U.S. Chamber of Commerce

04/05/2024 | Press release | Distributed by Public on 04/05/2024 12:04

U.S. Chamber Letter Supporting S.3541, the Fair Audits and Inspections for Regulators' Exam Act

Dear Chairman Brown and Ranking Member Scott:

The U.S. Chamber of Commerce supports S. 3541, the "Fair Audits and Inspections for Regulators' Exam Act," which would establish an even-handed supervisory process to enhance accountability in bank examinations.

The legislation would require examination reports to be issued in a more timely manner and establish an independent review and appeal process to mediate differences between banks and their regulators. Importantly, the legislation would establish a new Office of Independent Examination Review within the Federal Financial Institutions Examination Council that would provide a much-needed avenue for impartial adjudication of material supervisory determinations included in final examination reports.

We urge your Committee to expeditiously report this important legislation.

U S Chamber Supports S 3541 Sen Banking Final