Fair Audits and Inspections for Regulators' Exams Act

The Fair Audits and Inspections for Regulators' Exams Act establishes strict deadlines for federal financial regulators to complete examinations, conduct exit interviews, and issue final reports, with extensions permitted only for specific documented reasons. The bill creates a new Office of Independent Examination Review within the Federal Financial Institutions Examination Council, staffed by a three-member board appointed by the President, to oversee examination quality and handle complaints from financial institutions. It grants banks and credit unions the right to request binding written advice on regulatory interpretations and allows them to seek independent, de novo review of significant supervisory determinations made during exams. Additionally, the legislation permits regulated entities to choose between an administrative hearing before their regulator or a judicial hearing in federal district court when facing enforcement actions or civil money penalties.