FAIR Exams Act

House Bill

H.R. 940

119th Congress

FAIR Exams Act

Placed on the Union Calendar, Calendar No. 176.

Introduced:Feb 4, 2025

Primary Sponsor

Doug LaMalfa

Representative

Republican

CA-1

Cosponsors

10

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill creates an Office of Independent Examination Review to adjudicate appeals from financial institutions regarding bank examination reports. It sets deadlines for providing final exam reports and exit interviews, and requires agencies to list materials relied upon for supervisory determinations.

Latest Action

Placed on the Union Calendar, Calendar No. 176.

AI Summary

Plain-English explanation of this bill

This bill creates an Office of Independent Examination Review to adjudicate appeals from financial institutions regarding bank examination reports. It sets deadlines for providing final exam reports and exit interviews, and requires agencies to list materials relied upon for supervisory determinations.

Last updated: 1/5/2026

Official Summary

Congressional Research Service summary

Fair Audits and Inspections for Regulators’ Exams Act or the FAIR Exams ActThis bill establishes new procedures related to the federal examination of financial intuitions. Specifically, the bill establishes the Office of Independent Examination Review within the Federal Financial Institutions Examination Council to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. Under the bill, financial institutions have the right to obtain an independent review of a material supervisory determination contained in a final report of examination. The bill sets forth provisions regarding hearings and final decisions. The bill also sets deadlines for federal financial regulatory agencies to provide final examination reports and to perform exit interviews of a financial institution. In addition, the agency must list all materials relied upon in support of a material supervisory determination upon the request of the financial institution.

Key Points

Main provisions of the bill

Creates Office of Independent Examination Review
Allows appeals of material supervisory determinations
Sets deadlines for final examination reports
Requires exit interviews with examined institutions
Mandates disclosure of materials supporting findings

How This Impacts Americans

Potential effects on citizens and communities

Banks and credit unions could challenge examination findings through an independent review process. Regulators would face stricter deadlines and transparency requirements, potentially giving financial institutions more leverage in disputes with examiners.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Administrative remedies

Advisory bodies

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Government information and archives

Judicial review and appeals

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

940, 119th Congress (2025). "FAIR Exams Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-940