; (3) a new appraisal on a performing commercial loan shall not be required unless an advance of new funds is involved; and (4) in classifying a commercial loan in which there has been deterioration in collateral value, the amount to be classified shall be the portion of the deficiency relating to the decline in collateral value and repayment capacity of the borrower. (b) Well capitalized institutions The Federal financial institutions regulatory agencies may not require a financial institution that is well capitalized to raise additional capital in lieu of an action prohibited under subsection (a). (c) Consistent loan classifications The Federal financial institutions regulatory agencies shall develop and apply identical definitions and reporting requirements for non-accrual loans. 1014. Office of Independent Examination Review (a) Establishment There is established in the Council an Office of Independent Examination Review (the Office ). (b) Head of Office There is established the position of the Independent Examination Review Director (the Director ), as the head of the Office. The Director shall be appointed by the Council and shall be independent from any member agency of the Council. (c) Staffing The Director is authorized to hire staff to support the activities of the Office. (d) Duties The Director shall— (1) receive and, at the Director’s discretion, investigate complaints from financial institutions, their representatives, or another entity acting on behalf of such institutions, concerning examinations, examination practices, or examination reports; (2) hold meetings, at least once every three months and in locations designed to encourage participation from all sections of the United States, with financial institutions, their representatives, or another entity acting on behalf of such institutions, to discuss examination procedures, examination practices, or examination policies