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HR 6955 · 119th Congress · Finance and Financial Sector

Main Street Act

Introduced January 07, 2026 Latest action April 20, 2026 33 cosponsors

Sponsor

Latest action

Placed on the Union Calendar, Calendar No. 535.

Action timeline

Every recorded action on this bill, newest first. Stage badges color-code the legislative path.

Apr 20, 2026
committee Reported (Amended) by the Committee on Financial Services. H. Rept. 119-617.
Financial Services Committee
Apr 20, 2026
other Placed on the Union Calendar, Calendar No. 535.
Mar 04, 2026
committee Committee Consideration and Mark-up Session Held
Financial Services Committee
Mar 04, 2026
committee Ordered to be Reported by the Yeas and Nays: 26 - 16.
Financial Services Committee
Jan 07, 2026
introduced Introduced in House

Text versions

Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.

Apr 20, 2026 Reported in House
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Jan 07, 2026 Introduced in House
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Changelog
ⓘ

How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.

  1. ih / is — Introduced in House / Senate. First filed version.
  2. rfh / rfs — Referred to a committee for review.
  3. rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).
  4. pcs / pch — Placed on Calendar for floor consideration.
  5. eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.
  6. rdh / rds — Received by the other chamber.
  7. eah / eas — Engrossed Amendment. The other chamber passed an amended version.
  8. ath / ats — Agreed to. Both chambers settled on the same text.
  9. enr — Enrolled. Final reconciled text, sent to the President.
  10. pl — Public Law. Signed by the President. It's now law.
  11. pp — Public Print. Official printing post-enactment.

Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.

Line-level diff between text versions of this bill — what actually changed at each legislative stage.

