Financial Institutions Examination Fairness and Reform Act

Hozzl · 2024-01-26T18:15:17Z

Explore the details of Senate Bill 2642 Financial Institutions Examination Fairness and Reform Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/26/2024, 6:15 PM

Summary of Bill S 2642

Bill 118 s 2642, also known as the Financial Institutions Examination Fairness and Reform Act, aims to address concerns regarding the examination process for financial institutions. The bill seeks to improve transparency, consistency, and fairness in the examination process conducted by federal financial regulatory agencies.

One key provision of the bill is the establishment of an independent ombudsman within each federal financial regulatory agency. This ombudsman would serve as a neutral third party to address complaints and concerns raised by financial institutions regarding the examination process. The ombudsman would also be responsible for ensuring that examinations are conducted in a fair and consistent manner.

Additionally, the bill includes provisions to enhance communication between financial institutions and regulatory agencies during the examination process. This includes requiring regulatory agencies to provide clear and timely feedback to financial institutions regarding examination findings and recommendations. The bill also aims to streamline the examination process by reducing unnecessary burdens and redundancies. Overall, the Financial Institutions Examination Fairness and Reform Act seeks to promote a more efficient and effective examination process for financial institutions, while also ensuring that examinations are conducted in a fair and transparent manner. The bill has garnered bipartisan support in Congress and is seen as a positive step towards improving the regulatory environment for financial institutions.

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Current Status of Bill S 2642

Bill S 2642 is currently in the status of Bill Introduced since July 27, 2023. Bill S 2642 was introduced during Congress 118 and was introduced to the Senate on July 27, 2023. Bill S 2642's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of July 27, 2023

Bipartisan Support of Bill S 2642

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2642

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 2642

Financial Institutions Examination Fairness and Reform ActFinancial Institutions Examination Fairness and Reform ActA bill to amend the Federal Financial Institutions Examination Council Act of 1978 to improve the examination of depository institutions, and for other purposes.

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Comments

Sponsors and Cosponsors of S 2642

Jerry Moran

Kansas(Republican)

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