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S. 3541 118th Congress Senate

Fair Audits and Inspections for Regulators’ Exams Act

Official title: A bill to amend the Federal Financial Institutions Examination Council Act of 1978 to improve the examination of depository institutions, and for other purposes.

Introduced: December 14, 2023 Introduced by: Jerry Moran Republican · Kansas See on congress.gov
Finance and Financial Sector Administrative remediesAdvisory bodiesBanking and financial institutions regulationConsumer Financial Protection Bureau
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 14, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 14, 2023
Introduced in Senate
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 Latest action December 14, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Fair Audits and Inspections for Regulators’ Exams Act

This bill establishes new requirements for entities responsible for the federal examination of financial intuitions. Specifically, the bill 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.

The bill also establishes the Office of Independent Examination Review 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 requires the establishment of an independent internal agency appellate process at the Consumer Financial Protection Bureau (CFPB) for the review of supervisory determinations made at institutions supervised by the CFPB.

 Related & companion bills 2
  • HR 8071 Identical bill Fair Audits and Inspections for Regulators’ Exams Act
  • S 2642 Financial Institutions Examination Fairness and Reform Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 2

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

 Cosponsors 2
All 2 Republican 2
R
Hagerty, Bill
Tennessee · Dec 14, 2023
 R
Tillis, Thomas
North Carolina · Dec 14, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3541: Fair Audits and Inspections for Regulators’ Exams Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-3541/
MLA
"S. 3541: Fair Audits and Inspections for Regulators’ Exams Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-3541/.
Bluebook (legal)
S. 3541, 118th Cong. (2026), https://openamerica.io/bill/118-S-3541/.
Markdown link
[S. 3541: Fair Audits and Inspections for Regulators’ Exams Act](https://openamerica.io/bill/118-S-3541/)
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