FAIR Exams Act

This bill aims to make federal bank and credit union exams faster, clearer, and fairer. It sets deadlines to finish exams, hold an “exit” meeting, and deliver the final exam report. If a bank asks, the report must list the materials regulators used for any major decision. Banks can also request written “no‑objection” or interpretation letters from their regulator; agencies must respond on a set timetable and later post a summary online with sensitive details removed .

It also creates an independent Office of Independent Examination Review inside the Federal Financial Institutions Examination Council to take complaints, check exam quality, and run an appeals process, while keeping exam information confidential. The office meets regularly with institutions and reports on its work each year .

Key points

• Who is affected: Banks and credit unions supervised by federal regulators (OCC, Federal Reserve, FDIC, NCUA; CFPB for some parts).
• What changes: Banks gain a right to an independent appeal of major exam decisions in the final report. They can file within 60 days, ask for the evidence the agency used, choose a hearing, and get a written, binding decision. They may then seek review in a federal appeals court. Agencies are barred from retaliating, and appeals don’t stop urgent safety actions if regulators say they’re needed .
• What counts as appealable: Items flagged in an exam as a “matter requiring attention,” and loss of expedited processing due to a supervisory concern (not criminal wrongdoing) are included.
• Key timelines:
  • Finish an exam within 270 days; hold an exit meeting within 30 days; send the final exam report within 90 days. If asked, list the materials used to support major decisions in an appendix.
  • For an appeal: request the agency’s evidence within 7 days of getting the final report; the agency must provide it within 14 days of the request.
  • For guidance/no‑objection requests: agency confirms receipt within 30 days, decides within 60 days after the request is complete, and posts a redacted summary within 120 days.