12 U.S.C. § 4806 — Regulatory appeals process, ombudsman,

Page 1763 TITLE 12—BANKS AND BANKING § 4806 § 4805. Call report simplification (a) Modernization of call report filing and disclo- sure system In order to reduce the administrative require- ments pertaining to bank reports of condition, savings association financial reports, and bank holding company consolidated and parent-only financial statements, and to improve the timeli- ness of such reports and statements, the Federal banking agencies shall— (1) work jointly to develop a system under which— (A) insured depository institutions and their affiliates may file such reports and statements electronically; and (B) the Federal banking agencies may make such reports and statements available to the public electronically; and (2) not later than 1 year after September 23, 1994, report to the Congress and make rec- ommendations for legislation that would en- hance efficiency for filers and users of such re- ports and statements. (b) Uniform reports and simplification of instruc- tions The Federal banking agencies shall, consistent with the principles of safety and soundness, work jointly— (1) to adopt a single form for the filing of core information required to be submitted under Federal law to all such agencies in the reports and statements referred to in sub- section (a); and (2) to simplify instructions accompanying such reports and statements and to provide an index to the instructions that is adequate to meet the needs of both filers and users. (c) Review of call report schedule Each Federal banking agency shall— (1) review the information required by sched- ules supplementing the core information re- ferred to in subsection (b); and (2) eliminate requirements that are not war- ranted for reasons of safety and soundness or other public purposes. (Pub. L. 103–325, title III, § 307, Sept. 23, 1994, 108 Stat. 2217.) Editorial Notes CODIFICATION Provisions similar to this section are contained in section 4805a of this title. § 4805a. Call report simplification (a) Modernization of call report filing and disclo- sure system In order to reduce the administrative require- ments pertaining to bank reports of condition, savings association financial reports, and bank holding company consolidated and parent-only financial statements, and to improve the timeli- ness of such reports and statements, the Federal banking agencies shall— (1) work jointly to develop a system under which— (A) insured depository institutions and their affiliates may file such reports and statements electronically; and (B) the Federal banking agencies may make such reports and statements available to the public electronically; and (2) not later than 1 year after December 27, 2000, report to the Congress and make rec- ommendations for legislation that would en- hance efficiency for filers and users of such re- ports and statements. (b) Uniform reports and simplification of instruc- tions The Federal banking agencies shall, consistent with the principles of safety and soundness, work jointly— (1) to adopt a single form for the filing of core information required to be submitted under Federal law to all such agencies in the reports and statements referred to in sub- section (a); and (2) to simplify instructions accompanying such reports and statements and to provide an index to the instructions that is adequate to meet the needs of both filers and users. (c) Review of call report schedule Each Federal banking agency shall— (1) review the information required by sched- ules supplementing the core information re- ferred to in subsection (b); and (2) eliminate requirements that are not war- ranted for reasons of safety and soundness or other public purposes. (d) Definition In this section, the term ‘‘Federal banking agency’’ has the same meaning as in section 1813 of this title. (Pub. L. 106–569, title XII, § 1211, Dec. 27, 2000, 114 Stat. 3035.) Editorial Notes CODIFICATION Section was enacted as part of the Financial Regu- latory Relief and Economic Efficiency Act of 2000, and also as part of the American Homeownership and Eco- nomic Opportunity Act of 2000, and not as part of title III of Pub. L. 103–325 which comprises this chapter. Provisions similar to this section are contained in section 4805 of this title. § 4806. Regulatory appeals process, ombudsman, and alternative dispute resolution (a) In general Not later than 180 days after September 23, 1994, each appropriate Federal banking agency and the National Credit Union Administration Board shall establish an independent intra-agen- cy appellate process. The process shall be avail- able to review material supervisory determina- tions made at insured depository institutions or at insured credit unions that the agency super- vises. (b) Review process In establishing the independent appellate process under subsection (a), each agency shall ensure that— (1) any appeal of a material supervisory