U.S. Sen. Jerry Moran (R-KS) has proposed legislation that would bring greater transparency, accountability, and consistency to the bank examination process by establishing an independent review mechanism and reasonable timelines for examination findings. “A fair and effective supervisory examination process for financial institutions is critical to maintaining a healthy and transparent financial system,” Sen. Moran said. The Fair Audits and Inspections for Regulators’ (FAIR) Exams Act, S. 5335, which Sen. Moran sponsored on Aug. 6 alongside two Republican cosponsors, would amend the Federal Financial Institutions Examination Council Act of 1978 to provide for fair audits and inspections for examinations. “This legislation would bring much-needed transparency to the examination process to help make certain all banks, particularly community banks in rural communities, are treated fairly and have access to a rigorous appeals process free from bias,” the senator said. Additionally, the bill would create a three-person Independent Examination Review Board within the Federal Financial Institutions Examination Council to address examination complaints and procedures; and require the appropriate federal financial institutions regulatory agency, upon request, to provide the examination and factual information relied upon in support of a material supervisory determination.