Increasing Financial Regulatory Accountability and Transparency Act

HR 3556, the "Increasing Financial Regulatory Accountability and Transparency Act," requires major financial regulatory agencies (FDIC, Federal Reserve, Comptroller of the Currency, and National Credit Union Administration) to provide more detailed transparency about their regulatory activities. The bill mandates semi-annual reports to Congress containing specific data about financial institutions' conditions, supervisory actions, and enforcement measures, with additional confidential reports identifying institutions with less than satisfactory ratings. It also requires agencies to notify Congress before making certain regulatory decisions and establishes new experience requirements for the Federal Reserve's Vice Chairman for Supervision. The bill aims to enhance congressional oversight of financial regulation through increased transparency and more detailed reporting requirements.