NEED REGULATIONS BECAUSE THE BIG BUSINESSES CAN JUST BUY THE VOTES OF MEMBERS OF CONGRESS AND WE CANNOT!
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    J. scott's Opinion Against
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    03/15/2018
    Existing procedures and processes work well and with efficiency and this is an unnecessary new layer of bureaucracy and a thinly veiled attempt to further deregulate banks unnecessarily and actually dangerously.
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    Patty's Opinion Against
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    03/15/2018
    Only one more way for the banks to get rid of regulations and do whatever they want. If the banks want it, it can only hurt the consumers and the economy.
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    Grant's Opinion Against
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    03/15/2018
    We need more bank regulation.
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    Robin's Opinion Against
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    03/15/2018
    No more giving to big banks
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    Gabriel's Opinion Against
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    03/15/2018
    Separation of bank and State I say.
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    William's Opinion Against
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    03/15/2018
    Removed consumer protections from risky Wall Street speculation is never a good idea, shame on you.
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    IllWill's Opinion Against
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    03/15/2018
    This is just a bill to allow banks to skirt their regulatory requirements. If it wasn’t clear enough that Congress works for Wall Street, it should be very clear now given the Congress has ambushed us with all these financial industry deregulation bills.
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