[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4841 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 4841
To require the prudential banking regulators to provide annual
testimony to Congress on their supervision and regulation activities,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 23, 2019
Mr. Phillips (for himself, Mr. Loudermilk, and Mrs. Beatty) introduced
the following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To require the prudential banking regulators to provide annual
testimony to Congress on their supervision and regulation activities,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Prudential Regulator Oversight
Act''.
SEC. 2. ANNUAL TESTIMONY OF PRUDENTIAL REGULATORS.
(a) In General.--The Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5301 et seq.) is amended by adding at the end
of title VI the following:
``SEC. 629. ANNUAL TESTIMONY OF PRUDENTIAL REGULATORS.
``(a) Semi-Annual Report.--
``(1) In general.--The prudential regulators shall each
issue a semi-annual report to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives regarding
the efforts, activities, objectives, and plans of the regulator
with respect to the conduct of supervision and regulation of
depository institution holding companies, depository
institutions, and credit unions.
``(2) Specific contents.--Each report required under
paragraph (1) shall include a description of--
``(A) the safety and soundness of depository
institution holding companies, depository institutions,
and credit unions, including capital, liquidity,
leverage, stress testing, and living wills, as
applicable;
``(B) the examination and supervision of depository
institution holding companies, depository institutions,
and credit unions, particularly G-SIBs, including a
detailed description of enforcement actions taken
during the reporting period, and a description of the
regulator's exercise of all available tools beyond
imposing fines to ensure compliance with all applicable
laws and regulations, as well as actions to ensure
accountability for culpable executives;
``(C) emerging risks that may affect depository
institutions and potential threats to the financial
stability of the United States, and any actions the
regulator took in coordination with the Office of
Financial Research, to identify and mitigate those
threats;
``(D) any recent actions taken by the regulator as
a voting member of the Financial Stability Oversight
Council and any updates related to authorities the
regulator has under title I or title VIII of this Act
with respect to enhanced prudential standards and
supervision of large bank holding companies and firms
designated by the Financial Stability Oversight
Council;
``(E) the implementation of the regulator's
diversity and inclusion efforts, including its
implementation of section 342 of this Act and the
regulator's compliance with section 308 of the
Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 with respect to minority
depository institutions;
``(F) the implementation of the Community
Reinvestment Act of 1977, including information on
examinations, guidance, and regulations;
``(G) any mandatory provision of law that has not
been implemented yet by the regulator, including the
date on which the mandatory provision will be
implemented;
``(H) an overview of the mergers and acquisitions
process, including data and descriptions of any mergers
and acquisitions approved during the reporting period;
``(I) examinations for Bank Secrecy Act and anti-
money laundering compliance, as well as coordination
with the Financial Crimes Enforcement Network and
appropriate communication with depository institutions
and credit unions;
``(J) the utilization of financial technology as it
relates to depository institution holding companies,
depository institutions, and credit unions regulated by
the regulator, including the use of various
technologies by depository institutions and credit
unions as well as partnerships with third-party
companies; and
``(K) cybersecurity of depository institution
holding companies, depository institutions, and credit
unions, including steps taken to enhance cyber
readiness and strengthen the protection of consumer
data.
``(b) Testimony.--
``(1) In general.--The prudential regulators shall each
appear before the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives at an annual hearing to testify
with respect to the reports required under subsection (a).
``(2) Vice chairman for supervision.--The Vice Chairman for
Supervision of the Board of Governors shall appear before the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives at an semiannual hearing to testify with
respect to the reports required under subsection (a). Any such
appearance shall satisfy the requirements of section 10(12) of
the Federal Reserve Act.
``(c) Definitions.--In this section:
``(1) Bank secrecy act.--The term `Bank Secrecy Act'
means--
``(A) section 21 of the Federal Deposit Insurance
Act;
``(B) chapter 2 of title I of Public Law 91-508;
and
``(C) subchapter II of chapter 53 of title 31,
United States Code;
``(2) G-SIB.--The term `G-SIB' means a global systemically
important bank holding company, as such term is defined under
section 217.402 of title 12, Code of Federal Regulations.
``(3) Prudential regulators.--The term `prudential
regulators' means the Vice Chairman for Supervision of the
Board of Governors, the Comptroller of the Currency, the
Chairperson of the Corporation, and the Chairman of the
National Credit Union Administration Board.''.
(b) Clerical Amendment.--The table of contents under section 1(b)
of the Dodd-Frank Wall Street Reform and Consumer Protection Act is
amended by inserting after the item relating to section 628 the
following:
``Sec. 629. Annual testimony of prudential regulators.''.
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