H.R. 940

Fair Audits and Inspections for Regulators’ Exams Act or the FAIR Exams Act

This 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.