House scheduled to vote on exam fairness, reform act (correction)

Material supervisory determinations by a federal financial institution regulator could be reviewed by a newly created federal office under legislation scheduled to be considered on the House floor Thursday.

Contrary to reporting Wednesday by Regulatory Report, a final vote on the bill H.R. 4545 (the ‘‘Financial Institutions Examination Fairness and Reform Act’’) – has not yet been taken. Regulatory Report regrets the error.

Under the legislation, sponsored by Rep. Scott Tipton, R-Colo., the new office of Office of Independent Examination Review (OIER) would be led by a director appointed by the Federal Financial Institutions Examination Council (FFIEC), who would serve a five-year term (eligible to be re-appointed once for another five-year term).

The director, and office, the legislation notes, would be independent of any federal agency member of the FFIEC (i.e., the federal banking agencies, the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau (CFPB)). State financial regulators are also represented on the council.

According to the Thursday schedule posted by House Majority Leader Kevin McCarthy (R-Calif.), first and last votes in the House are expected from 3:45 to 4:45 p.m.