→
+1726 −1011 477 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 6955 Introduced in House (IH)]
+[H.R. 6955 Reported in House (RH)]
<DOC>
+Union Calendar No. 535
119th CONGRESS
2d Session
H. R. 6955
+
+[Report No. 119-617]
To make improvements to the Federal banking laws, and for other
purposes.
@@ -25,6 +28,20 @@
and Mr. Moore of North Carolina) introduced the following bill; which
was referred to the Committee on Financial Services
+April 20, 2026
+
+Additional sponsors: Mr. Kennedy of Utah, Mr. Knott, Mr. Calvert, and
+Mrs. Fedorchak
+
+April 20, 2026
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
+[Strike out all after the enacting clause and insert the part printed
+in italic]
+[For text of introduced bill, see copy of bill as introduced on January
+7, 2026]
+
_______________________________________________________________________
A BILL
@@ -43,12 +60,16 @@
follows:
Sec. 1. Short title; table of contents.
+
TITLE I--NEW BANK FORMATION AND LOCAL COMMUNITY ACCESS
Sec. 101. Promoting New Bank Formation.
Sec. 102. New Bank Application Numbers Knowledge.
-Sec. 103. Bank Failure Prevention.
-Sec. 104. Rural Depositories Revitalization Study.
+Sec. 103. Rural Depositories Revitalization Studies.
+Sec. 104. Community Investment and Prosperity.
+Sec. 105. CDFI Fund Transparency.
+Sec. 106. CDFI Bond Guarantee Improvement.
+
TITLE II--TAILORING BANK REGULATION
Sec. 201. Taking Account of Institutions with Low Operation Risk.
@@ -56,15 +77,17 @@
Sec. 203. Community Bank Leverage Improvement and Flexibility for
Transparency.
Sec. 204. Tailoring and Indexing Enhanced Regulations.
+Sec. 205. Community Bank Regulatory Tailoring.
+Sec. 206. Credit Union Board Modernization.
+
TITLE III--FAIR AND TRANSPARENT BANK SUPERVISION
Sec. 301. Halting Uncertain Methods and Practices in Supervision.
Sec. 302. Fair Audits and Inspections for Regulators' Exams.
Sec. 303. Supervisory Modifications for Appropriate Risk-based Testing.
Sec. 304. Tailored Regulatory Updates for Supervisory Testing.
-Sec. 305. Stress Testing Accountability and Transparency.
-Sec. 306. Community Bank Representation.
-Sec. 307. Financial Integrity and Regulation Management.
+Sec. 305. Financial Integrity and Regulation Management.
+
TITLE IV--REGULATORY ACCOUNTABILITY AND TRANSPARENCY
Sec. 401. FDIC Board Accountability.
@@ -73,21 +96,28 @@
Enhanced Workflow.
Sec. 404. American Financial Institution Regulatory Sovereignty and
Transparency.
+
TITLE V--STRENGTHENING LOCAL BANK FUNDING
Sec. 501. Bringing the Discount Window into the 21st Century.
Sec. 502. Keeping Deposits Local.
Sec. 503. Community Bank Deposit Access.
+
TITLE VI--PROMOTING BANK COMPETITION AND MERGER CLARITY
Sec. 601. Bank Competition Modernization.
Sec. 602. Merger Agreement Approvals Clarity and Predictability.
Sec. 603. Merger Process Review.
+Sec. 604. Bank Failure Prevention.
+
TITLE VII--STRENGTHENING TRANSPARENCY AND INVOLVEMENT IN BANK
RESOLUTIONS
Sec. 701. Least Cost Exception.
Sec. 702. Enhancing Bank Resolution Participation.
+Sec. 703. Failing Bank Acquisition Fairness.
+Sec. 704. Systemic Risk Authority Transparency.
+
TITLE VIII--FACILITATING INNOVATION AND BANK PARTNERSHIPS
Sec. 801. Merchant Banking Modernization.
@@ -197,14 +227,16 @@
depository institutions.
(2) Report to congress.--Not later than the end of the 1-
year period beginning on the date of enactment of this Act, the
-Federal banking agencies shall, jointly, issue a report to
-Congress containing all findings and determinations made in
+Federal banking agencies shall, jointly, issue a report to the
+Committee on Financial Services of the House of Representatives
+and the Committee on Banking, Housing, and Urban Affairs of the
+Senate containing all findings and determinations made in
carrying out the study required under paragraph (1).
(f) Definitions.--In this section, the terms ``appropriate Federal
banking agency'', ``depository institution'', ``depository institution
holding company'', ``Federal banking agency'', and ``insured depository
institution'' have the meaning given those terms, respectively, under
-section 3 of the Federal Deposit Insurance Act.
+section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
SEC. 102. NEW BANK APPLICATION NUMBERS KNOWLEDGE.
@@ -254,11 +286,11 @@
(C) To the extent practicable, common reasons
leading to denial or withdrawal of such applications.
(2) Top-tier depository institution holding company
-defined.--The term ``top-tier depository institution holding
-company'' means a depository institution holding company (as
-defined in section 3 of the Federal Deposit Insurance Act (12
-U.S.C. 1813)) that is not controlled by any other depository
-institution holding company.
+defined.--In this subsection, the term ``top-tier depository
+institution holding company'' means a depository institution
+holding company (as defined in section 3 of the Federal Deposit
+Insurance Act (12 U.S.C. 1813)) that is not controlled by any
+other depository institution holding company.
(d) Annual Report on Federal Deposit Insurance Applications.--The
Federal Deposit Insurance Corporation shall publish an annual report
that includes the following, or with respect to any equivalent
@@ -294,10 +326,7 @@
(A) State.--The term ``State'' means any State of
the United States, the District of Columbia, and any
territory of the United States.
-(B) State bank.--The term ``State bank'' has the
-meaning given such term in section 3 of the Federal
-Deposit Insurance Act (12 U.S.C. 1813).
-(C) State depository institution.--The term ``State
+(B) State depository institution.--The term ``State
depository institution'' means--
(i) a State depository institution, as
defined in section 3 of the Federal Deposit
@@ -305,186 +334,11 @@
(ii) a State credit union, as defined in
section 101 of the Federal Credit Union Act (12
U.S.C. 1752).
-(D) State savings association.--The term ``State
-savings association'' has the meaning given such term
-in section 3 of the Federal Deposit Insurance Act (12
-U.S.C. 1813).
-
-SEC. 103. BANK FAILURE PREVENTION.
-
-(a) Bank Holding Companies.--Section 3(b)(1) of the Bank Holding
-Company Act of 1956 (12 U.S.C. 1842(b)(1)) is amended--
-(1) by striking ``Upon receiving'' and inserting the
-following:
-``(A) In general.--Upon receiving'';
-(2) by striking ``required'' and inserting ``acquired'';
-(3) by striking ``In the event of the failure of the Board
-to act on any application for approval under this section
-within the ninety-one-day period which begins on the date of
-submission to the Board of the complete record on that
-application, the application shall be deemed to have been
-granted.''; and
-(4) by adding at the end the following:
-``(B) Complete record on an application.--
-``(i) Notice to applicant.--Not later than 30 days
-after the date on which the Board receives an
-application for approval under this section, the Board
-shall transmit to the applicant a letter that either--
-``(I) confirms the record on the
-application is complete; or
-``(II) details all additional information
-that is required for the record on that
-application to be complete.
-``(ii) Extension of notice.--Notwithstanding clause
-(i), the Board may, if an application is complex,
-extend the 30-day period described under clause (i) for
-an additional 30 days.
-``(iii) Receipt of response; deeming of complete
-record.--Upon receipt of a response from an applicant
-to a notice requesting additional information described
-under clause (i)(II), the record on the application
-shall be deemed complete unless the Board--
-``(I) determines that the applicant's
-response was materially deficient; and
-``(II) not later than 30 days after the
-date on which the Board received the response,
-provides the applicant a detailed notice
-describing the deficiencies.
-``(iv) Treatment of third-party information.--In
-determining whether the record on an application is
-complete, the Board may take into account only
-information provided by the applicant, and may not base
-the determination of completeness on any information
-(including reports, views, or recommendations) provided
-by third parties.
-``(C) Deadline for determination.--
-``(i) In general.--Notwithstanding subparagraphs
-(A) and (B), the Board shall grant or deny an
-application submitted under this section not later than
-90 days after the date on which the application was
-initially submitted to the Board, regardless of whether
-the record on such initial application was complete.
-``(ii) Failure to make a determination.--If the
-Board does not grant or deny an application within the
-time period described under clause (i), such
-application shall be deemed to have been granted.
-``(iii) Tolling of period.--The Board may at any
-time extend the deadline described under clause (i) at
-the request of the applicant, but may not extend the
-deadline more than 30 days past the deadline described
-under clause (i).''.
-(b) Savings and Loan Holding Companies.--Section 10(e) of the Home
-Owners' Loan Act (12 U.S.C. 1467a(e)) is amended--
-(1) in paragraph (2), by striking ``, and shall render a
-decision within 90 days after submission to the Board of the
-complete record on the application'';
-(2) by redesignating paragraph (7) as paragraph (9); and
-(3) by inserting after paragraph (6) the following:
-``(7) Complete record on an application.--
-``(A) Notice to applicant.--Not later than 30 days
-after the date on which the Board receives an
-application for approval under this subsection, the
-Board shall transmit to the applicant a letter that
-either--
-``(i) confirms the record on the
-application is complete; or
-``(ii) details all additional information
-that is required for the record on that
-application to be complete.
-``(B) Extension of notice.--Notwithstanding
-subparagraph (A), the Board may, if an application is
-complex, extend the 30-day period described under
-subparagraph (A) for an additional 30 days.
-``(C) Receipt of response; deeming of complete
-record.--Upon receipt of a response from an applicant
-to a notice requesting additional information described
-under subparagraph (A)(ii), the record on the
-application shall be deemed complete unless the Board--
-``(i) determines that the applicant's
-response was materially deficient; and
-``(ii) not later than 30 days after the
-date on which the Board received the response,
-provides the applicant a detailed notice
-describing the deficiencies.
-``(D) Treatment of third-party information.--In
-determining whether the record on an application is
-complete, the Board may take into account only
-information provided by the applicant, and may not base
-the determination of completeness on any information
-(including reports, views, or recommendations) provided
-by third parties.
-``(8) Deadline for determination.--
-``(A) In general.--Notwithstanding any other
-provision of this subsection, the Board shall grant or
-deny an application submitted under this subsection not
-later than 90 days after the date on which the
-application was initially submitted to the Board,
-regardless of whether the record on such initial
-application was complete.
-``(B) Failure to make a determination.--If the
-Board does not grant or deny an application within the
-time period described under subparagraph (A), such
-application shall be deemed to have been granted.
-``(C) Tolling of period.--The Board may at any time
-extend the deadline described under subparagraph (A) at
-the request of the applicant, but may not extend the
-deadline more than 30 days past the deadline described
-under subparagraph (A).''.
-(c) Insured Depository Institutions.--Section 18(c) of the Federal
-Deposit Insurance Act (12 U.S.C. 1828(c)) is amended by adding at the
-end the following:
-``(14) Complete Record on an Application.--
-``(A) Notice to applicant.--Not later than 30 days after
-the date on which the responsible agency receives a merger
-application for approval under this subsection, the responsible
-agency shall transmit to the applicant a letter that either--
-``(i) confirms the record on the application is
-complete; or
-``(ii) details all additional information that is
-required for the record on that application to be
-complete.
-``(B) Extension of notice.--Notwithstanding subparagraph
-(A), the responsible agency may, if an application is unusually
-complex, extend the 30-day period described under subparagraph
-(A) for an additional 30 days.
-``(C) Receipt of response; deeming of complete record.--
-Upon receipt of a response from an applicant to a notice
-requesting additional information described under subparagraph
-(A)(ii), the record on the application shall be deemed complete
-unless the responsible agency--
-``(i) determines that the applicant's response was
-materially deficient; and
-``(ii) not later than 30 days after the date on
-which the responsible agency received the response,
-provides the applicant a detailed notice describing the
-deficiencies.
-``(D) Treatment of third-party information.--In determining
-whether the record on an application is complete, the
-responsible agency may take into account only information
-provided by the applicant, and may not base the determination
-of completeness on any information (including reports, views,
-or recommendations) provided by third parties.
-``(15) Deadline for Determination.--
-``(A) In general.--Notwithstanding any other provision of
-this subsection, the responsible agency shall grant or deny a
-merger application submitted under this subsection not later
-than 90 days after the date on which the application was
-initially submitted to the responsible agency, regardless of
-whether the record on such initial application was complete.
-``(B) Failure to make a determination.--If the responsible
-agency does not grant or deny an application within the time
-period described under subparagraph (A), such application shall
-be deemed to have been granted.
-``(C) Tolling of period.--The responsible agency may at any
-time extend the deadline described under subparagraph (A) at
-the request of the applicant, but may not extend the deadline
-more than 30 days past the deadline described under
-subparagraph (A).''.
-
-SEC. 104. RURAL DEPOSITORIES REVITALIZATION STUDY.
-
-(a) Study.--The Federal banking agencies shall, jointly, carry out
-a study--
+
+SEC. 103. RURAL DEPOSITORIES REVITALIZATION STUDIES.
+
+(a) Study on Rural Depository Institutions.--The Federal banking
+agencies shall, jointly, carry out a study--
(1) to identify methods to improve the growth, capital
adequacy, and profitability of depository institutions in the
United States that primarily serve rural areas; and
@@ -494,11 +348,31 @@
(A) the methods identified under paragraph (1); or
(B) the establishment of de novo depository
institutions in rural areas.
-(b) Report.--Not later than 1 year after the date of enactment of
-this Act, the Federal banking agencies shall, jointly, issue a report
-to Congress containing all findings and determinations made in carrying
-out the study required under subsection (a).
-(c) Definitions.--In this section:
+(b) Report on Rural Depository Institutions.--Not later than 1 year
+after the date of enactment of this Act, the Federal banking agencies
+shall, jointly, issue a report to the Committee on Financial Services
+of the House of Representatives and the Committee on Banking, Housing,
+and Urban Affairs of the Senate containing all findings and
+determinations made in carrying out the study required under subsection
+(a).
+(c) Study on Rural Credit Unions.--The National Credit Union
+Administration shall carry out a study--
+(1) to identify methods to improve the growth, capital
+adequacy, and profitability of insured credit unions in the
+United States that primarily serve rural areas; and
+(2) to identify Federal statutes (other than appropriations
+Acts) or regulations of the National Credit Union
+Administration that limit--
+(A) the methods identified under paragraph (1); or
+(B) the establishment of de novo insured credit
+unions in rural areas.
+(d) Report on Rural Credit Unions.--Not later than 1 year after the
+date of enactment of this Act, the National Credit Union Administration
+shall issue a report to the Committee on Financial Services of the
+House of Representatives and the Committee on Banking, Housing, and
+Urban Affairs of the Senate containing all findings and determinations
+made in carrying out the study required under subsection (c).
+(e) Definitions.--In this section:
(1) Depository institution.--The term ``depository
institution'' has the meaning given that term in section 3 of
the Federal Deposit Insurance Act (12 U.S.C. 1813).
@@ -506,9 +380,96 @@
agencies'' means the Board of Governors of the Federal Reserve
System, the Comptroller of the Currency, and the Federal
Deposit Insurance Corporation.
-(3) Rural.--With respect to an area, the term ``rural'' has
-the meaning given that term in section 1026.35(b)(2)(iv)(A) of
-title 12, Code of Federal Regulations.
+(3) Insured credit union.--The term ``insured credit
+union'' has the meaning given that term in section 101 of the
+Federal Credit Union Act (12 U.S.C. 1752).
+(4) Rural area.--The term ``rural area'' means--
+(A) a county that is neither in a metropolitan
+statistical area nor in a micropolitan statistical area
+that is adjacent to a metropolitan statistical area, as
+those terms are defined by the Office of Management and
+Budget and as they are applied under applicable Urban
+Influence Codes, established by the Department of
+Agriculture's Economic Research Service; or
+(B) a census block that is not in an urban area, as
+defined by the Bureau of the Census using the latest
+decennial census of the United States.
+
+SEC. 104. COMMUNITY INVESTMENT AND PROSPERITY.
+
+(a) Revised Statutes of the United States.--The paragraph
+designated as the ``Eleventh'' of section 5136 of the Revised Statutes
+of the United States (12 U.S.C. 24) is amended, in the fifth sentence,
+by striking ``15'' each place that term appears and inserting ``20''.
+(b) Federal Reserve Act.--The 23rd paragraph of section 9 of the
+Federal Reserve Act (12 U.S.C. 338a) is amended, in the fifth sentence,
+by striking ``15'' each place that term appears and inserting ``20''.
+
+SEC. 105. CDFI FUND TRANSPARENCY.
+
+Section 104(b) of the Riegle Community Development and Regulatory
+Improvement Act of 1994 (12 U.S.C. 4703(b)) is amended by adding to the
+end the following:
+``(5) Annual testimony.--The Secretary of the Treasury (or
+a designee of the Secretary) shall, at the discretion of the
+Chair of the Committee on Financial Services of the House of
+Representatives and the Chair of the Committee on Banking,
+Housing, and Urban Affairs of the Senate, annually testify
+before such committees (or a subcommittee of such committees)
+regarding the operations of the Fund during the previous
+year.''.
+
+SEC. 106. CDFI BOND GUARANTEE IMPROVEMENT.
+
+(a) Sense of Congress.--It is the sense of Congress that the
+authority to guarantee bonds under section 114A of the Community
+Development Banking and Financial Institutions Act of 1994 (12 U.S.C.
+4713a) (commonly referred to as the ``CDFI Bond Guarantee Program'')
+provides community development financial institutions with a
+sustainable source of long-term capital and furthers the mission of the
+Community Development Financial Institutions Fund (established under
+section 104(a) of such Act (12 U.S.C. 4703(a))) to increase economic
+opportunity and promote community development investments for
+underserved populations and distressed communities in the United
+States.
+(b) Guarantees for Bonds and Notes Issued for Community or Economic
+Development Purposes.--
+(1) In general.--Section 114A of the Community Development
+Banking and Financial Institutions Act of 1994 (12 U.S.C.
+4713a) is amended--
+(A) in subsection (c)(2)--
+(i) by striking ``, multiplied by an amount
+equal to the outstanding principal balance of
+issued notes or bonds''; and
+(ii) by inserting ``outstanding'' before
+``principal amount'';
+(B) by amending subsection (e)(2) to read as
+follows:
+``(2) Limitation on guarantee amount.--The Secretary may
+not guarantee any amount under the Program equal to an amount
+less than $25,000,000, but the total of all such guarantees in
+any fiscal year may not exceed $1,000,000,000.'';
+(C) in subsection (g)(1), by striking ``10 basis
+points'' and inserting ``not fewer than 10 basis points
+and not more than 15 basis points''; and
+(D) in subsection (k), by striking ``September 30,
+2014'' and inserting ``December 31, 2028''.
+(2) Clerical amendment.--The table of contents in section
+1(b) of the Riegle Community Development and Regulatory
+Improvement Act of 1994 (Public Law 103-325; 108 Stat. 2160) is
+amended by inserting after the item relating to section 114 the
+following:
+
+``Sec. 114A. Guarantees for bonds and notes issued for community or
+economic development purposes.''.
+(c) Report on the CDFI Bond Guarantee Program.--Not later than 3
+years after the date of enactment of this Act, the Secretary of the
+Treasury shall issue a report to the Committee on Banking, Housing, and
+Urban Affairs of the Senate and the Committee on Financial Services of
+the House of Representatives on the effectiveness of the CDFI bond
+guarantee program established under section 114A of the Community
+Development Banking and Financial Institutions Act of 1994 (12 U.S.C.
+4713a).
TITLE II--TAILORING BANK REGULATION
@@ -564,30 +525,26 @@
document in every notice of proposed rulemaking and in any
final rulemaking for a regulatory action how the agency has
applied paragraphs (2) and (3).
-(5) Reports to congress.--Not later than 1 year after the
-date of enactment of this Act and annually thereafter, each
-Federal financial institutions regulatory agency shall submit
-to the Committee on Banking, Housing, and Urban Affairs of the
-Senate and the Committee on Financial Services of the House of
-Representatives a report on the specific actions taken to
-tailor the regulatory actions of the Federal financial
-institutions regulatory agency pursuant to the requirements of
-this section.
-(6) Limited look-back application.--
-(A) In general.--Each Federal financial
-institutions regulatory agency shall--
-(i) conduct a review of all final
-regulations issued pursuant to statutes enacted
-during the period beginning on the date that is
-15 years before the date on which this Act is
-introduced and ending on the date of enactment
-of this Act; and
-(ii) apply the requirements of this section
-to the regulations described in clause (i).
-(B) Revision.--Any regulation revised under
-subparagraph (A) shall be revised not later than 3
-years after the date of enactment of this Act.
-(b) Short-Form Call Reports for All Banks Eligible for the
+(5) Reports to congress.--
+(A) Agency reporting.--Not later than 1 year after
+the date of enactment of this Act and annually
+thereafter, each Federal financial institutions
+regulatory agency shall submit to the Committee on
+Banking, Housing, and Urban Affairs of the Senate and
+the Committee on Financial Services of the House of
+Representatives a report on the specific actions taken
+to tailor the regulatory actions of the Federal
+financial institutions regulatory agency pursuant to
+the requirements of this section.
+(B) GAO reporting.--Not later than 18 months after
+the date of enactment of this Act, the Comptroller
+General of the United States shall submit to the
+Committee on Banking, Housing, and Urban Affairs of the
+Senate and the Committee on Financial Services of the
+House of Representatives a report evaluating the
+effects of this section on the factors described in
+paragraph (3).
+(b) Short-form Call Reports for All Banks Eligible for the
Community Bank Leverage Ratio.--The appropriate Federal banking
