Bill · H.R. 940· House(119-HR-940)
FAIR Exams Act
- Introduced
- 2/4/2025
- Last activity
- 7/25/2025 — Placed on the Union Calendar, Calendar No. 176.
- Sponsored by
- J. Hill
- Cosponsors
- - 8 - 2
- Introduced
- On Calendar
What this bill would do
The FAIR Exams Act aims to amend the Federal Financial Institutions Examination Council Act of 1978 to improve how depository institutions are examined. It establishes strict timelines for regulatory agencies to complete examinations, provide final reports, and conduct exit interviews. The bill also creates a process for financial institutions to request written guidance and determinations regarding specific activities or regulations. A new Office of Independent Examination Review is established, featuring a three-member Board to investigate complaints and review examination procedures. Additionally, the act grants financial institutions the right to an independent review of material supervisory determinations.
Yes· 3 of 4
Would business owners be better off under this?+7
Financial institutions benefit significantly from predictable examination timelines and an independent appeals process.
Does this protect the right to fair treatment by the courts?+6
The bill enhances due process for financial institutions by creating an independent review and hearing process.
Does this make what the government does easier for the public to see?+5
The bill increases transparency through requirements for final reports, appendices, and published summaries of determinations.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Predictability through Timelines: Regulatory agencies must complete examinations within 270 days and provide final reports within 90 days of an exit interview or additional information provision (Section 2, SEC. 1012). This provides financial institutions with a clearer timeline for regulatory interactions.
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Improved Transparency of Regulatory Decisions: Financial institutions can request written determinations regarding the agency's non-objection to activities or interpretations of laws (Section 3, SEC. s 1013(a)). Furthermore, agencies must publish a summary of these determinations on a public website (Section 3, SEC. 1013(f)).
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Enhanced Accountability via Independent Oversight: The creation of the Office of Independent Examination Review provides a mechanism to investigate complaints and ensure agencies are following their own written examination policies (Section 4, SEC. 1014(d)).
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Due Process for Material Determinations: Financial institutions have the right to an independent review of material supervisory determinations, which can include a hearing where they can obtain testimony and evidence (Section 5, SEC. 1015(b)-(c)). This review is conducted de novo, meaning the Board independently determines appropriateness without deferring to the agency's opinion.
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Protection Against Retaliation: The bill explicitly prohibits regulatory agencies from retaliating against financial institutions for exercising their rights to appeal or seek independent review (Section 5, SEC. 1015(h)).
Potential Negative Impacts for People
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Potential for Increased Costs: The new Office of Independent Examination Review requires staffing, and one-fifth of its costs and expenses must be paid by each Federal financial institutions regulatory agency (Section 4, SEC. 1014(c)).
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Regulatory Exceptions for Safety and Soundness: The right to an independent review of a material supervisory determination does not stop a regulatory agency from taking action if they determine it is necessary to ensure the safety and soundness of the financial institution (Section 5, SEC. 1015(j)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Improves Due Process+6Improves Government Transparency+5
- Demographic And Interest Groups
- Good For Business Owners+7
- Economy And Finance
- Improves Consumer Protection+3
- 7/25/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-216.
- Placed on the Union Calendar, Calendar No. 176.
- 7/15/2025
- 2 Cosponsors added.
- 5/21/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 35 - 17.
- 5/19/2025
- 1 Cosponsor added.
- 2/12/2025
- 1 Cosponsor added.
- 2/4/2025
- Referred to the House Committee on Financial Services.
- 6 Cosponsors added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Cleo FieldsDemocrat · Louisiana
Bill HuizengaRepublican · Michigan
Mike HaridopolosRepublican · Florida
Daniel MeuserRepublican · Pennsylvania
Tim MooreRepublican · North Carolina
Pete SessionsRepublican · Texas
David ScottDemocrat · Georgia
William TimmonsRepublican · South Carolina
Ann WagnerRepublican · Missouri
Roger WilliamsRepublican · Texas