This bill makes several changes to how federal banking regulators oversee banks and credit unions. First, it requires banking agencies to complete examinations within 270 days, conduct exit interviews within 30 days of finishing an exam, and deliver final examination reports within 60 days. Banks and credit unions can now request written guidance on regulatory questions and must receive a response within 60 days. Second, the bill establishes new independent appeals processes by creating Offices of Supervisory Appeals within each banking agency and the National Credit Union Administration. Banks and credit unions can appeal supervisory decisions to a panel of three outside experts (including former regulators, attorneys, accountants, and financial services executives with no ties to the agency for the past 10 years), request a hearing, and ultimately appeal the panel's decision to the agency head. Third, the bill requires the Federal Deposit Insurance Corporation's inspector general to review any large bank failures that result in significant losses to the deposit insurance fund and report findings to Congress. The legislation applies to all federally insured banks and credit unions and includes several protections against agency retaliation against institutions that exercise these new appeal rights.
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