U.S. Chamber Letter Supporting H.R. 8071, the Fair Audits and Inspections for Regulators' Exam Act

Dear Chairman McHenry and Ranking Member Waters: 

The U.S. Chamber of Commerce supports H.R. 8071, the Fair Audits and Inspections for Regulators’ Exam Act, which would establish an even-handed supervisory process to enhance accountability in bank examinations.

The legislation would require examination reports to be issued in a more timely manner and establish an independent review and appeal process to mediate differences between banks and their regulators. Importantly, the legislation would establish a new Office of Independent Examination Review within the Federal Financial Institutions Examination Council that would provide a much-needed avenue for impartial adjudication of material supervisory determinations included in final examination reports.

We urge your Committee to expeditiously report this important legislation.