[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3555 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 3555

To enhance the reporting and testimony requirements for Federal banking 
                               agencies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2023

  Ms. De La Cruz (for herself and Mr. Barr) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To enhance the reporting and testimony requirements for Federal banking 
                               agencies.

    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 ``Banking Regulator Accountability 
Act''.

SEC. 2. REPORTS AND TESTIMONY TO CONGRESS ON SUPERVISION.

    (a) Testimony and Reports to Congress on Federal Reserve System 
Supervision.--Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is 
amended by adding at the end the following:
    ``(d) Semi-Annual Testimony and Report to Congress on 
Supervision.--
            ``(1) In general.--The Vice Chairman for Supervision shall 
        submit 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 Board 
        with respect to the conduct of supervision and regulation of 
        depository institution holding companies and other financial 
        firms supervised by the Board.
            ``(2) Minimum contents.--At a minimum, each report under 
        paragraph (1) shall include--
                    ``(A) conditions of financial firms, including 
                examination or inspection ratings, on an aggregate 
                basis by firm asset size;
                    ``(B) granular data on outstanding material 
                supervisory determinations by type of determination, 
                including the types of risks covered, on an aggregate 
                basis by firm asset size;
                    ``(C) changes in the number and types of 
                outstanding material supervisory determinations over 
                the previous 5 years;
                    ``(D) aggregate data on the ratings of financial 
                firms over the previous 3 years;
                    ``(E) the number of informal and formal enforcement 
                actions, by type of enforcement order and showing 
                changes in the last 3 years, against supervised 
                financial firms on an aggregate basis by firm asset 
                size; and
                    ``(F) a description of the organization of the 
                supervisory functions of the Board with respect to 
                financial firms, including information on roles, 
                responsibilities, accountability, and talent 
                management.
            ``(3) Confidential report.--Concurrent with each report 
        under paragraph (1), the Vice Chairman for Supervision shall 
        submit a confidential report to the chair and ranking member of 
        each committee described under paragraph (1) identifying--
                    ``(A) each supervised financial firm with less than 
                satisfactory examination or inspection ratings; and
                    ``(B) each supervised financial firm with an active 
                formal or informal enforcement action, and the status 
                of each provision of each enforcement action.''.
    (b) Testimony and Reports to Congress on Federal Deposit Insurance 
Corporation Supervision.--Section 17 of the Federal Deposit Insurance 
Act (12 U.S.C. 1827) is amended by adding at the end the following:
    ``(h) Semi-Annual Testimony and Report to Congress on 
Supervision.--
            ``(1) Appearances before congress.--The Chairman of the 
        Corporation 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 semi-
        annual hearings regarding the efforts, activities, objectives, 
        and plans of the Corporation with respect to the conduct of 
        supervision and regulation of depository institutions 
        supervised by the Corporation.
            ``(2) Report to congress.--
                    ``(A) In general.--The Chairman of the Corporation 
                shall transmit to the Committee on Banking, Housing, 
                and Urban Affairs of the Senate and the Committee on 
                Financial Services of the House of Representatives 
                semi-annual reports regarding the efforts, activities, 
                objectives, and plans of the Corporation with respect 
                to the conduct of supervision and regulation of 
                depository institutions supervised by the Corporation.
                    ``(B) Minimum contents.--At a minimum, each report 
                under subparagraph (A) shall include--
                            ``(i) conditions of depository 
                        institutions, including examination or 
                        inspection ratings, on an aggregate basis by 
                        institution asset size;
                            ``(ii) granular data on outstanding 
                        material supervisory determinations by type of 
                        determination, including the types of risks 
                        covered, on an aggregate basis by institution 
                        asset size;
                            ``(iii) changes in the number and types of 
                        outstanding material supervisory determinations 
                        over the previous 5 years;
                            ``(iv) aggregate data on the ratings of 
                        depository institutions over the previous 3 
                        years;
                            ``(v) the number of informal and formal 
                        enforcement actions, by type of enforcement 
                        order and showing changes in the last 3 years, 
                        against supervised depository institutions on 
                        an aggregate basis by institution asset size; 
                        and
                            ``(vi) a description of the organization of 
                        the supervisory functions of the Corporation 
                        with respect to depository institutions, 
                        including information on roles, 
                        responsibilities, accountability, and talent 
                        management.
                    ``(C) Confidential report.--Concurrent with each 
                report under subparagraph (A), the Chairman of the 
                Corporation shall submit a confidential report to the 
                chair and ranking member of each committee described 
                under subparagraph (A) identifying--
                            ``(i) each supervised depository 
                        institution with less than satisfactory 
                        examination or inspection ratings; and
                            ``(ii) each supervised depository 
                        institution with an active formal or informal 
                        enforcement action, and the status of each 
                        provision of each enforcement action.''.
    (c) Testimony and Reports to Congress on Comptroller of the 
Currency Supervision.--The second section 333 of the Revised Statutes 
of the United States (12 U.S.C. 14; relating to the annual report) is 
amended--
            (1) by striking ``The Comptroller'' and inserting the 
        following:
    ``(a) Annual Report.--The Comptroller''; and
            (2) by adding at the end the following:
    ``(b) Semi-Annual Testimony and Report to Congress on 
Supervision.--
            ``(1) Appearances before congress.--The Comptroller of the 
        Currency 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 semi-annual 
        hearings regarding the efforts, activities, objectives, and 
        plans of the Office of the Comptroller of the Currency with 
        respect to the conduct of supervision and regulation of 
        national banks and other financial firms supervised by the 
        Office of the Comptroller of the Currency.
            ``(2) Report to congress.--
                    ``(A) In general.--The Comptroller of the Currency 
                shall transmit to the Committee on Banking, Housing, 
                and Urban Affairs of the Senate and the Committee on 
                Financial Services of the House of Representatives 
                semi-annual reports regarding the efforts, activities, 
                objectives, and plans of the Office of the Comptroller 
                of the Currency with respect to the conduct of 
                supervision and regulation of national banks and other 
                financial firms supervised by the Office of the 
                Comptroller of the Currency.
                    ``(B) Minimum contents.--At a minimum, each report 
                under subparagraph (A) shall include--
                            ``(i) conditions of national banks and 
                        other financial firms, including examination or 
                        inspection ratings, on an aggregate basis by 
                        asset size;
                            ``(ii) granular data on outstanding 
                        material supervisory determinations by type of 
                        determination, including the types of risks 
                        covered, on an aggregate basis by asset size;
                            ``(iii) changes in the number and types of 
                        outstanding material supervisory determinations 
                        over the previous 5 years;
                            ``(iv) aggregate data on the ratings of 
                        national banks and other financial firms over 
                        the previous 3 years;
                            ``(v) the number of informal and formal 
                        enforcement actions, by type of enforcement 
                        order and showing changes in the last 3 years, 
                        against supervised national banks and other 
                        financial firms on an aggregate basis by firm 
                        asset size; and
                            ``(vi) a description of the organization of 
                        the supervisory functions of the Office of the 
                        Comptroller of the Currency with respect to 
                        national banks and other financial firms, 
                        including information on roles, 
                        responsibilities, accountability, and talent 
                        management.
                    ``(C) Confidential report.--Concurrent with each 
                report under subparagraph (A), the Comptroller of the 
                Currency shall submit a confidential report to the 
                chair and ranking member of each committee described 
                under subparagraph (A) identifying--
                            ``(i) each supervised national bank or 
                        other financial firms with less than 
                        satisfactory examination or inspection ratings; 
                        and
                            ``(ii) each supervised national bank or 
                        other financial firms with an active formal or 
                        informal enforcement action, and the status of 
                        each provision of each enforcement action.''.
    (d) Testimony and Reports to Congress on National Credit Union 
Administration Supervision.--Section 102 of the Federal Credit Union 
Act (12 U.S.C. 1752a) is amended by adding at the end the following:
    ``(g) Semi-Annual Testimony and Report to Congress on 
Supervision.--
            ``(1) Appearances before congress.--The Chairman of the 
        Board 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 semi-annual 
        hearings regarding the efforts, activities, objectives, and 
        plans of the Administration with respect to the conduct of 
        supervision and regulation of credit unions supervised by the 
        Administration.
            ``(2) Report to congress.--
                    ``(A) In general.--The Chairman of the Board shall 
                transmit to the Committee on Banking, Housing, and 
                Urban Affairs of the Senate and the Committee on 
                Financial Services of the House of Representatives 
                semi-annual reports regarding the efforts, activities, 
                objectives, and plans of the Administration with 
                respect to the conduct of supervision and regulation of 
                credit unions supervised by the Administration.
                    ``(B) Minimum contents.--At a minimum, each report 
                under subparagraph (A) shall include--
                            ``(i) conditions of credit unions, 
                        including examination or inspection ratings, on 
                        an aggregate basis by credit union asset size;
                            ``(ii) granular data on outstanding 
                        material supervisory determinations by type of 
                        determination, including the types of risks 
                        covered, on an aggregate basis by credit union 
                        asset size;
                            ``(iii) changes in the number and types of 
                        outstanding material supervisory determinations 
                        over the previous 5 years;
                            ``(iv) aggregate data on the ratings of 
                        credit unions over the previous 3 years;
                            ``(v) the number of informal and formal 
                        enforcement actions, by type of enforcement 
                        order and showing changes in the last 3 years, 
                        against supervised credit unions on an 
                        aggregate basis by credit union asset size; and
                            ``(vi) a description of the organization of 
                        the supervisory functions of the Board with 
                        respect to credit unions, including information 
                        on roles, responsibilities, accountability, and 
                        talent management.
                    ``(C) Confidential report.--Concurrent with each 
                report under subparagraph (A), the Chairman of the 
                Board shall submit a confidential report to the chair 
                and ranking member of each committee described under 
                subparagraph (A) identifying--
                            ``(i) each supervised credit union with 
                        less than satisfactory examination or 
                        inspection ratings; and
                            ``(ii) each supervised credit union with an 
                        active formal or informal enforcement action, 
                        and the status of each provision of each 
                        enforcement action.''.
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