agencies, as defined in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813), shall promulgate regulations establishing a reduced
@@ -624,7 +581,7 @@
appendix C to part 225 of title 12, Code of Federal Regulations
(commonly known as the ``Small Bank Holding Company and Savings and
Loan Holding Company Policy Statement''), to raise the consolidated
-asset threshold under that appendix to $25,000,000,000 for any bank
+asset threshold under that appendix to $6,000,000,000 for any bank
holding company or savings and loan holding company.
SEC. 203. COMMUNITY BANK LEVERAGE IMPROVEMENT AND FLEXIBILITY FOR
@@ -639,7 +596,7 @@
and
(B) in subsection (b)(1), by striking ``not less
than 8 percent and not more than 10 percent'' and
-inserting ``not less than 6 percent and not more than 8
+inserting ``not less than 6 percent and not more than 9
percent''.
(2) Rulemaking deadline.--Not later than the end of the
180-day period beginning on the date of enactment of this Act,
@@ -703,18 +660,21 @@
(a) Threshold Adjustments To Account for Historical Increases in
Current-Dollar United States Gross Domestic Product.--
-(1) Federal reserve act.--The second subsection (s)
-(relating to assessments) of section 11 of the Federal Reserve
-Act (12 U.S.C. 248(s)) is amended--
-(A) in paragraph (2), by striking
-``$100,000,000,000'' each place that term appears and
-inserting ``$150,000,000,000''; and
-(B) in paragraph (3), by striking ``between
-$100,000,000,000 and $250,000,000,000'' and inserting
-``between $150,000,000,000 and $370,000,000,000''.
+(1) Federal reserve act.--Section 11 of the Federal Reserve
+Act (12 U.S.C. 248) is amended--
+(A) by redesignating the second subsection (s)
+(relating to assessments) as subsection (t); and
+(B) in subsection (t), as so redesignated--
+(i) in paragraph (2), by striking
+``$100,000,000,000'' each place that term
+appears and inserting ``$150,000,000,000''; and
+(ii) in paragraph (3), by striking
+``between $100,000,000,000 and
+$250,000,000,000'' and inserting ``between
+$150,000,000,000 and $370,000,000,000''.
(2) Bank holding company act of 1956.--Section
4(k)(6)(B)(ii) of the Bank Holding Company Act of 1956 (12
-U.S.C. 1843(k)(6)(B)(ii)) is amended, by striking
+U.S.C. 1843(k)(6)(B)(ii)) is amended by striking
``$10,000,000,000'' and inserting ``$15,000,000,000''.
(3) Financial stability act of 2010.--The Financial
Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended--
@@ -781,7 +741,7 @@
``(2) Each bank holding company total consolidated asset
amount in--
``(A) sections 116(a), 121(a), 163(b), 164,
-165(a)(1), 165(h)(2), 165(j)(1) of this Act; and
+165(a)(1), 165(h)(2), and 165(j)(1) of this Act; and
``(B) section 401(f) of the Economic Growth,
Regulatory Relief, and Consumer Protection Act.
``(3) Each financial company total consolidated asset
@@ -849,9 +809,11 @@
Act.
``(c) Report.--Upon conclusion of each review required under
subsection (a), each of the Board of Governors, the Comptroller of the
-Currency, and the Corporation shall transmit a report to Congress
-containing a description of any modification of any regulation such
-agency made pursuant to subsection (b).''.
+Currency, and the Corporation shall transmit a report to the Committee
+on Financial Services of the House of Representatives and the Committee
+on Banking, Housing, and Urban Affairs of the Senate containing a
+description of any modification of any regulation such agency made
+pursuant to subsection (b).''.
(2) Clerical amendment.--The table of contents in section
1(b) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act is amended by inserting after the item relating
@@ -863,6 +825,262 @@
``Sec. 178. Adjustments to thresholds established by rule to account
for increases in current-dollar United
States gross domestic product.''.
+
+SEC. 205. COMMUNITY BANK REGULATORY TAILORING.
+
+(a) Threshold Adjustments to Account for Historical Increases in
+Current-dollar United States Gross Domestic Product.--
+(1) Bank holding company act of 1956.--The Bank Holding
+Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended--
+(A) in section 5(c)(3)(C)(ii) (12 U.S.C.
+1844(c)(3)(C)(ii)), by striking ``$1,000,000'' and
+inserting ``$3,000,000''; and
+(B) in section 13(h)(1)(B)(i) (12 U.S.C.
+1851(h)(1)(B)(i)), by striking ``$10,000,000,000'' and
+inserting ``$15,000,000,000''.
+(2) Community reinvestment act of 1977.--Section 809(a) of
+the Community Reinvestment Act of 1977 (12 U.S.C. 2908(a)) is
+amended by striking ``$250,000,000'' and inserting
+``$800,000,000''.
+(3) Depository institution management interlocks act.--The
+Depository Institution Management Interlocks Act (12 U.S.C.
+3201 et seq.) is amended--
+(A) in section 202(4) (12 U.S.C. 3201(4)), by
+striking ``$100,000,000'' and inserting
+``$600,000,000'';
+(B) in section 203(1) (12 U.S.C. 3202(1)), by
+striking ``$50,000,000'' and inserting
+``$110,000,000''; and
+(C) in section 204 (12 U.S.C. 3203)--
+(i) by striking ``$2,500,000,000'' and
+inserting ``$10,000,000,000''; and
+(ii) by striking ``$1,500,000,000'' and
+inserting ``$10,000,000,000''.
+(4) Dodd-frank wall street reform and consumer protection
+act.--The Dodd-Frank Wall Street Reform and Consumer Protection
+Act (12 U.S.C. 5301 et seq.) is amended--
+(A) in section 210 (12 U.S.C. 5390)--
+(i) in subsection (o), by striking
+``$50,000,000,000'' in each place it appears
+and inserting ``$105,000,000,000''; and
+(ii) in subsection (r), by striking
+``$1,000,000'' and inserting ``$5,000,000'';
+and
+(B) in section 956(f) (12 U.S.C. 5641(f)), by
+striking ``$1,000,000,000'' and inserting
+``$3,000,000,000''.
+(5) Federal credit union act.--The Federal Credit Union Act
+(12 U.S.C. 1751 et seq.) is amended--
+(A) in section 202 (12 U.S.C. 1782)--
+(i) in subsection (a)(6)(C)(iii)--
+(I) in the heading, by striking
+``De minimus'' and inserting ``De
+minimis''; and
+(II) by striking ``$10,000,000''
+and inserting ``$34,000,000'';
+(ii) in subsection (a)(6)(D)--
+(I) by striking ``$500,000,000''
+and inserting ``$2,000,000,000''; and
+(II) by striking ``$10,000,000''
+and inserting ``$34,000,000'';
+(iii) in subsection (b)(1)(A), by striking
+``$50,000,000'' each place that term appears
+and inserting ``$170,000,000''; and
+(iv) in subsection (c)(1)(A)(iii), by
+striking ``$50,000,000'' each place that term
+appears and inserting ``$170,000,000''; and
+(B) in section 216 (12 U.S.C. 1790d)--
+(i) in subsection (f)(2), by striking
+``$10,000,000'' and inserting ``$34,000,000'';
+(ii) in subsection (i)(4)(B), by striking
+``$5,000,000'' and inserting ``$17,000,000'';
+(iii) in subsection (j)(2)(A), by striking
+``$25,000,000'' and inserting ``$51,000,000'';
+and
+(iv) in subsection (o)(4), by striking
+``$10,000,000'' and inserting ``$34,000,000''.
+(6) Federal deposit insurance act.--The Federal Deposit
+Insurance Act (12 U.S.C. 1811 et seq.) is amended--
+(A) in section 7(a)(12) (12 U.S.C. 1817(a)(12)), by
+striking ``$5,000,000,000'' and inserting
+``$8,000,000,000'';
+(B) in section 11(p)(1)(A)(i) (12 U.S.C.
+1821(p)(1)(A)(i)), by striking ``$1,000,000'' and
+inserting ``$5,000,000'';
+(C) in section 36 (12 U.S.C. 1831m)--
+(i) in subsection (i), by striking
+``$5,000,000,000'' each place that term appears
+and inserting ``$21,000,000,000''; and
+(ii) in subsection (j), by striking
+``$150,000,000'' each place that term appears
+and inserting ``$800,000,000''; and
+(D) in section 38 (12 U.S.C. 1831o)--
+(i) in subsection (b), by striking
+``$300,000,000'' and inserting
+``$2,000,000,000''; and
+(ii) in subsection (k)--
+(I) by striking ``$50,000,000'' and
+inserting ``$110,000,000''; and
+(II) by striking ``$75,000,000''
+and inserting ``$150,000,000''.
+(7) Federal home loan bank act.--Section 2(10) of the
+Federal Home Loan Bank Act (12 U.S.C. 1422(10)) is amended by
+striking ``$1,000,000,000'' each place that term appears and
+inserting ``$3,000,000,000''.
+(8) Federal reserve act.--The Federal Reserve Act (12
+U.S.C. 221 et seq.) is amended--
+(A) in section 7(a)(1) (12 U.S.C. 289) by striking
+``$10,000,000,000'' each place that term appears and
+inserting ``$17,000,000,000''; and
+(B) in section 22(h)(5)(C) (12 U.S.C.
+375b(h)(5)(C)) by striking ``$100,000,000'' and
+inserting ``$500,000,000''.
+(9) Home mortgage disclosure act of 1975.--The Home
+Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is
+amended--
+(A) in the second paragraph (3) of section 304(i)
+(12 U.S.C. 2803(i)(3); relating to ``Exemption from
+certain disclosure requirements''), by striking
+``$30,000,000'' and inserting ``$160,000,000''; and
+(B) in section 309(a) (12 U.S.C. 2808(a)), by
+striking ``$10,000,000'' and inserting
+``$180,000,000''.
+(10) Home owners' loan act.--Section 5(u) of the Home
+Owners' Loan Act (12 U.S.C. 1464(u)) is amended--
+(A) in paragraph (2)(A)(i), by striking
+``$500,000'' and inserting ``$3,000,000''; and
+(B) in paragraph (2)(A)(ii), by striking
+``$30,000,000'' and inserting ``$160,000,000''.
+(11) International lending supervision act of 1983.--
+Section 909(a)(1) of the International Lending Supervision Act
+of 1983 (12 U.S.C. 3908(a)(1)) is amended by striking
+``$20,000,000'' and inserting ``$160,000,000''.
+(12) Real estate settlement procedures act of 1974.--
+Section 3(1)(B)(iv) of the Real Estate Settlement Procedures
+Act of 1974 (12 U.S.C. 2602(1)(B)(iv)) is amended by striking
+``$1,000,000'' and inserting ``$19,000,000''.
+(13) Revised statutes of the united states.--Section
+5136A(a)(2)(D)(ii) of the Revised Statutes of the United States
+(12 U.S.C. 24a(a)(2)(D)(ii)) is amended by striking
+``$50,000,000,000'' and inserting ``$175,000,000,000''.
+(14) Truth in lending act.--Section 129C(b)(2)(F)(i) of the
+Truth in Lending Act (15 U.S.C. 1639c(b)(2)(F)(i)) is amended
+by striking ``$10,000,000,000'' and inserting
+``$15,000,000,000''.
+(b) Threshold Adjustments to Account for Historical Increases in
+Current-dollar United States Gross Domestic Product.--
+(1) In general.--By April 1, 2031, and the 1st day of each
+subsequent 5-year period, the Board of Governors of the Federal
+Reserve System shall prescribe the amount by which each dollar
+amount described in subsection (a) shall be increased by the
+ratio, if greater than 1, of the annual value of current-dollar
+United States gross domestic product, published by the
+Department of Commerce, for the calendar year preceding the
+year in which the adjustment is calculated under this
+subsection, to the published annual value of current-dollar
+United States gross domestic product for the calendar year
+preceding April 1, 2026.
+(2) Currency of information.--The values used in the
+calculation under paragraph (1) shall be, as of the date of the
+calculation, the values most recently published by the
+Department of Commerce.
+(3) Rounding.--
+(A) If any amount equal to or greater than
+$100,000,000,000 determined under paragraph (1) for any
+period is not a multiple of $50,000,000,000, the amount
+shall be rounded up to the nearest $50,000,000,000.
+(B) If any amount less than $100,000,000,000 but
+equal to or greater than $10,000,000,000 determined
+under paragraph (1) for any period is not a multiple of
+$5,000,000,000, the amount shall be rounded up to the
+nearest $5,000,000,000.
+(C) If any amount less than $10,000,000,000 but
+equal to or greater than $1,000,000,000 determined
+under paragraph (1) for any period is not a multiple of
+$500,000,000, the amount shall be rounded up to the
+nearest $500,000,000.
+(D) If any amount less than $1,000,000,000 but
+equal to or greater than $100,000,000 determined under
+paragraph (1) for any period is not a multiple of
+$50,000,000, the amount shall be rounded up to the
+nearest $50,000,000.
+(E) If any amount less than $100,000,000 but equal
+to or greater than $10,000,000 determined under
+paragraph (1) for any period is not a multiple of
+$5,000,000, the amount shall be rounded up to the
+nearest $5,000,000.
+(F) If any amount less than $10,000,000 but equal
+to or greater than $1,000,000 determined under
+paragraph (1) for any period is not a multiple of
+$500,000, the amount shall be rounded up to the nearest
+$500,000.
+(G) If any amount less than $1,000,000 but equal to
+or greater than $100,000 determined under paragraph (1)
+for any period is not a multiple of $50,000, the amount
+shall be rounded up to the nearest $50,000.
+(H) If any amount less than $100,000 but equal to
+or greater than $10,000 determined under paragraph (1)
+for any period is not a multiple of $5,000, the amount
+shall be rounded up to the nearest $5,000.
+(I) If any amount less than $10,000 but equal to or
+greater than $1,000 determined under paragraph (1) for
+any period is not a multiple of $500, the amount shall
+be rounded up to the nearest $500.
+(J) If any amount less than $1,000 but equal to or
+greater than $100 determined under paragraph (1) for
+any period is not a multiple of $50, the amount shall
+be rounded up to the nearest $50.
+(K) If any amount less than $100 but equal to or
+greater than $10 determined under paragraph (1) for any
+period is not a multiple of $5, the amount shall be
+rounded up to the nearest $5.
+(L) If any amount less than $10 but equal to or
+greater than $1 determined under paragraph (1) for any
+period is not a multiple of $0.50, the amount shall be
+rounded up to the nearest $0.50.
+(4) Publication.--Not later than April 5 of any calendar
+year in which an adjustment is required to be calculated under
+paragraph (1), the Board of Governors of the Federal Reserve
+System shall publish in the Federal Register the dollar amounts
+as so calculated.
+(5) Implementation period.--The increase in the dollar
+amounts shall take effect on January 1 of the year immediately
+succeeding any calendar year in which an adjustment is required
+to be calculated under paragraph (1).
+
+SEC. 206. CREDIT UNION BOARD MODERNIZATION.
+
+Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is
+amended--
+(1) by striking ``monthly'' each place such term appears;
+(2) in the matter preceding paragraph (1), by striking
+``The board of directors'' and inserting the following:
+``(a) In General.--The board of directors'';
+(3) in subsection (a) (as so designated), by striking
+``shall meet at least once a month and''; and
+(4) by adding at the end the following:
+``(b) Meetings.--The board of directors of a Federal credit union
+shall meet as follows:
+``(1) With respect to a de novo Federal credit union, not
+less frequently than monthly during each of the first five
+years of the existence of such Federal credit union.
+``(2) Not less than six times annually, with at least one
+meeting held during each fiscal quarter, with respect to a
+Federal credit union--
+``(A) with composite rating of either 1 or 2 under
+the Uniform Financial Institutions Rating System (or an
+equivalent rating under a comparable rating system);
+and
+``(B) with a capability of management rating under
+such composite rating of either 1 or 2.
+``(3) Not less frequently than once a month, with respect
+to a Federal credit union--
+``(A) with composite rating of either 3, 4, or 5
+under the Uniform Financial Institutions Rating System
+(or an equivalent rating under a comparable rating
+system); or
+``(B) with a capability of management rating under
+such composite rating of either 3, 4, or 5.''.
TITLE III--FAIR AND TRANSPARENT BANK SUPERVISION
@@ -879,10 +1097,10 @@
(2) the CAMELS rating system relies heavily on examiner
judgment, which can lead to subjective and inconsistent ratings
across similar institutions;
-(3) establishing clear, objective measures for each CAMELS
-component and their relative weighting in determining composite
-ratings will promote fairness, consistency, and accountability
-in supervisory assessments; and
+(3) establishing articulable, clear, and reviewable
+measures for each CAMELS component and their relative weighting
+in determining composite ratings will promote fairness,
+consistency, and accountability in supervisory assessments; and
(4) examination and supervision, as well as the CAMELS
rating system, should focus on a financial institution's
material financial condition or solvency.
@@ -896,8 +1114,8 @@
``(a) In General.--The Council shall make recommendations to amend
the Uniform Financial Institutions Rating System, and the CAMELS
components thereunder, to--
-``(1) establish clear and objective criteria for assessing
-each CAMELS component;
+``(1) establish articulable, clear, and reviewable criteria
+for assessing each CAMELS component;
``(2) revise the factors affecting each CAMELS component to
derive a composite rating that more accurately reflects the
material financial condition and risk profile of the financial
@@ -907,8 +1125,9 @@
CAMELS rating system; or
``(B) revise the management component of the CAMELS
rating system to limit the assessment under such
-component to objective measures of the governance and
-controls used to manage an institution's risk profile;
+component to articulable, clear, and reviewable
+measures of the governance and controls used to manage
+an institution's risk profile;
``(4) ensure that composite ratings consider the financial
institution's compliance with--
``(A) section 21 of the Federal Deposit Insurance
@@ -945,7 +1164,7 @@
(A) by striking ``achievement of'' and all that
follows through ``a CAMEL'' and inserting ``achievement
of a CAMEL'';
-(B) by striking ``; and'' and inserting a period;
+(B) by striking ``; and'' and inserting ``; or'';
and
(C) by striking clause (ii).
@@ -953,92 +1172,121 @@
(a) Timeliness of Examinations and Examination Reports.--The
Federal Financial Institutions Examination Council Act of 1978 (12
-U.S.C. 3301 et seq.), as amended by section 301, is further amended by
-adding at the end the following:
+U.S.C. 3301 et seq.), as amended by section 301(b)(1), is further
+amended by adding at the end the following:
``SEC. 1013. TIMELINESS OF EXAMINATIONS AND EXAMINATION REPORTS.
``(a) Timeliness of Examinations.--A Federal financial institutions
regulatory agency shall complete any examination of a financial
-institution within 270 days of commencing the examination, except that
-such period may be extended by the Federal financial institutions
-regulatory agency by providing written notice to the financial
-institution describing with particularity the reasons that a longer
-period is needed.
+institution, other than a financial institution subject to a continuous
+or resident examination program, within 270 days of commencing the
+examination, except that such period may be extended by the Federal
+financial institutions regulatory agency by providing written notice to
+the financial institution describing with particularity the reasons
+that a longer period is needed.
``(b) Final Examination Report.--A Federal financial institutions
regulatory agency shall provide a final examination report to a
-financial institution not later than 90 days after the later of--
+financial institution, other than a financial institution subject to a
+continuous or resident examination program, not later than 90 days
+after the later of--
``(1) the exit interview for an examination of the
institution; or
``(2) the provision of additional material information by
the institution relating to the examination.
``(c) Exit Interview Requirement.--Within 30 days of completing an
-examination, a Federal financial institutions regulatory agency shall
-conduct an exit interview with the financial institution's senior
-management, except that such period may be extended by the Federal
-financial institutions regulatory agency by providing written notice to
-the institution and the Board describing with particularity the reasons
-that a longer period is needed to complete the exit interview.
-``(d) Examination Materials.--Upon the request of a financial
-institution, the Federal financial institutions regulatory agency shall
-include with the final report an appendix listing all examination or
-other factual information relied upon by the agency in support of a
-material supervisory determination.''.
-(b) Timeliness of Required Permission, Regulatory, and Reporting
-Guidance.--The Federal Financial Institutions Examination Council Act
-of 1978 (12 U.S.C. 3301 et seq.), as amended by subsection (a), is
-further amended by adding at the end the following:
-
-``SEC. 1014. TIMELINESS OF REQUIRED PERMISSION, REGULATORY, AND
-REPORTING GUIDANCE.
-
-``(a) Request for Permission or Guidance.--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--
-``(1) the agency's non-objection to the financial
+examination for a financial institution not subject to a continuous or
+resident examination program, a Federal financial institutions
+regulatory agency shall conduct an exit interview with the financial
+institution's senior management or the board of directors, except that
+such period may be extended by the Federal financial institutions
+regulatory agency by providing written notice to the institution
+describing with particularity the reasons that a longer period is
+needed to complete the exit interview.
+``(d) Examination Materials.--Upon the written request of a
+financial institution, the Federal financial institutions regulatory
+agency shall include with the final report an appendix listing all
+examination or other factual information relied upon by the agency in
+support of a material supervisory determination.''.
+(b) Timeliness of Required Prudential Private Letter Rulings.--The
+Federal Financial Institutions Examination Council Act of 1978 (12
+U.S.C. 3301 et seq.), as amended by subsection (a), is further amended
+by adding at the end the following:
+
+``SEC. 1014. TIMELINESS OF REQUIRED PRUDENTIAL PRIVATE LETTER RULINGS.
+
+``(a) Authority and Regulation.--
+``(1) In general.--Each Federal financial institutions
+regulatory agency shall establish procedures providing that a
+covered financial institution may, upon application by the
+covered financial institution and with respect to a covered
+action, obtain written advice regarding--
+``(A) the agency's non-objection to the financial
institution conducting a particular activity;
-``(2) the agency's interpretation of a law or regulation;
-and
-``(3) the agency's interpretation of generally accepted
-accounting principles or accounting objectives, standards, and
-requirements.
-``(b) Contents of Request.--A request made under subsection (a)
-shall be in writing and contain--
+``(B) the agency's interpretation of a law or
+regulation as applied to a particular matter;
+``(C) the agency's interpretation of how generally
+accepted accounting principles or accounting
+objectives, standards, and requirements apply to a
+particular matter; or
+``(D) the agency's application of any supervisory
+guidance, statement of policy, or interpretive rule to
+a particular matter.
+``(2) Covered action defined.--In this subsection and with
+respect to a covered financial institution, the term `covered
+action' means--
+``(A) any action in connection with a regulated
+activity that the covered financial institution is
+taking or is intending to take, including--
+``(i) entering into a transaction;
+``(ii) issuing a product or service; or
+``(iii) changing the corporate structure of
+the covered financial institution; and
+``(B) a Federal financial institutions regulatory
+agency's objection to the covered financial institution
+commencing or otherwise conducting an activity
+(including an action described in subparagraph (A)).
+``(b) Contents of Request.--The procedures established under
+subsection (a) shall provide that a request for written advice made
+under the procedures shall be in writing and contain--
``(1) the nature of the request;
``(2) applicable facts relating to the matter;
``(3) applicable law, regulation, or generally accepted
accounting principles relating to the matter; and
``(4) a summary of the request.
-``(c) Response To Request.--A Federal financial institutions
