Fair Audits and Inspections for Regulators’ Exams Act

HR 8071, the Fair Audits and Inspections for Regulators’ Exams Act, requires federal banking regulators to deliver final examination reports to financial institutions within 60 days of the exit interview or after the institution provides additional information. It establishes an Office of Independent Examination Review to handle complaints, review exam procedures for consistency, and conduct quality assurance on examinations. Financial institutions can request an independent review of "material supervisory determinations" (like findings that could lead to penalties) within 60 days, with options for direct review or a hearing before an administrative law judge. The bill prohibits regulators from retaliating against institutions for seeking reviews and mandates annual reports to Congress on the review process.