de- termination by an insured depository institu- tion or insured credit union is heard and de- cided expeditiously; and Page 1764 TITLE 12—BANKS AND BANKING § 4806 (2) appropriate safeguards exist for pro- tecting the appellant from retaliation by agency examiners. (c) Comment period Not later than 90 days after September 23, 1994, each appropriate Federal banking agency and the National Credit Union Administration Board shall provide public notice and oppor- tunity for comment on proposed guidelines for the establishment of an appellate process under this section. (d) Agency ombudsman (1) Establishment required Not later than 180 days after September 23, 1994, each Federal banking agency and the Na- tional Credit Union Administration Board shall appoint an ombudsman. (2) Duties of ombudsman The ombudsman appointed in accordance with paragraph (1) for any agency shall— (A) act as a liaison between the agency and any affected person with respect to any problem such party may have in dealing with the agency resulting from the regu- latory activities of the agency; and (B) assure that safeguards exist to encour- age complainants to come forward and pre- serve confidentiality. (e) Alternative dispute resolution pilot program (1) In general Not later than 18 months after September 23, 1994, each Federal banking agency and the Na- tional Credit Union Administration Board shall develop and implement a pilot program for using alternative means of dispute resolu- tion of issues in controversy (hereafter in this section referred to as the ‘‘alternative dispute resolution program’’) that is consistent with the requirements of subchapter IV of chapter 5 of title 5 if the parties to the dispute, includ- ing the agency, agree to such proceeding. (2) Standards An alternative dispute resolution pilot pro- gram developed under paragraph (1) shall— (A) be fair to all interested parties to a dispute; (B) resolve disputes expeditiously; and (C) be less costly than traditional means of dispute resolution, including litigation. (3) Independent evaluation Not later than 18 months after the date on which a pilot program is implemented under paragraph (1), the Administrative Conference of the United States shall submit to the Con- gress a report containing— (A) an evaluation of that pilot program; (B) the extent to which the pilot programs meet the standards established under para- graph (2); (C) the extent to which parties to disputes were offered alternative means of dispute resolution and the frequency with which the parties, including the agencies, accepted or declined to use such means; and (D) any recommendations of the Con- ference to improve the alternative dispute resolution procedures of the Federal banking agencies and the National Credit Union Ad- ministration Board. (4) Implementation of program At any time after completion of the evalua- tion under paragraph (3)(A), any Federal bank- ing agency and the National Credit Union Ad- ministration Board may implement an alter- native dispute resolution program throughout the agency, taking into account the results of that evaluation. (5) Coordination with existing agency ADR programs (A) Evaluation required If any Federal banking agency or the Na- tional Credit Union Administration main- tains an alternative dispute resolution pro- gram as of September 23, 1994, under any other provision of law, the Administrative Conference of the United States shall in- clude such program in the evaluation con- ducted under paragraph (3)(A). (B) Multiple ADR programs No provision of this section shall be con- strued as precluding any Federal banking agency or the National Credit Union Admin- istration Board from establishing more than 1 alternative means of dispute resolution. (f) Definitions For purposes of this section, the following definitions shall apply: (1) Material supervisory determinations The term ‘‘material supervisory determina- tions’’— (A) includes determinations relating to— (i) examination ratings; (ii) the adequacy of loan loss reserve pro- visions; and (iii) loan classifications on loans that are significant to an institution; and (B) does not include a determination by a Federal banking agency or the National Credit Union Administration Board to ap- point a conservator or receiver for an in- sured depository institution or a liquidating agent for an insured credit union, as the case may be, or a decision to take action pursu- ant to section 1831o of this title or section 1790a of this title, as appropriate. (2) Independent appellate process The term ‘‘independent appellate process’’ means a review by an agency official who does not directly or indirectly report to the agency official who made the material supervisory de- termination under review. (3) Alternative means of dispute resolution The term ‘‘alternative means of dispute res- olution’’ has the meaning given to such term in section 571 of title 5. (4) Issues