-regulatory agency receiving a request under subsection (a) shall, not
-later than 30 days after receiving the request--
+``(c) Response to Request.--A Federal financial institutions
+regulatory agency receiving a request for written advice under
+subsection (a) shall, not later than 30 days after receiving the
+request--
``(1) 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
``(2) 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.
+information required under subsection (b)--
+``(A) provide the financial institution with an
+explanation of what information is missing; and
+``(B) notify the financial institution that the
+financial institution may provide the missing
+information to the agency within 30 days.
``(d) Providing Missing Information.--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).
+subsection (c) that the request for written advice 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).
``(e) Determination.--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--
+agency receiving a request for written advice under the procedures
+established under subsection (a) shall provide the financial
+institution with a written response (or, for purposes of paragraph (3),
+notify the financial institution that a determination cannot be made)--
``(1) 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
``(2) 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
@@ -1051,16 +1299,49 @@
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.
-``(f) Reports and Publication.--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.''.
+``(f) Limited Binding Effect.--Written advice issued by a Federal
+financial institutions regulatory agency under the procedures
+established under this section--
+``(1) shall be binding on the agency with respect to the
+financial institution requesting the written advice and the
+specific facts described in the request;
+``(2) may be relied upon by the financial institution
+requesting the written advice in good faith; and
+``(3) shall not be binding on the agency with respect to
+any other person or institution and shall not be treated as
+precedent.
+``(g) Confidentiality and Privilege.--
+``(1) Treatment of written advice.--Written advice issued
+under this section, and any materials submitted in connection
+therewith, and the fact that a request for written advice was
+made shall be treated as confidential supervisory information
+and exempt from disclosure under section 552(b) of title 5,
+United States Code.
+``(2) Publishing of anonymized or redacted summaries.--A
+Federal financial institutions regulatory agency may publish
+anonymized or redacted summaries of rulings for informational
+purposes.
+``(h) Modification or Revocation.--A Federal financial institutions
+regulatory agency may modify or revoke written advice issued under this
+section only if--
+``(1) the requesting financial institution made a material
+misstatement or omission of fact;
+``(2) there has been a change in controlling law; or
+``(3) the ruling is inconsistent with a final rule or
+judicial decision issued after the date the written advice was
+issued.
+``(i) Reasonable Fees.--Each Federal financial institutions
+regulatory agency may establish and collect a reasonable fee for the
+processing and issuance of any written advice issued under this
+section, and such fee--
+``(1) shall be based on the estimated cost to the agency of
+reviewing, analyzing, and responding to the request;
+``(2) may vary based on the complexity of the request or
+the size of the requesting institution; and
+``(3) shall be prescribed by regulation.
+``(j) Finality.--Written advice issued under the procedures
+established under this section shall not be construed as a final agency
+action.''.
(c) Office of Independent Examination Review.--
(1) In general.--The Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3301 et seq.), as
@@ -1076,55 +1357,45 @@
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.
-``(2) Qualifications.--The President shall appoint the 1
-member of the Board from each of the following classes of
-individuals:
+``(2) Qualifications.--The President shall appoint 1 member
+of the Board from each of the following classes of individuals:
``(A) Individuals who have been employed by a
Federal financial institutions regulatory agency.
-``(B) Individuals who--
+``(B) Individuals who are not, and were not during
+the previous 5-year period, employed by a Federal
+financial institutions regulatory agency or a Federal
+reserve bank and who--
``(i) 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;
-``(ii) have either academic or private
-sector experience;
+``(ii) have academic or private sector
+experience relating to financial services; or
``(iii) have relevant work-related
experience in consumer affairs or compliance
with consumer protection laws with respect to
-financial institutions; and
-``(iv) 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.
-``(C) Individuals--
-``(i) with at least 10 years private sector
-financial services senior management-level
-experience; and
-``(ii) recommended by--
-``(I) an insured depository
-institution;
-``(II) an insured credit union; or
-``(III) a trade association for
-such institutions or credit unions.
+financial institutions.
+``(C) Individuals with at least 10 years private
+sector financial services senior management-level
+experience.
``(3) Prohibition on certain individuals serving as a board
member.--The President may not appoint an individual as a
member of the Board if the individual--
``(A) is, or was during the previous 2-year period,
employed by a Federal financial institutions regulatory
-agency or a Federal reserve bank;
+agency or a Federal reserve bank; or
``(B) is, or was during the previous 2-year period,
-employed by a financial institution; or
-``(C) 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.
+employed by a financial institution.
``(4) Consultation.--In appointing members of the Board,
the President shall consult with the Federal financial
institutions regulatory agencies and financial institutions.
``(5) Term.--
``(A) In general.--Each member of the Board shall
-serve for a term of 3 years.
+serve for a term of 3 years. Upon the expiration of a
+member's terms of office, the member shall continue to
+serve until the member's successor has been confirmed
+by the Senate.
``(B) Term limitation.--No individual may serve
more than 2 full terms on the Board.
``(6) Political affiliation.--Not more than 2 members of
@@ -1136,20 +1407,24 @@
beginning on the date of enactment of this section, 1
member of the Board shall constitute a quorum until the
Board has 3 members.
+``(8) Rate of pay.--The annual rate of basic pay for the
+members of the Board shall be the rate of basic pay for Level
+IV of the Executive Schedule under section 5315 of title 5,
+United States Code.
``(c) Staffing.--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 activities of the Office of Independent Examination Review, and set
+the salaries of such staff. 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.
``(d) Duties.--The Board shall--
``(1) 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;
+institutions, concerning completed examinations, examination
+practices, or examination reports;
``(2) 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,
@@ -1175,18 +1450,32 @@
in section 1014 regarding timeliness of examination reports,
and the Board's recommendations for improvements in examination
procedures, practices, and policies.
-``(e) Confidentiality.--The Board and the Council shall keep
+``(e) Confidentiality.--
+``(1) In general.--The Board and the Council shall keep
confidential--
-``(1) all meetings, discussions, and information provided
-by financial institutions and Federal financial institutions
-regulatory agencies that involve confidential supervisory
-information or privileged information;
-``(2) all information and communications exchanged between
-a financial institution and the Office of Independent
-Examination Review; and
-``(3) all information and communications exchanged between
-a Federal financial institutions regulatory agency and the
-Office of Independent Examination Review.''.
+``(A) all meetings, discussions, and information
+provided by financial institutions and Federal
+financial institutions regulatory agencies that involve
+confidential supervisory information or privileged
+information;
+``(B) all information and communications exchanged
+between a financial institution and the Office of
+Independent Examination Review; and
+``(C) all information and communications exchanged
+between a Federal financial institutions regulatory
+agency and the Office of Independent Examination
+Review.
+``(2) Submission of information does not constitute a
+waiver.--Section 18(x) of the Federal Deposit Insurance Act (12
+U.S.C. 1828(x)) shall apply to the submission of information to
+the Board by a financial institution or a Federal financial
+institutions regulatory agency to the same extent as such
+section 18(x) applies to the submission of information
+described in that section 18(x).
+``(3) Sharing of information without waiving privilege.--
+The Board shall be considered a `covered agency' for purposes
+of section 11(t) of the Federal Deposit Insurance Act (12
+U.S.C. 1821(t)).''.
(2) Definitions.--Section 1003 of the Federal Financial
Institutions Examination Council Act of 1978 (12 U.S.C. 3302)
is amended--
@@ -1218,7 +1507,7 @@
``(b) Notice.--
``(1) Timing.--A financial institution seeking review of a
material supervisory determination under this section shall
-file a written notice with the Board within 60 days after
+file a written notice with the Board within 30 days after
receiving the final report of examination that is the subject
of such review.
``(2) Extension.--The institution may file a written
@@ -1243,7 +1532,7 @@
in the possession of the institution that the
institution wishes to be considered.
``(4) Information made available to institution.--An
-institution seeking an appeal of a material supervisory
+institution seeking a review of a material supervisory
determination may, not later than 7 days after receiving the
final examination report, request that the Federal financial
institutions regulatory agency that made the material
@@ -1252,12 +1541,18 @@
in making the material supervisory determination. The agency
shall provide that information to the institution not later
than 14 days after receiving the request.
+``(5) Submission of record.--After receiving a written
+notice of review from a financial institution under this
+subsection, the Board shall direct the Federal financial
+institutions regulatory agency that made the material
+supervisory determination under review to file with the Board
+the supervisory record of the examination resulting in the
+material supervisory determination under review.
``(c) Determination; Right to Hearing.--
``(1) In general.--The Board shall--
-``(A) determine the merits of the appeal on the
-record, including whether the material supervisory
-determination being appealed should be upheld,
-canceled, or modified; or
+``(A) determine the merits on the record, including
+whether the material supervisory determination being
+reviewed should be upheld, canceled, or modified; or
``(B) at the election of the financial institution,
conduct a hearing, which shall take place not later
than 60 days after the petition for review is received
@@ -1273,30 +1568,30 @@
decision based upon the record of the examination, supplemented
by the record established at any hearing.
``(4) Standard of review.--The Board's review of a material
-supervisory determination being appealed under this subsection
+supervisory determination being reviewed under this subsection
shall be de novo, and the Board shall not defer to the opinions
-of the examiner or agency, but shall independently determine
-the appropriateness of the agency's material supervisory
-determination based upon the relevant statutes, regulations,
-other appropriate guidance, and the evidentiary record.
+of examiners, but shall independently determine the
+appropriateness of the material supervisory determination based
+upon the relevant statutes, regulations, other appropriate
+guidance, and the evidentiary record.
+``(5) Policy matters.--The Board shall conduct reviews
+under this section applying the policies, regulations, and
+interpretations of the Federal financial institutions
+regulatory agency that made the material supervisory
+determination under review in effect at the time the material
+supervisory determination was made.
``(d) Final Decision.--A decision by the Board on an independent
review under this section shall--
``(1) be made not later than 60 days after the record has
been closed; and
-``(2) be deemed final agency action and shall bind the
-agency whose supervisory determination was the subject of the
-review and the financial institution requesting the review.
-``(e) Right to Judicial Review.--A financial institution shall have
-the right to petition for review of a Board determination made under
-subsection (d) by filing a petition for review not later than 60 days
-after the date on which the decision is made in the United States Court
-of Appeals for the District of Columbia Circuit or the Circuit in which
-the financial institution is located.
-``(f) Referral of Violations.--If the Board, in carrying out this
+``(2) be deemed final and shall bind the agency whose
+supervisory determination was the subject of the review and the
+financial institution requesting the review.
+``(e) Referral of Violations.--If the Board, in carrying out this
section, determines that a financial institution has violated a law or
regulation, the Board shall refer such determination to the applicable
Federal financial institutions regulatory agency.
-``(g) Annual Report.--
+``(f) Annual Report.--
``(1) In general.--The Board shall report annually to the
Committee on Financial Services of the House of
Representatives, the Committee on Banking, Housing, and Urban
@@ -1311,7 +1606,7 @@
privileged information shared by financial institutions, and
shall anonymize any un-redacted information that could, in the
aggregate, identify a financial institution.
-``(h) Retaliation Prohibited.--
+``(g) Retaliation Prohibited.--
``(1) In general.--A Federal financial institutions
regulatory agency may not--
``(A) retaliate against a financial institution,
@@ -1327,7 +1622,7 @@
approval of, any request, notice, or application that otherwise
would have been approved, but for the exercise of a financial
institution's rights under this section.
-``(i) Rulemaking.--The Board shall issue rules to establish
+``(h) Rulemaking.--The Board shall issue rules to establish
procedures for hearings described under this section, including that--
``(1) a financial institution may appear at the hearing
personally or through counsel;
@@ -1335,14 +1630,11 @@
written presentation at the hearing;
``(3) the Board may ask questions of any person
participating in the hearing;
-``(4) the hearing may not involve--
-``(A) a cross-examination; or
-``(B) discovery;
-``(5) the hearing shall not be governed by the Federal
+``(4) the hearing shall not be governed by the Federal
Rules of Evidence; and
-``(6) the Board shall have a verbatim transcript of the
+``(5) the Board shall have a verbatim transcript of the
hearing prepared.
-``(j) Safety and Soundness Exception.--The appeal of a material
+``(i) Safety and Soundness Exception.--The appeal of a material
supervisory determination by a financial institution under this section
shall not affect the authority of a Federal financial institutions
regulatory agency during the pendency of such appeal to enforce the
@@ -1352,7 +1644,7 @@
action is necessary to ensure the immediate safety and soundness of the
financial institution.''.
(e) Additional Amendments.--
-(1) Regulator appeals process, ombudsman, and alternative
+(1) Regulatory appeals process, ombudsman, and alternative
dispute resolution.--
(A) In general.--Section 309 of the Riegle
Community Development and Regulatory Improvement Act of
@@ -1411,9 +1703,11 @@
provided that the conduct at issue did not
involve violation of any criminal law; and''.
(B) Effect.--Nothing in this subsection affects the
-authority of an appropriate Federal banking agency or
-the National Credit Union Administration Board to take
-enforcement or other supervisory action.
+authority of a Federal banking agency (as defined in
+section 3 of the Federal Deposit Insurance Act (12
+U.S.C. 1813)) or the National Credit Union
+Administration Board to take enforcement or other
+supervisory action.
(2) Federal credit union act.--Section 205(j) of the
Federal Credit Union Act (12 U.S.C. 1785(j)) is amended by
inserting ``the Bureau of Consumer Financial Protection,''
@@ -1448,6 +1742,93 @@
``One-fourth''; and
(ii) by inserting ``described under section
1003(1)(A)'' after ``agencies''.
+(f) Election of Forum for Review of Supervisory Enforcement.--
+Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is
+amended--
+(1) in subsection (b), by adding at the end the following:
+``(11) Hearing.--With respect to any notice properly issued
+and served upon a depository institution or institution-
+affiliated party under this subsection, such depository
+institution or institution-affiliated party shall be afforded a
+hearing before--
+``(A) the appropriate Federal banking agency; or
+``(B) if such institution or person submits a
+request within 20 days after the issuance of the
+notice, the appropriate United States district court,
+and that court shall have jurisdiction to adjudicate
+all claims and requested remedies stated in the notice
+of charges, including those authorized under this
+subsection.'';
+(2) in subsection (e), by adding at the end the following:
+``(8) Hearing.--With respect to any notice properly issued
+and served upon an institution-affiliated party under this
+subsection, such institution-affiliated party shall be afforded
+a hearing before--
+``(A) the appropriate Federal banking agency; or
+``(B) if such party submits a request for such
+hearing and forum within 20 days after the issuance of
+the notice, the appropriate United States district
+court, and that court shall have jurisdiction to
+adjudicate all claims and requested remedies stated in
+the notice, including those authorized under this
+subsection.'';
+(3) in subsection (h)--
+(A) in paragraph (1), by striking ``(other than the
+hearing provided for in subsection (g)(3) of this
+section)'' and inserting ``(other than the hearing
+provided for in subsection (b)(11)(B), (e)(8)(B),
+(g)(3), or (i)(2)(H)(ii))''; and
+(B) by adding at the end the following:
+``(4) Any hearing provided for in subsection (b)(11)(B), (e)(8)(B),
+or (i)(2)(H)(ii) shall be subject to the jurisdiction, powers, and
+equitable authority of the district court and be governed by the
+Federal Rules of Civil Procedure and the Federal Rules of Evidence.
+``(5) Any final decision of a United States district court made
+pursuant to a respondent's election under subsection (b)(11)(B),
+(e)(8)(B), or (i)(2)(H)(ii) shall be reviewable in the appropriate
+court of appeals in the same manner and to the same extent as any other
+civil action to which the United States is a party.'';
+(4) in subsection (i)(2)--
+(A) by amending subparagraph (E)(ii) to read as
+follows:
+``(ii) Finality of assessment.--If, with
+respect to any assessment under clause (i), a
+hearing is not requested or an election is not
+made and timely noticed pursuant to
+subparagraph (H) within the period of time
+allowed under such subparagraph, the assessment
+shall constitute a final and unappealable
+order.'';
+(B) by amending subparagraph (H) to read as
+follows:
+``(H) Hearing.--The insured depository institution
+or institution-affiliated party against whom any
+penalty is assessed under this paragraph shall be
+afforded a hearing before--
+``(i) an agency, if such institution or
+person submits a request for such hearing
+within 20 days after the issuance of the notice
+of assessment; or
+``(ii) the appropriate United States
+district court, if such institution or person
+submits a request for such hearing and forum
+within 20 days after the issuance of the notice
+of assessment.''; and
+(C) by amending subparagraph (I)(ii) to read as
+follows:
+``(ii) Appropriateness of penalty not
+reviewable.--In any civil action under clause
+(i), except a civil action tried in a United
+States district court pursuant to subsection
+(b)(11)(B), (e)(8)(B), or (i)(2)(H)(ii), the
+validity and appropriateness of the penalty
+shall not be subject to review.''; and
+(5) by adding at the end the following:
+``(x) Savings Clause.--Nothing in subsection (b)(11)(B), (e)(8)(B),
+or (i)(2)(H)(ii) shall be construed to--
+``(1) limit the authority of a Federal banking agency to
+initiate an administrative enforcement action; or
+``(2) impair the validity of any consent order.''.
SEC. 303. SUPERVISORY MODIFICATIONS FOR APPROPRIATE RISK-BASED TESTING.
@@ -1701,157 +2082,7 @@
(2) in paragraph (10), by striking ``$3,000,000,000'' and
inserting ``$6,000,000,000''.
-SEC. 305. STRESS TESTING ACCOUNTABILITY AND TRANSPARENCY.
-
-(a) Rulemaking Related to Stress Capital Buffer Requirements.--
-(1) In general.--Not later than 90 days after the date of
-the enactment of this section, the Board of Governors of the
-Federal Reserve System (in this section referred to as the
-``Board'') shall issue a rule--
-(A) establishing the models, assumptions, formulas,
-and other decisional methodologies that are used to
-conduct any stress test pursuant to section 165(i) of
-the Financial Stability Act of 2010 (12 U.S.C.
-5365(i)), including any such test that is used to
-determine any component or subcomponent of the stress
-capital buffer requirement for a covered company; and
-(B) to determine, where the Board has supervisory
-stress test results from two or more periodic analyses
-of a covered company, the covered company's stress
-capital buffer requirement on the basis of supervisory
-stress test results from two or more periodic analyses
-of that covered company.
-(2) Changes.--The Board may only make material changes to
-the methodologies established in the rule issued under
-paragraph (1)(A) through notice and comment rulemaking.
-(3) No double-count.--The Board shall ensure no double-
-count of capital requirements for the same risks in the stress
-capital buffer requirement and the risk-based capital
-requirements.
-(4) Definitions.--In this subsection:
-(A) Covered company.--The term ``covered company''
-means a company to which section 225.8 of title 12,
-Code of Federal Regulations, or section 238.170 of
-title 12, Code of Federal Regulations, applies.
-(B) Stress capital buffer requirement.--The term
-``stress capital buffer requirement'' has the meaning
-given that term under--
-(i) section 225.8(d) of title 12, Code of
-Federal Regulations; and
-(ii) section 238.170(d) of title 12, Code
-of Federal Regulations.
-(5) Rule of construction.--Nothing in this subsection may
-be construed to imply that the Board is required to establish a
-stress capital buffer requirement for any bank holding company
-or any other company regulated by the Board.
-(b) Rulemaking Relating to Stress Testing.--
-(1) In general.--Beginning in the first calendar year
-beginning after the date of the enactment of this section, the
-Board shall, not less than 60 days before conducting a stress
-test pursuant to section 165(i) of the Financial Stability Act
-of 2010, publicly disclose each scenario to be used in such
-stress test.
-(2) Prohibition.--The Board may not, by rule or otherwise,
-subject any nonbank financial company or bank holding company
-to a climate-related stress test using the authority provided
-in section 165(i) of the Financial Stability Act of 2010.
-(c) GAO Report.--
