FAIR Exams Act
Banking: New Rules for Bank Audits and Appeals
The FAIR Exams Act has been approved by the House Committee on Financial Services and is now waiting for further action on the House floor. It is currently moving forward in the legislative process. There are no companion bills listed at this time.
Legislative Progress
The bill has support from both parties and has already cleared a major committee. It still needs to pass the full House and find a path through the Senate.
Key Points
- This bill sets a strict 270-day deadline for federal agencies to finish auditing a bank. Currently, these reviews can drag on for a long time, which makes it hard for banks to plan for the future.
- It creates a new independent office with three members appointed by the president. This office will listen to complaints from banks that feel they were treated unfairly by government regulators.
- Banks will have the right to appeal bad grades or negative findings from an audit. An independent board will review the case from scratch instead of just taking the regulator's word for it.
- The bill also requires government agencies to give banks clear answers about rules and laws within 60 days. This helps banks understand exactly what they are allowed to do without waiting months for a response.
- To protect banks, the law would strictly forbid government agencies from getting back at a bank for filing an appeal. This includes things like intentionally delaying other paperwork as a form of punishment.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Placed on the Union Calendar, Calendar No. 176.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-216.
Ordered to be Reported (Amended) by the Yeas and Nays: 35 - 17.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
FAIR Exams Act
Data Sources
Sponsor
Cosponsors
(10)Analysis generated by AI. Always verify with official sources.