in controversy The term ‘‘issues in controversy’’ means— (A) any final agency decision involving any claim against an insured depository in- stitution or insured credit union for which the agency has been appointed conservator Page 1765 TITLE 12—BANKS AND BANKING § 4809 or receiver or for which a liquidating agent has been appointed, as the case may be; (B) any final action taken by an agency in the agency’s capacity as conservator or re- ceiver for an insured depository institution or by the liquidating agent appointed for an insured credit union; and (C) any other issue for which the appro- priate Federal banking agency or the Na- tional Credit Union Administration Board determines that alternative means of dis- pute resolution would be appropriate. (g) Effect on other authority Nothing in this section shall affect the author- ity of an appropriate Federal banking agency or the National Credit Union Administration Board to take enforcement or supervisory action. (Pub. L. 103–325, title III, § 309, Sept. 23, 1994, 108 Stat. 2218.) Statutory Notes and Related Subsidiaries TERMINATION OF ADMINISTRATIVE CONFERENCE OF UNITED STATES For termination of Administrative Conference of United States, see provision of title IV of Pub. L. 104–52, set out as a note preceding section 591 of Title 5, Government Organization and Employees. § 4807. Time limit on agency consideration of completed applications (a) In general Each Federal banking agency shall take final action on any application to the agency before the end of the 1-year period beginning on the date on which a completed application is re- ceived by the agency. (b) Waiver by applicant authorized Any person submitting an application to a Federal banking agency may waive the applica- bility of subsection (a) with respect to such ap- plication at any time. (Pub. L. 103–325, title III, § 343, Sept. 23, 1994, 108 Stat. 2238.) § 4808. Revising regulatory requirements for transfers of all types of assets with recourse (a) Review and revision of regulations (1) In general During the 180-day period beginning on Sep- tember 23, 1994, each appropriate Federal banking agency shall, consistent with the principles of safety and soundness and the pub- lic interest— (A) review the agency’s regulations and written policies relating to transfers of as- sets with recourse by insured depository in- stitutions; and (B) in consultation with the other Federal banking agencies, promulgate regulations that better reflect the exposure of an insured depository institution to credit risk from transfers of assets with recourse. (2) Regulations required Before the end of the 180-day period begin- ning on September 23, 1994, each appropriate Federal banking agency shall prescribe the regulations developed pursuant to paragraph (1)(B). (b) Regulations required (1) In general After the end of the 180-day period beginning on September 23, 1994, the amount of risk- based capital required to be maintained, under regulations prescribed by the appropriate Fed- eral banking agency, by any insured deposi- tory institution with respect to assets trans- ferred with recourse by such institution may not exceed the maximum amount of recourse for which such institution is contractually lia- ble under the recourse agreement. (2) Exception for safety and soundness The appropriate Federal banking agency may require any insured depository institu- tion to maintain risk-based capital in an amount greater than the amount determined under paragraph (1), if the agency determines, by regulation or order, that such higher amount is necessary for safety and soundness reasons. (c) Coordination with section 1835(b) of this title This section shall not be construed as super- seding the applicability of section 1835(b) of this title. (d) Definitions For purposes of this section, the terms ‘‘appro- priate Federal banking agency’’, ‘‘Federal bank- ing agency’’, and ‘‘insured depository institu- tion’’ have the same meanings as in section 1813 of this title. (Pub. L. 103–325, title III, § 350, Sept. 23, 1994, 108 Stat. 2242.) § 4809. ‘‘Plain language’’ requirement for Federal banking agency rules (a) In general Each Federal banking agency shall use plain language in all proposed and final rulemakings published by the agency in the Federal Register after January 1, 2000. (b) Report Not later than March 1, 2001, each Federal banking agency shall submit to the Congress a report that describes how the agency has com- plied with subsection (a). (c) Definition For purposes of this section, the term ‘‘Fed- eral banking agency’’ has the meaning given that term in section 1813 of this title. (Pub. L. 106–102, title VII, § 722, Nov. 12, 1999, 113 Stat. 1471.) Editorial Notes CODIFICATION Section was enacted as part of the Gramm-Leach-Bli- ley Act, and not as part of title III of Pub. L. 103–322 which comprises this chapter. CHAPTER 49—HOMEOWNERS PROTECTION Sec. 4901. Definitions.