-(1) In general.--The Comptroller General of the United
-States shall, every 3 years, conduct a study and submit a
-report to the Congress with respect to the stress tests
-conducted by the Board under section 165(i) of the Financial
-Stability Act of 2010 in the 3 most recent calendar years.
-(2) Contents.--The report submitted to the Congress under
-paragraph (1) shall consider the effectiveness of the stress
-tests in evaluating--
-(A) the safety and soundness of the nonbank
-financial companies and bank holding companies
-subjected to stress tests; and
-(B) the stability of the United States financial
-system.
-
-SEC. 306. COMMUNITY BANK REPRESENTATION.
-
-(a) Federal Reserve Act.--Section 10 of the Federal Reserve Act is
-amended--
-(1) in the first undesignated paragraph (12 U.S.C. 241), by
-striking ``having less than $10,000,000,000 in total assets'';
-(2) in the second undesignated paragraph (12 U.S.C. 242),
-by inserting after ``regulation of such firms.'' the following:
-``The Chairman shall select one member of the Board with
-demonstrated primary experience working in or supervising
-community banks to, in consultation with the Vice Chairman for
-Supervision and any other member of the Board with demonstrated
-primary experience working in or supervising community banks,
-develop policy recommendations for the Board regarding
-supervision and regulation of banking organizations supervised
-by the Board having less than $17,000,000,000 in total assets,
-and to oversee the supervision and regulation of such banking
-organizations in consultation with the Vice Chairman for
-Supervision and any other member of the Board with demonstrated
-primary experience working in or supervising community
-banks.'';
-(3) in paragraph (12) (12 U.S.C. 247b)--
-(A) by striking ``The Vice Chairman for
-Supervision'' and inserting the following:
-``(A) Vice chairman for supervision.--The Vice
-Chairman for Supervision'';
-(B) by striking ``and at'' and inserting ``at'';
-and
-(C) by adding at the end the following:
-``(B) Community bank member.--The member of the
-Board with demonstrated primary experience working in
-or supervising community banks selected by the Chairman
-to develop policy recommendations for the Board
-regarding supervision and regulation of banking
-organizations supervised by the Board having less than
-$17,000,000,000 in total assets, and to oversee the
-supervision and regulation of such banking
-organizations, if different than the Vice Chairman for
-Supervision, shall appear before the Committee on
-Banking, Housing, and Urban Affairs of the Senate and
-the Committee on Financial Services of the House of
-Representatives at semi-annual hearings regarding the
-efforts, activities, objectives, and plans of the Board
-with respect to the conduct of supervision and
-regulation of banking organizations supervised by the
-Board having less than $17,000,000,000 in total
-assets.''; and
-(4) by adding at the end the following:
-``(13) Member of the board for community banks annual
-threshold adjustment.--
-``(A) In general.--At the end of each year for
-which the nominal gross domestic product of the United
-States increases (a `covered year'), the Board shall
-adjust each dollar figure described in the second
-undesignated paragraph of this section, paragraph
-(12)(B) of this section, and section 1004(a)(3) of the
-Federal Financial Institutions Examination Council Act
-of 1978 by a percentage equal to the percentage
-increase (if any) between--
-``(i) the nominal gross domestic product of
-the United States for the year, during the
-preceding 5 years, with respect to which the
-nominal gross domestic product of the United
-States was the highest; and
-``(ii) the nominal gross domestic product
-of the United States for the covered year.
-``(B) Determination of gdp.--In this paragraph, the
-Board shall use nominal gross domestic product
-statistics determined by the Bureau of Economic
-Analysis.''.
-(b) Federal Financial Institutions Examination Council Act of
-1978.--Section 1004(a)(3) of the Federal Financial Institutions
-Examination Council Act of 1978 (12 U.S.C. 3303(a)(3)) is amended by
-adding at the end the following: ``and such Governor shall consult with
-the Governor with demonstrated primary experience working in or
-supervising community banks selected by the Chairman of the Board to
-develop policy recommendations for the Board regarding supervision and
-regulation of banking organizations supervised by the Board having less
-than $17,000,000,000 in total assets, and to oversee the supervision
-and regulation of such banking organizations,''.
-
-SEC. 307. FINANCIAL INTEGRITY AND REGULATION MANAGEMENT.
+SEC. 305. FINANCIAL INTEGRITY AND REGULATION MANAGEMENT.
(a) Findings.--Congress finds that--
(1) the primary objective of financial regulation and
@@ -1984,13 +2215,11 @@
Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is
amended--
-(1) in subsection (a)--
-(A) in paragraph (1)--
-(i) in subparagraph (A), by adding ``and''
-at the end; and
-(ii) by striking subparagraphs (B) and (C)
-and inserting the following:
-``(B) 4 of whom shall be appointed by the
+(1) by striking ``Consumer Financial Protection Bureau''
+each place such term appears and inserting ``Bureau of Consumer
+Financial Protection'';
+(2) by amending subsection (a)(1)(C) to read as follows:
+``(C) 3 of whom shall be appointed by the
President, by and with the advice and consent of the
Senate, from among individuals who are citizens of the
United States, 1 of whom shall have State bank
@@ -1998,27 +2227,14 @@
have demonstrated primary experience working in or
supervising depository institutions having less than
$17,000,000,000 in total assets.''; and
-(B) by adding at the end the following:
-``(3) Non-voting status of the director of the bureau of
-consumer financial protection.--The Director of the Bureau of
-Consumer Financial Protection shall serve as a non-voting
-observer to the Board of Directors of the Corporation.'';
-(2) in subsection (c)--
+(3) in subsection (c)--
(A) in paragraph (1), by adding at the end the
following: ``No individual may be appointed as a member
for more than two terms.''; and
(B) by adding at the end the following:
``(4) Maximum length of service.--Notwithstanding any other
provision of this Act, no person shall serve as a member for
-more than twelve years in total.'';
-(3) in subsection (d)(2)--
-(A) by striking ``Consumer Financial Protection
-Bureau'' each place such term appears and inserting
-``Bureau of Consumer Financial Protection''; and
-(B) by inserting ``or observer, as the case may
-be,'' after ``member''; and
-(4) in subsection (f)(2), by striking ``or of the Consumer
-Financial Protection Bureau''.
+more than twelve years in total.''.
SEC. 402. STOP AGENCY FIAT ENFORCEMENT OF GUIDANCE.
@@ -2082,12 +2298,12 @@
place such term appears and inserting ``Federal financial
institutions regulatory agency'';
(2) by striking ``appropriate Federal banking agencies''
-each place such term appears and inserting ``Federal financial
-institutions regulatory agencies'';
+and inserting ``Federal financial institutions regulatory
+agencies'';
(3) in subsection (a)--
(A) by striking ``represented on the Council''; and
(B) by striking ``once every 10 years'' and
-inserting ``once every 7 years'';
+inserting ``once every 8 years'';
(4) in subsection (b)--
(A) by redesignating paragraphs (1) and (2) as
subparagraphs (A) and (B), respectively (and adjusting
@@ -2115,15 +2331,15 @@
``(E) to the extent practicable, quantifies the
direct and indirect economic costs imposed by such
regulations; and
-``(F) includes recommendations to streamline,
-simplify, or eliminate duplicative, outdated, and
-unnecessarily burdensome regulations.'';
+``(F) includes recommendations to streamline or
+eliminate duplicative, outdated, and unnecessarily
+burdensome regulations.'';
(5) in subsection (c)--
(A) by striking ``subsection (b)(2)'' and inserting
``subsection (b)(1)(B), and the internal review under
subsection (b)(2),''; and
(B) by striking ``once every 10 years'' and
-inserting ``once every 7 years'';
+inserting ``once every 8 years'';
(6) in subsection (e)--
(A) in paragraph (1), by striking ``and'' at the
end;
@@ -2170,115 +2386,33 @@
subparagraph (A) shall include a description of the
Board's interactions with global financial regulatory
or supervisory forums, including--
-``(i) a list of the global financial
-regulatory or supervisory forums in which the
-Board maintained membership during the period
-covered by the report; and
-``(ii) for each such global financial
-regulatory or supervisory forum in the list
-provided pursuant to clause (i)--
-``(I) a description of the general
-purposes of the global financial
-regulatory or supervisory forum,
-including a list of the current members
-and observers of the global financial
-regulatory or supervisory forum;
-``(II) a discussion of how the
-general purposes of the global
-financial regulatory or supervisory
-forum align with the purposes of this
-Act and the other Acts that the Board
-implements;
-``(III) an identification of the
-sources that provided a material amount
-of funding for the operations of the
-global financial regulatory or
-supervisory forum during the period
-covered by the report;
-``(IV) a description of the
-organization the Board maintained
-during the period covered by the report
-to conduct interactions with the global
-financial regulatory or supervisory
-forum, including an organizational
-chart and an identification of the
-official staff of the Board with
-oversight responsibility for
-interactions with the global financial
-regulatory or supervisory forum;
-``(V) a discussion of the financial
-regulatory or supervisory standard-
-setting issues under discussion at the
-global financial regulatory or
-supervisory forum during the period
-covered by the report;
-``(VI) a description of the
-positions taken by representatives of
-the Board at the global financial
-regulatory or supervisory forum during
-the period covered by the report,
-including the rationale, objectives,
-and potential impacts of such
-positions;
-``(VII) a summary of the meetings
-attended by representatives of the
-Board at the global financial
-regulatory or supervisory forum during
-the period covered by the report,
-including a discussion of the key
-outcomes from such meetings;
-``(VIII) the text of any final
-policies, standards, or recommendations
-adopted by the global financial
-supervisory or regulatory forum during
-the period covered by the report,
-including any implementing material,
-annex, appendix, side letter, or
-similar document entered into
-contemporaneously or in conjunction
-with the underlying policy, standard,
-or recommendation, or an identification
-of a publicly available source for the
-text of such policy, standard,
-recommendation, or implementing
-material;
-``(IX) a description of any
-amendments to Federal statutes,
-regulations of the Board, guidance of
-the Board, or changes to the Board's
-supervisory practices the Board
-anticipates will be necessary to
-implement any final policies,
-standards, or recommendations adopted
-by the global financial supervisory or
-regulatory forum during the period
-covered by the report;
-``(X) a discussion of rules
-proposed, rules under consideration,
-final rules adopted, guidance proposed,
-guidance under consideration, final
-guidance adopted, or any other similar
-actions taken by the Board during the
-period covered by the report to
-implement agreements of the global
-financial regulatory or supervisory
-forum, including an economic impact
-analysis and a justification for why
-the expected costs of implementing
-actions are at least offset by the
-expected benefits related to economic,
-national security, financial stability,
-or other national interests; and
-``(XI) such other information
-relating to interactions with the
-global financial regulatory or
-supervisory forum during the period
-covered by the report separately
-requested in writing by the Committee
-on Banking, Housing, and Urban Affairs
-of the Senate or the Committee on
-Financial Services of the House of
-Representatives.
+``(i) a description of the financial
+regulatory or supervisory standard-setting
+issues under discussion at the global financial
+regulatory or supervisory forums during the
+period covered by the report;
+``(ii) a description of the rationale,
+objectives, and potential effects that rules
+proposed, rules under consideration, final
+rules adopted, guidance proposed, guidance
+under consideration, final guidance adopted, or
+any other similar actions discussed at the
+global financial regulatory or supervisory
+forums could have, including an economic impact
+analysis on whether the expected costs would be
+at least offset by the expected benefits
+related to economic, national security,
+financial stability, or other national
+interests;
+``(iii) a description of the positions
+taken by representatives of the Board at the
+global financial regulatory or supervisory
+forums during the period covered by the report;
+and
+``(iv) a description of the efforts by the
+Board to increase transparency at global
+financial regulatory or supervisory forums
+during the period covered by the report.
``(C) Global financial regulatory or supervisory
forum defined.--
``(i) In general.--In this paragraph, the
@@ -2328,86 +2462,26 @@
Forums.--The report required under subsection (a) shall include a
description of the Comptroller's interactions with global financial
regulatory or supervisory forums, including--
-``(1) a list of the global financial regulatory or
-supervisory forums in which the Comptroller maintained
-membership during the period covered by the report; and
-``(2) for each such global financial regulatory or
-supervisory forum in the list provided pursuant to paragraph
-(1)--
-``(A) a description of the general purposes of the
-global financial regulatory or supervisory forum,
-including a list of the current members and observers
-of the global financial regulatory or supervisory
-forum;
-``(B) a discussion of how the general purposes of
-the global financial regulatory or supervisory forum
-align with the purposes of this chapter, title LXII,
-and the other Acts that the Comptroller implements;
-``(C) an identification of the sources that
-provided a material amount of funding for the
-operations of the global financial regulatory or
-supervisory forum during the period covered by the
-report;
-``(D) a description of the organization the
-Comptroller maintained during the period covered by the
-report to conduct interactions with the global
-financial regulatory or supervisory forum, including an
-organizational chart and an identification of the
-official staff of the Office of the Comptroller of the
-Currency with oversight responsibility for interactions
-with the global financial regulatory or supervisory
-forum;
-``(E) a discussion of the financial regulatory or
-supervisory standard-setting issues under discussion at
-the global financial regulatory or supervisory forum
-during the period covered by the report;
-``(F) a description of the positions taken by
-representatives of the Comptroller at the global
-financial regulatory or supervisory forum during the
-period covered by the report, including the rationale,
-objectives, and potential impacts of such positions;
-``(G) a summary of the meetings attended by
-representatives of the Comptroller at the global
-financial regulatory or supervisory forum during the
-period covered by the report, including a discussion of
-the key outcomes from such meetings;
-``(H) the text of any final policies, standards, or
-recommendations adopted by the global financial
-supervisory or regulatory forum during the period
-covered by the report, including any implementing
-material, annex, appendix, side letter, or similar
-document entered into contemporaneously or in
-conjunction with the underlying policy, standard, or
-recommendation, or an identification of a publicly
-available source for the text of such policy, standard,
-recommendation, or implementing material;
-``(I) a description of any amendments to Federal
-statutes, regulations of the Comptroller, guidance of
-the Comptroller, or changes to the Comptroller's
-supervisory practices the Comptroller anticipates will
-be necessary to implement any final policies,
-standards, or recommendations adopted by the global
-financial supervisory or regulatory forum during the
+``(1) a description of the financial regulatory or
+supervisory standard-setting issues under discussion at the
+global financial regulatory or supervisory forums during the
period covered by the report;
-``(J) a discussion of rules proposed, rules under
-consideration, final rules adopted, guidance proposed,
-guidance under consideration, final guidance adopted,
-or any other similar actions taken by the Comptroller
-during the period covered by the report to implement
-agreements of the global financial regulatory or
-supervisory forum, including an economic impact
-analysis and a justification for why the expected costs
-of implementing actions are at least offset by the
-expected benefits related to economic, national
-security, financial stability, or other national
-interests; and
-``(K) such other information relating to
-interactions with the global financial regulatory or
-supervisory forum during the period covered by the
-report separately requested in writing by the Committee
-on Banking, Housing, and Urban Affairs of the Senate or
-the Committee on Financial Services of the House of
-Representatives.
+``(2) a description of the rationale, objectives, and
+potential effects that rules proposed, rules under
+consideration, final rules adopted, guidance proposed, guidance
+under consideration, final guidance adopted, or any other
+similar actions discussed at the global financial regulatory or
+supervisory forums could have, including an economic impact
+analysis on whether the expected costs would be at least offset
+by the expected benefits related to economic, national
+security, financial stability, or other national interests; and
+``(3) a description of the positions taken by
+representatives of the Comptroller at the global financial
+regulatory or supervisory forums during the period covered by
+the report; and
+``(4) a description of the efforts by the Comptroller to
+increase transparency at global financial regulatory or
+supervisory forums during the period covered by the report.
``(c) Global Financial Regulatory or Supervisory Forum Defined.--
``(1) In general.--In this section, the term `global
financial regulatory or supervisory forum' means any
@@ -2451,96 +2525,28 @@
shall include a description of the Corporation's interactions
with global financial regulatory or supervisory forums,
including--
-``(A) a list of the global financial regulatory or
-supervisory forums in which the Corporation maintained
-membership during the period covered by the report; and
-``(B) for each such global financial regulatory or
-supervisory forum in the list provided pursuant to
-subparagraph (A)--
-``(i) a description of the general purposes
-of the global financial regulatory or
-supervisory forum, including a list of the
-current members and observers of the global
-financial regulatory or supervisory forum;
-``(ii) a discussion of how the general
-purposes of the global financial regulatory or
-supervisory forum align with the purposes of
-this Act and the other Acts that the
-Corporation implements;
-``(iii) an identification of the sources
-that provided a material amount of funding for
-the operations of the global financial
-regulatory or supervisory forum during the
-period covered by the report;
-``(iv) a description of the organization
-the Corporation maintained during the period
-covered by the report to conduct interactions
-with the global financial regulatory or
-supervisory forum, including an organizational
-chart and an identification of the official
-staff of the Corporation with oversight
-responsibility for interactions with the global
-financial regulatory or supervisory forum;
-``(v) a discussion of the financial
-regulatory or supervisory standard-setting
-issues under discussion at the global financial
-regulatory or supervisory forum during the
-period covered by the report;
-``(vi) a description of the positions taken
-by representatives of the Corporation at the
-global financial regulatory or supervisory
-forum during the period covered by the report,
-including the rationale, objectives, and
-potential impacts of such positions;
-``(vii) a summary of the meetings attended
-by representatives of the Corporation at the
-global financial regulatory or supervisory
-forum during the period covered by the report,
-including a discussion of the key outcomes from
-such meetings;
-``(viii) the text of any final policies,
-standards, or recommendations adopted by the
-global financial supervisory or regulatory
-forum during the period covered by the report,
-including any implementing material, annex,
-appendix, side letter, or similar document
-entered into contemporaneously or in
-conjunction with the underlying policy,
-standard, or recommendation, or an
-identification of a publicly available source
-for the text of such policy, standard,
-recommendation, or implementing material;
-``(ix) a description of any amendments to
-Federal statutes, regulations of the
-Corporation, guidance of the Corporation, or
-changes to the Corporation's supervisory
-practices the Corporation anticipates will be
-necessary to implement any final policies,
-standards, or recommendations adopted by the
-global financial supervisory or regulatory
-forum during the period covered by the report;
-``(x) a discussion of rules proposed, rules
-under consideration, final rules adopted,
-guidance proposed, guidance under
-consideration, final guidance adopted, or any
-other similar actions taken by the Corporation
-during the period covered by the report to
-implement agreements of the global financial
-regulatory or supervisory forum, including an
-economic impact analysis and a justification
-for why the expected costs of implementing
-actions are at least offset by the expected
-benefits related to economic, national
-security, financial stability, or other
-national interests; and
-``(xi) such other information relating to
-interactions with the global financial
-regulatory or supervisory forum during the
-period covered by the report separately
-requested in writing by the Committee on
-Banking, Housing, and Urban Affairs of the
-Senate or the Committee on Financial Services
-of the House of Representatives.
+``(A) a description of the financial regulatory or
+supervisory standard-setting issues under discussion at
+the global financial regulatory or supervisory forums
+during the period covered by the report;
+``(B) a description of the rationale, objectives,
+and potential effects that rules proposed, rules under
+consideration, final rules adopted, guidance proposed,
+guidance under consideration, final guidance adopted,
+or any other similar actions discussed at the global
+financial regulatory or supervisory forums could have,
+including an economic impact analysis on whether the
+expected costs would be at least offset by the expected
+benefits related to economic, national security,
+financial stability, or other national interests;
+``(C) a description of the positions taken by
+representatives of the Corporation at the global
+financial regulatory or supervisory forums during the
+period covered by the report; and
+``(D) a description of the efforts by the
+Corporation to increase transparency at global
+financial regulatory or supervisory forums during the
+period covered by the report.
``(4) Global financial regulatory or supervisory forum
defined.--
``(A) In general.--In this subsection, the term
