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This bill establishes new protections for banks and credit unions undergoing federal regulatory examinations. It requires regulators to provide final examination reports within 60 days of completion and limits the initial examination period to nine months, with extensions requiring written justification. The legislation creates a new independent Office of Independent Examination Review within the Federal Financial Institutions Examination Council, headed by a director appointed by the Council, to investigate complaints about examinations, ensure consistency with agency policies, and conduct quality assurance reviews. Banks and credit unions gain the right to appeal material supervisory findings to this independent office within 60 days, with the option of a hearing before an administrative law judge, and can then appeal the director's decision to federal court. The bill also prohibits regulators from retaliating against institutions for exercising appeal rights and extends these protections to credit unions and entities regulated by the Bureau of Consumer Financial Protection. The independent office's costs are split equally among the four main federal banking regulators.

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