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Committee backs Fair Exams Act to create independent review for exam disputes
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Summary
HR 940, the Fair Exams Act, would establish an independent Office of Independent Examination Review to improve appeals of supervisory determinations. Supporters said current intra-agency appeals lack independence; opponents warned creating a new appeals path could delay remediation and complicate supervision for large institutions.
Committee advances Fair Exams Act to create independent appeals process for supervisory determinations.
Representative Hill (of Arkansas), chairing the committee, introduced HR 940, the Fair Exams Act, saying it would restore and implement the 1994 Riegal Act’s goal of an independent review process for material supervisory determinations. Hill said current appeals processes are insufficiently independent and that the proposed Office of Independent Examination Review would increase transparency and fairness.
Representative David Scott and other backers argued the bill would protect institutions from adverse findings that are not properly grounded and would make the exam process more consistent. Representative Andy Barr also expressed support, noting that the appeals process as implemented across agencies has not delivered meaningful independent review.
Opponents, including Ranking Member Maxine Waters, warned the bill could allow large institutions to challenge supervisory findings and delay required corrective actions and consumer remediation; Waters said the appeal board as drafted lacked a mandate to ensure safety and soundness or consumer protection expertise.
The committee adopted several bipartisan amendments to the substitute (including changes to board composition and qualification classes) and ordered HR 940 favorably reported to the House; the committee later recorded the vote on ordering HR 940 as amended as 35 ayes and 17 nays.
