Republican members of the House Financial Services Committee pressed the FDIC on its ICBA-opposed decision to eliminate the Office of Supervisory Appeals and reinstate the Supervision Appeals Review Committee.
Congressional Letter: In an ICBA-supported joint letter led by Rep. Tom Emmer (Minn.), the lawmakers noted that the OSA was beyond the reach of the FDIC’s political appointees and the agency acted without advance notice and opportunity for public comment.
ICBA Position: ICBA has called on the FDIC to reconsider its decision to disband the OSA less than six months after the independent appeals forum became operational. In a national news release and a joint letter with other groups, ICBA said reconstituting the SARC—which is not an impartial decision-making body—calls into question the agency’s commitment to a more independent supervisory appeals process.
Background: Under revised Guidelines for Appeals of Material Supervisory Determinations issued in May, the FDIC replaced the OSA with the SARC as the final level of review in the agency’s supervisory appeals process—reversing guidelines released in December. The change was effective immediately with a 30-day public comment period.