Fair Audits and Inspections for Regulators' Exams Act
Sponsored By: Senator Moran, Jerry [R-KS]
Introduced
Summary
Creates a statutory independent review process for material supervisory determinations in federal financial institution exams. It also sets firm deadlines for exams, creates a formal private letter ruling process, and establishes an independent review Office and Board.
Show full summary
- Financial institutions get clearer timelines and access to materials. Agencies must finish non-continuous exams within 270 days and provide final reports within 90 days after an exit interview. Institutions can request the factual materials agencies relied on and seek review of material determinations.
- A formal private letter ruling process gives institutions a way to get written, confidential guidance they can rely on in good faith. Agencies must acknowledge requests and issue determinations on complete requests within a 60-day window and may charge reasonable fees tied to cost or complexity.
- Creates an Office of Independent Examination Review led by a 3-member presidentially appointed Board that can hear challenges de novo. The bill also lets institutions elect district court hearings for certain enforcement notices if requested within 20 days.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
New independent review board
This bill would create an independent Office and a three-member Board to review bank and credit union exam findings. A supervised institution could file for Board review within 30 days of a final exam report. The Board would review de novo, hold hearings if requested, issue binding decisions, and must report annually to Congress. The Board would be paid at Executive Schedule Level IV and its costs would be split among the regulators.
Option to go to district court
This bill would let a depository institution, insured credit union, or related party choose, within 20 days of certain enforcement notices, to have the hearing in U.S. district court instead of before the agency. The district court could decide all claims and would follow the Federal Rules of Civil Procedure and Evidence. This would not stop agencies from bringing administrative enforcement or using consent orders.
Shorter, clearer exam timelines
This bill would require agencies to finish most examinations within 270 days of starting, unless they give written, particular reasons to extend. Agencies would have to hold an exit interview within 30 days after finishing. Agencies would have to issue a final exam report within 90 days after the later of the exit interview or when the institution provides more material information.
Private written advice with fees
This bill would require regulators to give covered institutions a process to request private written advice on activities, law interpretation, accounting, and guidance. Agencies would acknowledge requests in 30 days, let firms fix missing information in 30 days, and must issue a determination within 60 days for a complete request. The advice would be confidential, could only be revoked for narrow reasons, and agencies could charge reasonable fees set by regulation.
Sponsors & CoSponsors
Sponsor
Moran, Jerry [R-KS]
KS • R
Cosponsors
Sen. Hagerty, Bill [R-TN]
TN • R
Sponsored 8/6/2026
Sen. Cramer, Kevin [R-ND]
ND • R
Sponsored 8/7/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov