Federal Financial Institutions Examination Council

Type: Government Agency
On the web: http://www.ffiec.gov
Employees: 14

The Federal Financial Institutions Examination Council (FFIEC) doesn't do the check-ups on banks, but is does have recommendations about how they are done. Established in 1979, FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions.The Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision all follow recommendations of the FFIEC. The Council also develops uniform reporting systems for federally supervised financial institutions, and provides training for financial examiners.

Key numbers for fiscal year ending December, 2008:
Sales: $0.6M

Officers:
Chairman: Sheila C. Bair
Executive Secretary: Paul Sanford
Program Coordinator: Rosanna Piccirilli

Interagency group of federal banking regulators formed in 1979 to maintain uniform standards for the federal examination and supervision of federally insured depository institutions, bank holding companies, and savings and loan holding companies. Its members are the Comptroller of the Currency, the chairman of the Federal Deposit Insurance Corporation, a member of the Board of Governors of the Federal Reserve System, the chairman of the Office of Thrift Supervision, and the chairman of the National Credit Union Administration. The council also produces the Uniform Bank Performance Report.

The Federal Financial Institutions Examination Council, or FFIEC, is a formal interagency body of the United States government empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS) and to make recommendations to promote uniformity in the supervision of financial institutions.

The Council was established March 10, 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA), Public Law 95-630. In 1989, title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) established The Appraisal Subcommittee (ASC) within the Examination Council.

The Council was given additional statutory responsibilities by section 340 of the Housing and Community Development Act of 1980 to facilitate public access to data that depository institutions must disclose under the Home Mortgage Disclosure Act of 1975 (HMDA) and the aggregation of annual HMDA data, by census tract, for each metropolitan statistical area (MSA). The Council has established, in accordance with the requirement of the statute, an advisory State Liaison Committee composed of five representatives of state supervisory agencies.

External links

• Federal Financial Institutions Examination Council.
• U.S. Code, Title 12, Chapter 34 (FFIEC).
• U.S. Code, Title 12, Chapter 34A (Appraisal Subcommittee).

This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)