Financial Institutions Examination Fairness and Reform Act

S 2642, the Financial Institutions Examination Fairness and Reform Act, establishes a new Office of Independent Examination Review within the Federal Financial Institutions Examination Council to address concerns about federal bank and credit union examinations. It requires agencies to provide final examination reports within 60 days of the exit interview or submission of additional information, and gives financial institutions the right to request an independent review of "material supervisory determinations" within 60 days of receiving a report. The bill mandates that agencies provide supporting documentation upon request, prohibits retaliation against institutions seeking review, and requires the Independent Review Director to conduct annual quality assurance reviews and report to Congress. This legislation directly affects banks, credit unions, and other federally regulated financial institutions by adding procedural safeguards and appeal mechanisms to examination processes.