@@ -2757,15 +2763,35 @@
if any, of the total liabilities of the agent
institution that is greater than $10,000,000,000, but
less than or equal to $250,000,000,000.''.
-(b) Definition of Agent Institution.--Section 29(i)(2)(A)(i) of the
-Federal Deposit Insurance Act (12 U.S.C. 1831f(i)(2)(A)(i)) is amended
-by striking subclause (I) and inserting the following:
-``(I) when most recently examined
-under section 10(d) was assigned a
-CAMELS rating of 1, 2, or 3 under the
-Uniform Financial Institutions Rating
-System (or an equivalent rating under a
-comparable rating system); and''.
+(b) Definition of Agent Institution.--Section 29(i) of the Federal
+Deposit Insurance Act (12 U.S.C. 1831f(i)) is amended--
+(1) in paragraph (2)(A)--
+(A) in clause (i), by striking subclause (I) and
+inserting the following: ``(I) when most recently
+examined under section 10(d) was assigned a CAMELS
+rating of 1, 2, or 3 under the Uniform Financial
+Institutions Rating System (or an equivalent rating
+under a comparable rating system); and'';
+(B) by redesignating clauses (ii) and (iii) as
+clauses (iii) and (iv), respectively; and
+(C) by inserting after clause (i) the following:
+``(ii) has not yet been examined under
+section 10(d) and the deposits of which first
+became insured under this Act during the
+current calendar year or during the immediately
+preceding calendar year;''; and
+(2) by adding at the end the following:
+``(3) Reservation of authority.--If an insured depository
+institution ceases to be an agent institution because it no
+longer satisfies any of the criteria in paragraph (2)(A), the
+Corporation may, on a case-by-case basis and upon application,
+provide a waiver to permit the institution to continue to
+consider some or all of the deposits previously subject to the
+exception under paragraph (1) as continuing to be subject to
+the exception under paragraph (1), for a specific or indefinite
+period of time, if the Corporation determines that failure to
+grant such a waiver would negatively impact the safety and
+soundness of the insured depository institution.''.
(c) Reciprocal Deposits Study.--
(1) In general.--The Federal Deposit Insurance Corporation,
in consultation with the Board of Governors of the Federal
@@ -2796,7 +2822,7 @@
Corporation shall issue a report to the Committee on Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate containing
-all findings and determinations made in carrying out the report
+all findings and determinations made in carrying out the study
required under paragraph (1).
SEC. 503. COMMUNITY BANK DEPOSIT ACCESS.
@@ -2810,7 +2836,17 @@
extent that the total amount of such custodial deposits does
not exceed an amount equal to 20 percent of the total
liabilities of the eligible institution.
-``(2) Definitions.--In this subsection:
+``(2) Reservation of authority.--If an insured depository
+institution ceases to be an eligible institution because it no
+longer satisfies any of the criteria in paragraph (3)(B), the
+Corporation may, on a case-by-case basis and upon application,
+provide a waiver to permit the institution to continue to be
+treated as an eligible institution for purposes of paragraph
+(1), for a specific or indefinite period of time, if the
+Corporation determines that failure to grant such a waiver
+would negatively impact the safety and soundness of the insured
+depository institution.
+``(3) Definitions.--In this subsection:
``(A) Custodial deposit.--The term `custodial
deposit' means a deposit that is not deposited at an
insured depository institution in return for fees paid
@@ -2846,8 +2882,13 @@
of 1, 2, or 3 under the Uniform Financial
Institutions Rating System (or an equivalent
rating under a comparable rating system); and
-``(II) is well capitalized; or
-``(ii) has obtained a waiver pursuant to
+``(II) is well capitalized;
+``(ii) has not yet been examined under
+section 10(d) and the deposits of which first
+became insured under this Act during the
+current calendar year or during the immediately
+preceding calendar year; or
+``(iii) has obtained a waiver pursuant to
subsection (c).
``(C) Plan.--The term `plan' has the meaning given
the term in section 3 of the Employee Retirement Income
@@ -2896,7 +2937,7 @@
SEC. 601. BANK COMPETITION MODERNIZATION.
(a) In General.--Section 18(c) of the Federal Deposit Insurance Act
-(12 U.S.C. 1828(c)), as amended by section 103(c), is further amended--
+(12 U.S.C. 1828(c)), as amended by section 604(c), is further amended--
(1) in paragraph (4)(C)--
(A) in clause (i), by striking ``or'' at the end;
(B) in clause (ii), by striking the period at the
@@ -2906,40 +2947,43 @@
would result in an entity with less than
$10,000,000,000 in assets.''; and
(2) by adding at the end the following:
-``(16) For Merger Transactions Resulting in Institutions With Less
-Than $10,000,000,000 in Assets.--
-``(A) In general.--Notwithstanding paragraph (5), if a
-proposed merger transaction would result in an institution with
-less than $10,000,000,000 in assets, then the responsible
-agency shall not consider whether such merger transaction
-would--
+``(16) For merger transactions resulting in institutions
+with less than $10,000,000,000 in assets.--
+``(A) In general.--Notwithstanding paragraph (5),
+if a proposed merger transaction would result in an
+institution with less than $10,000,000,000 in assets,
+then the responsible agency shall not consider whether
+such merger transaction would--
``(i) result in a monopoly, or would be in
furtherance of any combination or conspiracy to
-monopolize or to attempt to monopolize the business of
-banking in any part of the United States; and
-``(ii) have the effect in any section of the
-country of substantially lessening competition, tending
-to create a monopoly, or in any other manner
-restraining trade.
+monopolize or to attempt to monopolize the
+business of banking in any part of the United
+States; and
+``(ii) have the effect in any section of
+the country of substantially lessening
+competition, tending to create a monopoly, or
+in any other manner restraining trade.
``(B) Threshold adjustment.--
-``(i) In general.--At the end of each year for
-which the nominal gross domestic product of the United
-States increases (a `covered year'), the Corporation
-shall adjust the dollar figures described in
-subparagraph (A) and paragraph (4)(C)(iii) by a
-percentage equal to the percentage increase (if any)
-between--
-``(I) the nominal gross domestic product of
-the United States for the year, during the
-preceding 5 years, with respect to which the
-nominal gross domestic product of the United
-States was the highest; and
-``(II) the nominal gross domestic product
-of the United States for the covered year.
-``(ii) Determination of gdp.--In this paragraph,
-the Corporation shall use nominal gross domestic
-product statistics determined by the Bureau of Economic
-Analysis.''.
+``(i) In general.--At the end of each year
+for which the nominal gross domestic product of
+the United States increases (a `covered year'),
+the Corporation shall adjust the dollar figures
+described in subparagraph (A) and paragraph
+(4)(C)(iii) by a percentage equal to the
+percentage increase (if any) between--
+``(I) the nominal gross domestic
+product of the United States for the
+year, during the preceding 5 years,
+with respect to which the nominal gross
+domestic product of the United States
+was the highest; and
+``(II) the nominal gross domestic
+product of the United States for the
+covered year.
+``(ii) Determination of gdp.--In this
+paragraph, the Corporation shall use nominal
+gross domestic product statistics determined by
+the Bureau of Economic Analysis.''.
(b) For Bank Holding Companies.--Section 3(c) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(c)) is amended by adding at the end
the following:
@@ -3043,9 +3087,11 @@
availability of financial products and services offered by
insured depository institutions.
(b) Report.--Not later than 1 year after the date of enactment of
-this Act, the Comptroller General shall issue a report to Congress
-containing all findings and determinations made in carrying out the
-study required under subsection (a).
+this Act, the Comptroller General shall issue a report to the Committee
+on Financial Services of the House of Representatives and the Committee
+on Banking, Housing, and Urban Affairs of the Senate containing all
+findings and determinations made in carrying out the study required
+under subsection (a).
(c) Definitions.--In this section:
(1) Application.--The term ``application'' means an
application, notice, or other similar request for permission
@@ -3110,13 +3156,17 @@
institution regulatory agency's statutory responsibilities.
(b) Report.--Each Inspector General described under subsection (a)
shall, at the conclusion of each review required under subsection (a),
-issue a report to Congress containing all findings and determinations
-made in carrying out the review, and publish such report online.
-(c) Agency Response.--In response to each report issued to Congress
-under subsection (a), the appropriate Federal depository institution
-regulatory agency shall submit to Congress and publish online a written
-response, including a plan to implement the recommendations in the
-report, to the extent such implementation is appropriate.
+issue a report to the Committee on Financial Services of the House of
+Representatives and the Committee on Banking, Housing, and Urban
+Affairs of the Senate containing all findings and determinations made
+in carrying out the review, and publish such report online.
+(c) Agency Response.--In response to each report issued under
+subsection (a), the appropriate Federal depository institution
+regulatory agency shall submit to the Committee on Financial Services
+of the House of Representatives and the Committee on Banking, Housing,
+and Urban Affairs of the Senate and publish online a written response,
+including a plan to implement the recommendations in the report, to the
+extent such implementation is appropriate.
(d) Definitions.--In this section:
(1) Application.--The term ``application'' means an
application, notice, or other similar request for permission
@@ -3153,6 +3203,183 @@
(F) section 4 of the Bank Holding Company Act of
1956 (12 U.S.C. 1843).
+SEC. 604. BANK FAILURE PREVENTION.
+
+(a) Bank Holding Companies.--Section 3(b)(1) of the Bank Holding
+Company Act of 1956 (12 U.S.C. 1842(b)(1)) is amended--
+(1) by striking ``Upon receiving'' and inserting the
+following:
+``(A) In general.--Upon receiving'';
+(2) by striking ``required'' and inserting ``acquired'';
+(3) by striking ``In the event of the failure of the Board
+to act on any application for approval under this section
+within the ninety-one-day period which begins on the date of
+submission to the Board of the complete record on that
+application, the application shall be deemed to have been
+granted.''; and
+(4) by adding at the end the following:
+``(B) Complete record on an application.--
+``(i) Notice to applicant.--Not later than 30 days
+after the date on which the Board receives an
+application for approval under this section, the Board
+shall transmit to the applicant a letter that either--
+``(I) confirms the record on the
+application is complete; or
+``(II) details all additional information
+that is required for the record on that
+application to be complete.
+``(ii) Extension of notice.--Notwithstanding clause
+(i), the Board may, if an application is complex,
+extend the 30-day period described under clause (i) for
+an additional 30 days.
+``(iii) Receipt of response; deeming of complete
+record.--Upon receipt of a response from an applicant
+to a notice requesting additional information described
+under clause (i)(II), the record on the application
+shall be deemed complete unless the Board--
+``(I) determines that the applicant's
+response was materially deficient; and
+``(II) not later than 30 days after the
+date on which the Board received the response,
+provides the applicant a detailed notice
+describing the deficiencies.
+``(iv) Treatment of third-party information.--In
+determining whether the record on an application is
+complete, the Board may take into account only
+information provided by the applicant, and may not base
+the determination of completeness on any information
+(including reports, views, or recommendations) provided
+by third parties.
+``(C) Deadline for determination.--
+``(i) In general.--Notwithstanding subparagraphs
+(A) and (B), the Board shall grant or deny an
+application submitted under this section not later than
+120 days after the date on which the application was
+initially submitted to the Board, regardless of whether
+the record on such initial application was complete.
+``(ii) Failure to make a determination.--If the
+Board does not grant or deny an application within the
+time period described under clause (i), such
+application shall be deemed to have been granted.
+``(iii) Tolling of period.--The Board may at any
+time extend the deadline described under clause (i) at
+the request of the applicant, but may not extend the
+deadline more than 30 days past the deadline described
+under clause (i).''.
+(b) Savings and Loan Holding Companies.--Section 10(e) of the Home
+Owners' Loan Act (12 U.S.C. 1467a(e)) is amended--
+(1) in paragraph (2), by striking ``, and shall render a
+decision within 90 days after submission to the Board of the
+complete record on the application'';
+(2) by redesignating paragraph (7) as paragraph (9); and
+(3) by inserting after paragraph (6) the following:
+``(7) Complete record on an application.--
+``(A) Notice to applicant.--Not later than 30 days
+after the date on which the Board receives an
+application for approval under this subsection, the
+Board shall transmit to the applicant a letter that
+either--
+``(i) confirms the record on the
+application is complete; or
+``(ii) details all additional information
+that is required for the record on that
+application to be complete.
+``(B) Extension of notice.--Notwithstanding
+subparagraph (A), the Board may, if an application is
+complex, extend the 30-day period described under
+subparagraph (A) for an additional 30 days.
+``(C) Receipt of response; deeming of complete
+record.--Upon receipt of a response from an applicant
+to a notice requesting additional information described
+under subparagraph (A)(ii), the record on the
+application shall be deemed complete unless the Board--
+``(i) determines that the applicant's
+response was materially deficient; and
+``(ii) not later than 30 days after the
+date on which the Board received the response,
+provides the applicant a detailed notice
+describing the deficiencies.
+``(D) Treatment of third-party information.--In
+determining whether the record on an application is
+complete, the Board may take into account only
+information provided by the applicant, and may not base
+the determination of completeness on any information
+(including reports, views, or recommendations) provided
+by third parties.
+``(8) Deadline for determination.--
+``(A) In general.--Notwithstanding any other
+provision of this subsection, the Board shall grant or
+deny an application submitted under this subsection not
+later than 120 days after the date on which the
+application was initially submitted to the Board,
+regardless of whether the record on such initial
+application was complete.
+``(B) Failure to make a determination.--If the
+Board does not grant or deny an application within the
+time period described under subparagraph (A), such
+application shall be deemed to have been granted.
+``(C) Tolling of period.--The Board may at any time
+extend the deadline described under subparagraph (A) at
+the request of the applicant, but may not extend the
+deadline more than 30 days past the deadline described
+under subparagraph (A).''.
+(c) Insured Depository Institutions.--Section 18(c) of the Federal
+Deposit Insurance Act (12 U.S.C. 1828(c)) is amended by adding at the
+end the following:
+``(14) Complete record on an application.--
+``(A) Notice to applicant.--Not later than 30 days
+after the date on which the responsible agency receives
+a merger application for approval under this
+subsection, the responsible agency shall transmit to
+the applicant a letter that either--
+``(i) confirms the record on the
+application is complete; or
+``(ii) details all additional information
+that is required for the record on that
+application to be complete.
+``(B) Extension of notice.--Notwithstanding
+subparagraph (A), the responsible agency may, if an
+application is unusually complex, extend the 30-day
+period described under subparagraph (A) for an
+additional 30 days.
+``(C) Receipt of response; deeming of complete
+record.--Upon receipt of a response from an applicant
+to a notice requesting additional information described
+under subparagraph (A)(ii), the record on the
+application shall be deemed complete unless the
+responsible agency--
+``(i) determines that the applicant's
+response was materially deficient; and
+``(ii) not later than 30 days after the
+date on which the responsible agency received
+the response, provides the applicant a detailed
+notice describing the deficiencies.
+``(D) Treatment of third-party information.--In
+determining whether the record on an application is
+complete, the responsible agency may take into account
+only information provided by the applicant, and may not
+base the determination of completeness on any
+information (including reports, views, or
+recommendations) provided by third parties.
+``(15) Deadline for determination.--
+``(A) In general.--Notwithstanding any other
+provision of this subsection, the responsible agency
+shall grant or deny a merger application submitted
+under this subsection not later than 120 days after the
+date on which the application was initially submitted
+to the responsible agency, regardless of whether the
+record on such initial application was complete.
+``(B) Failure to make a determination.--If the
+responsible agency does not grant or deny an
+application within the time period described under
+subparagraph (A), such application shall be deemed to
+have been granted.
+``(C) Tolling of period.--The responsible agency
+may at any time extend the deadline described under
+subparagraph (A) at the request of the applicant, but
+may not extend the deadline more than 30 days past the
+deadline described under subparagraph (A).''.
+
TITLE VII--STRENGTHENING TRANSPARENCY AND INVOLVEMENT IN BANK
RESOLUTIONS
@@ -3166,104 +3393,123 @@
provided in subparagraph (I),'' after ``appropriate,''; and
(3) by adding at the end the following:
``(I) Least cost resolution exception.--
-``(i) In general.--With respect to an exercise of
-authority by the Corporation described in subparagraph
-(A), the Corporation may, at the discretion of the
-Corporation, select an alternative method of exercising
-such authority that is not the least costly to the
+``(i) In general.--With respect to an
+exercise of authority by the Corporation
+described in subparagraph (A), the Corporation
+may, at the discretion of the Corporation,
+select an alternative method of exercising such
+authority that is not the least costly to the
Deposit Insurance Fund, if--
-``(I) the Corporation determines that the
-selected alternative complies with the
-requirements of clause (iii); and
-``(II) the Corporation and the Board of
-Governors of the Federal Reserve System, after
-consultation with the Secretary of the
-Treasury, determine that the potential
-additional risks to the Deposit Insurance Fund
-of the selected alternative are outweighed by
-the reasonably expected benefits of limiting
-further concentration of the United States
-banking system in global systemically important
-banking organizations.
-``(ii) Maximum cost to the deposit insurance
-fund.--Not later than 1 year after the date of
-enactment of this subparagraph, the Corporation, by
-rule, shall establish criteria for determining on a
-case-by-case basis the maximum allowable cost against
-the net worth of the Deposit Insurance Fund that may be
-utilized to account for any determination under clause
+``(I) the Corporation determines
+that the selected alternative complies
+with the requirements of clause (iii);
+and
+``(II) the Corporation and the
+Board of Governors of the Federal
+Reserve System, after consultation with
+the Secretary of the Treasury,
+determine that the potential additional
+risks to the Deposit Insurance Fund of
+the selected alternative are outweighed
+by the reasonably expected benefits of
+limiting further concentration of the
+United States banking system in global
+systemically important banking
+organizations.
+``(ii) Maximum cost to the deposit
+insurance fund.--Not later than 1 year after
+the date of enactment of this subparagraph, the
+Corporation, by rule, shall establish criteria
+for determining on a case-by-case basis the
+maximum allowable cost against the net worth of
+the Deposit Insurance Fund that may be utilized
+to account for any determination under clause
(i).
-``(iii) Requirements described.--The requirements
-for the selected alternative described in clause (i)
-are as follows:
-``(I) The selected alternative is least
-costly to the Deposit Insurance Fund of all
-alternatives that do not involve a transaction
-with a global systemically important banking
-organization and that do not exceed the cost of
-liquidating the insured depository institution.
-``(II) The difference between the cost of
-the selected alternative and the cost of a
-covered alternative is less than or equal to
-the maximum cost to the Deposit Insurance Fund
-specified pursuant to the rule adopted under
+``(iii) Requirements described.--The
+requirements for the selected alternative
+described in clause (i) are as follows:
+``(I) The selected alternative is
+least costly to the Deposit Insurance
+Fund of all alternatives that do not
+involve a transaction with a global
+systemically important banking
+organization and that do not exceed the
+cost of liquidating the insured
+depository institution.
+``(II) The difference between the
+cost of the selected alternative and
+the cost of a covered alternative is
+less than or equal to the maximum cost
+to the Deposit Insurance Fund specified
+pursuant to the rule adopted under
clause (ii).
``(III) In the case of a selected
-alternative that involves another person
-purchasing assets of the insured depository
-institution or assuming deposit liabilities of
-the insured depository institution, such person
-agrees to pay an assessment to the Corporation
-comprised of payments--
-``(aa) made over a period to be
-determined by the Corporation, but
-which may not be less than 5 years; and
-``(bb) in an amount that takes into
-account, on a case-by-case basis,
-criteria the Corporation, by rule,
-shall establish, including a realistic
-discount rate, the aggregate amount
-equal to the difference calculated in
+alternative that involves another
+person purchasing assets of the insured
+depository institution or assuming
+deposit liabilities of the insured
+depository institution, such person
+agrees to pay an assessment to the
+Corporation comprised of payments--
+``(aa) made over a period
+to be determined by the
+Corporation, but which may not
+be less than 5 years; and
+``(bb) in an amount that
+takes into account, on a case-
+by-case basis, criteria the
+Corporation, by rule, shall
+establish, including a
+realistic discount rate, the
+aggregate amount equal to the
+difference calculated in
subclause (II), and any bid
-inconsistent with the purposes of this
-Act, with such rule to be established
-by the Corporation not later than 1
-year after the date of enactment of
-this subparagraph.
-``(iv) Report to congress.--Not later than 30 days
-after selecting an alternative described in clause (i),
