Federal Financial Institutions Examination Council
Agency overview | |
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Formed | March 10, 1979 |
Agency executive |
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Key document | |
Website | www |
The Federal Financial Institutions Examination Council (FFIEC) is a formal
Composition
FFIEC includes five banking regulators—the Federal Reserve Board of Governors (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB).
History
FFIEC was established March 10, 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA).[2][4]
Housing and real estate
The FFIEC was given additional statutory responsibilities by section 340 of the
The Appraisal Subcommittee (ASC) was established within the FFIEC pursuant to title XI of the
Cybersecurity
Then
On June 30, 2015 the FFIEC released the FFIEC Cybersecurity Assessment Tool [14] to enable regulated financial institutions to assess their cybersecurity readiness. This tool may be used as a self-assessment. Regulators may also review the completed assessment during their examination.[15]
Consumer Compliance
Consumer compliance in bank regulation is associated with the FFIEC’s Uniform Interagency Consumer Compliance Rating System (CC Rating System).[16] The FFIEC promotes compliance with federal consumer protection laws and regulations through each agency’s supervisory and outreach programs.
Members
The FFIEC has six voting representatives of member agencies.[17] As of August 2021, FFIEC members include:[18][19]
- Chair, Todd M. Harper, Chairman / National Credit Union Administration[20]
- Vice Chair, Michael J. Hsu, Acting Comptroller / Office of the Comptroller of the Currency[21]
- Martin J. Gruenberg, Acting Chairman of the Federal Deposit Insurance Corporation
- David Uejio, Acting Director / Consumer Financial Protection Bureau[22]
- Federal Reserve System
- Thomas Fite, Director / Indiana Department of Financial Institutions (as chair of the FFIEC State Liaison Committee of the CSBS, ACSSS, and NASCUS)
See also
- Economic Growth and Regulatory Paperwork Reduction Act
- Systemically important financial institution (SIFI)
References
- ^ "Members of the FFIEC".
- ^ a b "About the FFIEC". FFIEC. Retrieved 7 July 2014.
- ^ a b c "History of the Home Mortgage Disclosure Act". Retrieved 7 July 2014.
- SSRN 3198092.
- ^ Bradsher, Keith (29 July 1994). "Minorities Get More Mortgages". The New York Times.
- ^ "Federal Financial Institutions Examination Council". Federal Register. Retrieved 10 March 2015.
- ^ Curry, Thomas J. (8 May 2014). "Remarks by Thomas J. Curry, Comptroller of the Currency, Before RMA's Governance, Compliance, and Operational Risk Conference, Cambridge, Massachusetts" (PDF). Office of the Comptroller of the Currency. p. 7.
- ^ Hoar, Sean B. (1 July 2014). "Federal Financial Institutions Examination Council Launches Cybersecurity Webpage and Begins Cybersecurity Assessments". Privacy & Security Law Blog. Davis Wright Tremaine LLP.
- ^ "FFIEC Launches Cybersecurity Web Page, Promotes Awareness of Cybersecurity Activities". FFIEC Press Release. 24 June 2014.
- ^ "FFIEC Press Release - October 12, 2005". www.ffiec.gov. Retrieved 2021-02-28.
- ^ "Supplement to Authentication in an Internet Banking Environment" (PDF). FFIEC.gov. 2006.
- ^ Inc, InfoWorld Media Group (2007-01-01). InfoWorld. InfoWorld Media Group, Inc.
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has generic name (help) - ^ "Supplement toAuthentication in an Internet Banking Environment" (PDF). FFIEC.gov. June 2011.
- ^ FFIEC. Cybersecurity Assessment Tool. Retrieved from https://www.ffiec.gov/cyberassessmenttool.htm
- ^ NCUA. FFIEC Releases Cybersecurity Assessment Tool. Press release. [Online] Available: https://www.ncua.gov/newsroom/Pages/NW20150630FFIEC.aspx
- ^ "FFIEC Issues Uniform Interagency Consumer Compliance Rating System" (PDF). FFIEC Press Release. 7 November 2016.
- ^ Werthan, Jeffrey M. (11 May 2014). "Federal Financial Institutions Examination Council (FFIEC) Member Agencies and State of New York to Focus Attention on Cybersecurity". National Law Review.
- ^ "Leadership of the Federal Financial Institutions Examination Council 1979-Present" (PDF). Retrieved 31 January 2020.
- ^ "Members of the FFIEC". Retrieved 10 August 2021.
- ^ "Harper Named NCUA Board Chairman". 25 January 2021. Retrieved 10 August 2021.
- ^ "OCC Leadership, Acting Conmptroller of the Currency". Retrieved 10 August 2021.
- ^ "David Uejio, Acting Director". Archived from the original on 24 June 2021. Retrieved 10 August 2021.
External links
- Official website
- 12 U.S.C. ch. 34 (Federal Financial Institutions Examination Council)
- 12 U.S.C. ch. 34A (Appraisal Subcommittee)
- Federal Financial Institutions Examination Council in the Federal Register