S.Amdt. 2076

SA 2076. Mr. HELLER submitted an amendment intended to be proposed by
him to the bill S. 2155, to promote economic growth, provide tailored
regulatory relief, and enhance consumer protections, and for other
purposes; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE VI--MISCELLANEOUS

SEC. 601. OFFICE OF INDEPENDENT EXAMINATION REVIEW.

(a) In General.--The Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is
amended by adding at the end the following:

``SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION REVIEW.

``(a) Establishment.--There is established in the Council
an Office of Independent Examination Review.
``(b) Head of Office.--
``(1) Establishment.--There is established the position of
the Ombudsman as the head of the Office of Independent
Examination Review, who shall be appointed by the Council for
a term of 5 years.
``(2) Removal.--
``(A) In general.--The President may remove the Ombudsman
from office.
``(B) Congressional notification.--Not later than 30 days
after the date on which the Ombudsman is removed from office
under subparagraph (A), the President shall submit to
Congress a written notification describing the reasons for
the removal.
``(c) Staffing.--The Ombudsman may hire staff to support
the activities of the Office of Independent Examination
Review.
``(d) Duties.--The Ombudsman shall--
``(1) receive and, at the discretion of the Ombudsman,
investigate complaints from financial institutions,
representatives of financial institutions, or any other
entity acting on behalf of financial institutions, concerning
examinations, examination practices, or examination reports;
``(2) hold meetings, not less than once every 90 days and
in locations designed to encourage participation from all
regions of the United States, with financial institutions,
representatives of financial institutions, or any other
entity acting on behalf of financial institutions, to discuss
examination procedures, examination practices, or examination
policies;
``(3) review examination procedures of the Federal
financial institutions regulatory agencies to ensure that the
written examination policies of the agencies are being
followed in practice and adhere to the standards for
consistency established by the Council;
``(4) conduct a continuing and regular program of
examination quality assurance for all types of examinations
conducted by the Federal financial institutions regulatory
agencies; and
``(5) submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate, the Committee on Financial
Services of the House of Representatives, and the Council an
annual report on the reviews carried out pursuant to
paragraphs (3) and (4), including recommendations for
improvements in examination procedures, practices, and
policies.
``(e) Confidentiality.--The Ombudsman shall keep
confidential--
``(1) all meetings, discussions, and information provided
by financial institutions; and
``(2) any confidential or privileged information provided
by a Federal financial institutions regulatory agency.
``(f) Funding; Budget.--
``(1) In general.--One-fifth of the costs and expenses of
the Office of Independent Examination Review, including the
salaries of its employees, shall be paid by each of the
Federal financial institutions regulatory agencies, which
shall be based on the budget submitted under paragraph (2).
``(2) Budget.--Not later than April 15 of each fiscal year,
the Ombudsman shall submit to the Council a projected budget
for the Office of Independent Examination Review for the
following fiscal year.''.
(b) Definitions.--Section 1003 of the Federal Financial
Institutions Examination Council Act of 1978 (12 U.S.C. 3302)
is amended--
(1) by striking paragraph (1) and inserting the following:

[[Page S1465]]

``(1) the term `Federal financial institutions regulatory
agencies' means the Office of the Comptroller of the
Currency, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the
National Credit Union Administration, and the Bureau of
Consumer Financial Protection;'';
(2) in paragraph (2), by striking ``; and'' and inserting a
semicolon;
(3) in paragraph (3), by striking the semicolon and
inserting ``; and''; and
(4) by adding at the end the following:
``(4) the term `Ombudsman' means the Ombudsman established
under section 1012.''.
(c) Federal Banking Agency Ombudsman.--
(1) In general.--Section 309 of the Riegle Community
Development and Regulatory Improvement Act of 1994 (12 U.S.C.
4806) is amended--
(A) in subsection (a), in the first sentence, by inserting
``, the Bureau of Consumer Financial Protection,'' after
``Federal banking agency'';
(B) in subsection (b)--
(i) by redesignating paragraphs (1) and (2) as
subparagraphs (A) and (B), respectively, and adjusting the
margins accordingly;
(ii) in the matter preceding subparagraph (A), as so
redesignated, by striking ``In establishing'' and inserting
the following:
``(1) In general.--In establishing''; and
(iii) in paragraph (1)(B), as so redesignated, by striking
``the appellant from retaliation by agency examiners'' and
inserting ``the insured depository institution or insured
credit union from retaliation by an agency referred to in
subsection (a)'';
(C) in subsection (e)--
(i) in paragraph (2)--

(I) in subparagraph (B), by striking ``; and'' and
inserting a semicolon;
(II) in subparagraph (C), by striking the period at the end
and inserting ``; and''; and
(III) by adding at the end the following:

``(D) ensure that appropriate safeguards exist for
protecting the insured depository institution or insured
credit union from retaliation by any appropriate Federal
banking agency for exercising the rights of the insured
depository institution or insured credit union under this
subsection.''; and
(ii) by adding at the end the following:
``(6) Effect.--Nothing in this subsection shall be
construed to affect the authority of an appropriate Federal
banking agency or the National Credit Union Administration
Board to take enforcement or other supervisory action.''; and
(2) in subsection (f), by adding at the end the following:
``(5) Retaliation.--The term `retaliation' includes
delaying consideration of, or withholding approval of, any
request, notice, or application that otherwise would have
been approved, but for the exercise of the rights of the
insured depository institution or insured credit union under
this section.''.
(d) Federal Credit Union Act.--Section 205(j) of the
Federal Credit Union Act (12 U.S.C. 1785(j)) is amended by
inserting ``the Bureau of Consumer Financial Protection,''
before ``the Administration'' each place that term appears.
(e) Federal Financial Institutions Examination Council Act
of 1978.--Section 1005 of the Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3304) is amended
by striking ``One-fifth'' and inserting ``One-fourth''.
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