-the Corporation shall issue a report to the Committee
-on Financial Services of the House of Representatives
-and the Committee on Banking, Housing, and Urban
-Affairs of the Senate containing an analysis of the
-economic difference between the cost to the Deposit
-Insurance Fund of the selected alternative and the cost
-to the Deposit Insurance Fund of the least costly
-alternative that would have been selected absent the
+inconsistent with the purposes
+of this Act, with such rule to
+be established by the
+Corporation not later than 1
+year after the date of
+enactment of this subparagraph.
+``(iv) Report to congress.--Not later than
+30 days after selecting an alternative
+described in clause (i), the Corporation shall
+issue a report to the Committee on Financial
+Services of the House of Representatives and
+the Committee on Banking, Housing, and Urban
+Affairs of the Senate containing an analysis of
+the economic difference between the cost to the
+Deposit Insurance Fund of the selected
+alternative and the cost to the Deposit
+Insurance Fund of the least costly alternative
+that would have been selected absent the
application of this subparagraph.
-``(v) Cost determinations.--All cost determinations
-required under this subparagraph shall be made in
-accordance with subparagraphs (B) and (C).
+``(v) Cost determinations.--All cost
+determinations required under this subparagraph
+shall be made in accordance with subparagraphs
+(B) and (C).
``(vi) Definitions.--In this subparagraph:
-``(I) Covered alternative.--The term
-`covered alternative' means a method of
-exercising authority described in subparagraph
-(A) that is the least costly to the Deposit
-Insurance Fund of all such methods that involve
-a sale of all or substantially all assets of
-the insured depository institution to, and
-assumption of all or substantially all deposit
+``(I) Covered alternative.--The
+term `covered alternative' means a
+method of exercising authority
+described in subparagraph (A) that is
+the least costly to the Deposit
+Insurance Fund of all such methods that
+involve a sale of all or substantially
+all assets of the insured depository
+institution to, and assumption of all
+or substantially all deposit
liabilities of the insured depository
-institution by, a global systemically important
-banking organization.
-``(II) Global systemically important
-banking organization.--The term `global
-systemically important banking organization'
-means a global systemically important BHC (as
-such term is defined in section 217.402 of
-title 12, Code of Federal Regulations, or any
-successor thereto) and any affiliate
-thereof.''.
+institution by, a global systemically
+important banking organization.
+``(II) Global systemically
+important banking organization.--The
+term `global systemically important
+banking organization' means a global
+systemically important BHC (as such
+term is defined in section 217.402 of
+title 12, Code of Federal Regulations,
+or any successor thereto) and any
+affiliate thereof.''.
(b) Rule of Construction.--Section 13(c)(4)(H) of the Federal
Deposit Insurance Act (12 U.S.C. 1823(c)(4)(H)) does not apply to the
amendments made by subsection (a).
@@ -3340,6 +3586,448 @@
Banks and Federal Savings Associations, Cumulative'' published
October 2017.
+SEC. 703. FAILING BANK ACQUISITION FAIRNESS.
+
+(a) Concentration Limit Exceptions Only Available to Avoid Serious
+Adverse Economic or Financial Effects.--
+(1) Concentration limits with respect to deposits.--
+(A) Federal deposit insurance act.--The Federal
+Deposit Insurance Act (12 U.S.C. 1811 et seq.) is
+amended--
+(i) in section 18(c)(13)--
+(I) by amending subparagraph (B) to
+read as follows:
+``(B) Subparagraph (A) shall not apply to an interstate merger
+transaction if--
+``(i) such interstate merger transaction involves 1 or more
+insured depository institutions in default or in danger of
+default and the responsible agency determines, based on clear
+and convincing evidence, that consummation of the proposed
+interstate merger transaction is necessary to prevent
+significant economic disruption or significant adverse effects
+on financial stability, and the Corporation has not received
+any qualified bid from a company that is not subject to the
+prohibition in subparagraph (A); or
+``(ii) the Corporation provides assistance under section 13
+to facilitate such interstate merger transaction and the
+responsible agency determines, based on clear and convincing
+evidence, that consummation of the proposed interstate merger
+transaction is necessary to prevent significant economic
+disruption or significant adverse effects on financial
+stability, and the Corporation has not received any qualified
+bid from a company that is not subject to the prohibition in
+subparagraph (A).''; and
+(II) in subparagraph (C)--
+(aa) in clause (i), by
+striking ``and'' at the end;
+(bb) in clause (ii), by
+striking the period at the end
+and inserting a semicolon; and
+(cc) by adding at the end
+the following:
+``(iii) the term `qualified bid' means an application,
+proposed application, or bid from a company where--
+``(I) if applicable, the company, any affiliate
+insured depository institution, and any affiliate
+depository institution holding company are well
+capitalized and well managed, as of the date of the
+application, proposed application, or bid; and
+``(II) upon consummation of the transaction, the
+resulting insured depository institution is well
+capitalized;
+``(iv) the term `well capitalized'--
+``(I) with respect to an insured depository
+institution, has the meaning given such term in section
+38(b) (12 U.S.C. 1831o(b));
+``(II) with respect to a bank holding company, has
+the meaning given such term in section 2(o)(1)(B) of
+the Bank Holding Company Act of 1956 (12 U.S.C.
+1841(o)(1)(B));
+``(III) with respect to a savings and loan holding
+company, has the meaning given such term in section
+238.2 of title 12, Code of Federal Regulations; and
+``(IV) with respect to a company that is not an
+insured depository institution, bank holding company,
+or savings and loan holding company, means maintaining
+equity capital that the Corporation determines is
+commensurate with the capital maintained by an insured
+depository institution that is well capitalized; and
+``(v) the term `well managed' has the meaning given such
+term in section 2(o)(9) of the Bank Holding Company Act of 1956
+(12 U.S.C. 1841(o)(9)).''; and
+(ii) in section 44, by amending subsection
+(e) to read as follows:
+``(e) Exception for Banks in Default or in Danger of Default.--
+``(1) General exception.--The responsible agency may,
+without regard to paragraph (1), (3), (4), or (5) of subsection
+(b) or paragraph (2), (4), or (5) of subsection (a), approve an
+application under subsection (a)(1) for approval of a merger
+transaction if--
+``(A) the merger transaction involves 1 or more
+banks in default or in danger of default; or
+``(B) the Corporation provides assistance under
+section 13(c) to facilitate such merger transaction.
+``(2) Concentration limit exception.--The responsible
+agency may, without regard to subsection (b)(2), approve an
+application under subsection (a)(1) for approval of a merger
+transaction if--
+``(A) the merger transaction involves 1 or more
+banks in default or in danger of default and the
+responsible agency determines, based on clear and
+convincing evidence, that consummation of the proposed
+interstate merger transaction is necessary to prevent
+significant economic disruption or significant adverse
+effects on financial stability, and the Corporation has
+not received any qualified bid from another institution
+that is not subject to the prohibition in subsection
+(b)(2); or
+``(B) the Corporation provides assistance under
+section 13(c) to facilitate such merger transaction and
+the responsible agency determines, based on clear and
+convincing evidence, that consummation of the proposed
+interstate merger transaction is necessary to prevent
+significant economic disruption or significant adverse
+effects on financial stability, and the Corporation has
+not received any qualified bid from another institution
+that is not subject to the prohibition in subsection
+(b)(2).
+``(3) Qualified bid defined.--In this subsection, the term
+`qualified bid' has the meaning given that term in section
+18(c)(13)(C).''.
+(B) Bank holding company act of 1956.--The Bank
+Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is
+amended--
+(i) in section 3(d), by amending paragraph
+(5) to read as follows:
+``(5) Exception for banks in default or in danger of
+default.--
+``(A) General exception.--The Board may, without
+regard to subparagraph (B) or (D) of paragraph (1) or
+paragraph (3), approve an application pursuant to
+paragraph (1)(A) if--
+``(i) the application is for an acquisition
+of 1 or more banks in default or in danger of
+default; or
+``(ii) the application is for an
+acquisition with respect to which assistance is
+provided under section 13(c) of the Federal
+Deposit Insurance Act.
+``(B) Concentration limit exception.--The Board
+may, without regard to paragraph (2), approve an
+application pursuant to paragraph (1)(A) if--
+``(i) the application is for the
+acquisition of 1 or more banks in default or in
+danger of default and the Board determines,
+based on clear and convincing evidence, that
+consummation of the proposed acquisition is
+necessary to prevent significant economic
+disruption or significant adverse effects on
+financial stability, and the Corporation has
+not received any qualified bid from another
+institution that is not subject to the
+prohibition in paragraph (2); or
+``(ii) the application is for an
+acquisition with respect to which assistance is
+provided under section 13(c) of the Federal
+Deposit Insurance Act and the Board determines,
+based on clear and convincing evidence, that
+consummation of the proposed acquisition is
+necessary to prevent significant economic
+disruption or significant adverse effects on
+financial stability, and the Corporation has
+not received any qualified bid from another
+institution that is not subject to the
+prohibition in paragraph (2).
+``(C) Qualified bid defined.--In this paragraph,
+the term `qualified bid' has the meaning given that
+term in section 18(c)(13)(C) of the Federal Deposit
+Insurance Act.''; and
+(ii) in section 4(i)(8), by amending
+subparagraph (B) to read as follows:
+``(B) Exception.--Subparagraph (A) shall not apply
+to an acquisition if--
+``(i) such acquisition involves an insured
+depository institution in default or in danger
+of default and the Board determines, based on
+clear and convincing evidence, that
+consummation of the proposed acquisition is
+necessary to prevent significant economic
+disruption or significant adverse effects on
+financial stability, and the Corporation has
+not received any qualified bid (as defined in
+section 18(c)(13)(C) of the Federal Deposit
+Insurance Act) from another institution that is
+not subject to the prohibition in paragraph
+(2); or
+``(ii) the Federal Deposit Insurance
+Corporation provides assistance under section
+13 of the Federal Deposit Insurance Act to
+facilitate such acquisition and the Board
+determines, based on clear and convincing
+evidence, that consummation of the proposed
+acquisition is necessary to prevent significant
+economic disruption or significant adverse
+effects on financial stability, and the
+Corporation has not received any qualified bid
+(as defined in section 18(c)(13)(C) of the
+Federal Deposit Insurance Act) from another
+institution that is not subject to the
+prohibition in paragraph (2).''.
+(2) Concentration limit with respect to consolidated
+liabilities.--Section 14(c) of the Bank Holding Company Act of
+1956 (12 U.S.C. 1852(c)) is amended--
+(A) by redesignating paragraphs (1), (2), and (3)
+as subparagraphs (A), (B), and (C), respectively;
+(B) by striking ``With the'' and inserting the
+following:
+``(1) In general.--With the''; and
+(C) by adding at the end the following:
+``(2) Limitation.--The Board may provide written consent
+for an acquisition described in paragraph (1)(A) or in
+paragraph (1)(B) only if the Board determines, based on clear
+and convincing evidence, that consummation of the proposed
+acquisition is necessary to prevent significant economic
+disruption or significant adverse effects on financial
+stability, and the Corporation has not received any qualified
+bid (as defined in section 18(c)(13)(C) of the Federal Deposit
+Insurance Act) from another institution that is not subject to
+the prohibition in subsection (b).''.
+(b) Congressional Notification and Justification for Waivers.--
+(1) In general.--Whenever the Board of Governors of the
+Federal Reserve System, the Comptroller of the Currency, or the
+Federal Deposit Insurance Corporation waives a concentration
+limit under section 18(c)(13)(B) or section 44(e) of the
+Federal Deposit Insurance Act or under section 3(d)(5), section
+4(i)(8)(B), or section 14(c)(2) of the Bank Holding Company Act
+of 1956, in connection with the acquisition of a bank or
+insured depository institution in default or in danger of
+default, or in connection with an acquisition with respect to
+which the Federal Deposit Insurance Corporation provides
+assistance under section 13 of the Federal Deposit Insurance
+Act, the waiving agency and the Federal Deposit Insurance
+Corporation, jointly, shall, not later than 30 days after such
+waiver, submit a written report to the Committee on Financial
+Services of the House of Representatives and the Committee on
+Banking, Housing, and Urban Affairs in the Senate containing--
+(A) a justification for the waiver, including an
+analysis of why it was necessary to prevent significant
+economic disruption or significant adverse effects on
+financial stability;
+(B) a description of alternative bids or outcomes
+considered, including efforts to solicit and encourage
+bids from entities that would not require a waiver;
+(C) an explanation of why alternative bids were not
+selected, if applicable; and
+(D) any recommendations for legislative or
+regulatory changes to improve competition in future
+insured depository institution resolutions.
+(2) Public disclosure.--The waiving agency submitting a
+report under paragraph (1) and the Federal Deposit Insurance
+Corporation shall make the report publicly available on their
+respective websites, subject to redactions for confidential
+supervisory information and any other information described
+under section 552(b) of title 5, United States Code.
+(c) Limitation on Considering Bad Faith Bids in Least Cost
+Determination.--Section 13(c)(4) of the Federal Deposit Insurance Act
+(12 U.S.C. 1823(c)(4)), as amended by section 701(a)(3), is further
+amended by adding at the end the following:
+``(J) Limitation on considering bad faith bids.--In
+making a determination under this paragraph of whether
+an exercise of authority is the least costly to the
+Deposit Insurance Fund, the Corporation may not
+consider any application, proposed application, or bid
+from a company, if such application, proposed
+application, or bid would result in violation of--
+``(i) section 18(c)(13) or 44(b)(2); or
+``(ii) section 3(d)(2), 4(i)(8), or 14 of
+the Bank Holding Company Act of 1956.''.
+
+SEC. 704. SYSTEMIC RISK AUTHORITY TRANSPARENCY.
+
+(a) GAO Review.--Section 13(c)(4)(G)(iv) of the Federal Deposit
+Insurance Act (12 U.S.C. 1823(c)(4)(G)(iv)) is amended to read as
+follows:
+``(iv) GAO review.--
+``(I) In general.--The Comptroller
+General of the United States shall, not
+later than 60 days after a
+determination is made under clause (i),
+and again 180 days thereafter, review
+and report to the Congress on the
+determination under clause (i),
+including--
+``(aa) the basis for the
+determination;
+``(bb) the purpose for
+which any action was taken
+pursuant to such clause;
+``(cc) the likely effect of
+the determination and such
+action on the incentives and
+conduct of insured depository
+institutions and uninsured
+depositors;
+``(dd) any mismanagement by
+the executives and board of the
+insured depository institution
+that contributed to the failure
+of the insured depository
+institution;
+``(ee) a review of the
+compensation practices of the
+insured depository institution;
+``(ff) any supervisory or
+regulatory shortcomings with
+respect to the appropriate
+Federal banking agency of the
+insured depository institution;
+``(gg) any actions taken by
+the Federal banking regulators,
+Financial Stability Oversight
+Council, Department of the
+Treasury, and other relevant
+financial regulators in
+relation to the failure of the
+insured depository institution;
+and
+``(hh) any additional
+relevant entities or activities
+that may have contributed to
+the failure of the insured
+depository institution,
+including with respect to
+auditing, accounting, credit
+rating agencies, investment
+bank underwriters, and
+emergency liquidity options
+such as loans from the Federal
+reserve banks or advances
+through the Federal Home Loan
+Bank system.
+``(II) Rule of construction.--
+Nothing in this clause or a report
+issued pursuant to this clause may be
+construed to limit the authority of a
+Federal agency to enforce violations of
+Federal statutes, rules, or orders.''.
+(b) Appropriate Federal Banking Agency Report.--Section 13(c) of
+the Federal Deposit Insurance Act (12 U.S.C. 1823(c)) is amended by
+adding at the end the following:
+``(12) Appropriate federal banking agency report.--
+``(A) In general.--The appropriate Federal banking
+agency of an insured depository institution about which
+a determination is made under paragraph (4)(G)(i)
+shall, not later than 90 days after the date of such
+determination, and again 210 days thereafter, submit a
+report to the Congress that discloses the following:
+``(i) Subject to such redactions as the
+appropriate Federal banking agency determines
+appropriate to protect personally identifiable
+information about customers and other financial
+institutions (as such term is defined under
+section 11(e)(9)(D)), all--
+``(I) reports of examination and
+inspection that relate to the failed
+insured depository institution in the
+previous 3-year period;
+``(II) formal communications of a
+material supervisory determination
+conveyed to the failed insured
+depository institution in the previous
+3-year period; and
+``(III) any additional exam reports
+and correspondence that the appropriate
+Federal banking agency determines may
+be relevant to the failure of the
+insured depository institution.
+``(ii) An examination of any mismanagement
+by the executives and board of the insured
+depository institution that contributed to the
+failure of the insured depository institution.
+``(iii) Any supervisory or regulatory
+shortcomings by such appropriate Federal
+banking agency with respect to the insured
+depository institution.
+``(iv) Any dynamics that the appropriate
+Federal banking agency determines may have
+contributed to the failure of the insured
+depository institution.
+``(v) Any supervisory, regulatory, or
+legislative recommendations such appropriate
+Federal banking agency may have to improve the
+safety and soundness of similarly situated
+insured depository institutions, the banking
+system, and financial stability.
+``(B) Protection of sensitive information.--
+``(i) Effect on privilege.--The provision
+of any information by a Federal banking agency
+under this paragraph may not be construed as--
+``(I) waiving, destroying, or
+otherwise affecting any privilege
+applicable to the information; or
+``(II) waiving any exemption
+applicable to the information under
+section 552 of title 5, United States
+Code (commonly known as the `Freedom of
+Information Act').
+``(ii) Transparency.--
+``(I) In general.--A Federal
+banking agency shall publish materials
+contained in a report required under
+subparagraph (A) to the fullest extent
+possible to promote transparency.
+``(II) Consultation on omitting
+materials.--If a Federal banking agency
+determines particular materials
+described under subclause (I) should
+not be published, the Federal banking
+agency shall consult with the Chair and
+Ranking Member of the Committee on
+Financial Services of the House of
+Representatives and the Chair and
+Ranking Member of the Committee on
+Banking, Housing, and Urban Affairs of
+the Senate.
+``(III) Omitting materials.--If,
+after the consultation required under
+subclause (II), the Federal banking
+agency determines there is a
+substantial public interest in not
+publishing such materials, the Federal
+banking agency shall provide those
+materials to the Committee on Financial
+Services of the House of
+Representatives and the Committee on
+Banking, Housing, and Urban Affairs of
+the Senate with a written explanation
+describing the reasons for not
+publishing those materials.
+``(iii) Privilege.--For purposes of this
+subparagraph, the term `privilege' includes any
+work-product, attorney-client, or other
+privilege recognized under Federal or State
+law.
+``(C) Report extension.--A Federal banking agency
+may extend a deadline described under subparagraph (A)
+for an additional 60 days, if the Federal banking
+agency--
+``(i) faces ongoing circumstances that
+require the Federal banking agency to
+prioritize activities to promote stability of
+the U.S. banking system; and
+``(ii) notifies the Congress of such
+extension and the reasons for such extension.
+``(D) Consolidated reports.--A Federal banking
+agency may consolidate multiple reports required under
+this paragraph so long as the individual reports being
+consolidated all meet the timing requirements under
+this paragraph.
+``(E) Rule of construction.--Nothing in this
+paragraph or reports or materials provided pursuant to
+this paragraph may be construed to limit the authority
+of a Federal agency to enforce violations of Federal
+statutes, rules, or orders.''.
+
TITLE VIII--FACILITATING INNOVATION AND BANK PARTNERSHIPS
SEC. 801. MERCHANT BANKING MODERNIZATION.
@@ -3382,8 +4070,11 @@
enactment of this Act, the Board of Governors of the Federal
Reserve System, the Comptroller of the Currency, and the
Federal Deposit Insurance Corporation shall issue a report to
-Congress containing all findings and determinations made in
-carrying out the study required under paragraph (1).
+the Committee on Financial Services of the House of
+Representatives and the Committee on Banking, Housing, and
+Urban Affairs of the Senate containing all findings and
+determinations made in carrying out the study required under
+paragraph (1).
(3) Banking organization defined.--In this subsection, the
term ``banking organization'' means a depository institution
holding company or an insured depository institution, as such
@@ -3410,7 +4101,31 @@
and financial technology companies, on the other hand.
(2) Report.--Not later than 1 year after the date of
enactment of this Act, the National Credit Union Administration
-shall issue a report to Congress containing all findings and
-determinations made in carrying out the study required under
-subsection (a).
-<all>
+shall issue a report to the Committee on Financial Services of
+the House of Representatives and the Committee on Banking,
+Housing, and Urban Affairs of the Senate containing all
+findings and determinations made in carrying out the study
+required under paragraph (1).
+Union Calendar No. 535
+
+119th CONGRESS
+
+2d Session
+
+H. R. 6955
+
+[Report No. 119-617]
+
+_______________________________________________________________________
+
+A BILL
+
+To make improvements to the Federal banking laws, and for other
+purposes.
+
+_______________________________________________________________________
+
+April 20, 2026
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed

Lobbying activity

Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.

INDEPENDENT BANKERS ASSOCIATION OF TEXAS
BAN
2
filings · 2026 Q1
CHAMBER OF COMMERCE OF THE U.S.A.
BANFIN
1
filings · 2026 Q1
JPMORGAN CHASE HOLDINGS LLC
BAN
1
filings · 2026 Q1
AMERICAN BANKERS ASSOCIATION
BAN
1
filings · 2026 Q1
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONS
BAN
1
filings · 2026 Q1
INDEPENDENT COMMUNITY BANKERS OF AMERICA
BAN
1
filings · 2026 Q1
WESTERN ALLIANCE BANCORPORATION
BAN
1
filings · 2026 Q1
COMMUNITY BANKERS ASSOCIATION OF ILLINOIS
BANFIN
1
filings · 2026 Q1
AMERICAN FINTECH COUNCIL
FIN
1
filings · 2026 Q1
AMERICANS FOR FINANCIAL REFORM
FIN
1
filings · 2026 Q1

via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.

Cosponsors (33)

Members who signed on to support this bill.

Barr R
Moore R
Lucas R
Sessions R
Wagner R
Williams R
Emmer R
Loudermilk R
Davidson R
Huizenga R
Steil R
Timmons R
Stutzman R
Norman R
Meuser R
Kim R
Donalds R
Garbarino R
Fitzgerald R
Flood R
Lawler R
De La Cruz R
Ogles R
Nunn R
McClain R
Salazar R
Downing R
Haridopolos R
Rose R
Kennedy R
Knott R
Calvert R
Fedorchak R