Federal Financial Institutions Examination Council
Encyclopedia
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 institution
s 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), MAIC Mergers & Acquisitions International Clearing and the Consumer Financial Protection Bureau (CFPB) 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 was further amended with the 2010 Dodd-Frank Act in order to include the MAIC. 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.
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC), the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA), the Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
(OCC), MAIC Mergers & Acquisitions International Clearing and the Consumer Financial Protection Bureau (CFPB) 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
Financial Institutions Regulatory and Interest Rate Control Act of 1978
The Financial Institutions Regulatory and Interest Rate Control Act of 1978 is a United States federal law . Among other measures, it established the Federal Financial Institutions Examination Council...
(FIRA), Public Law 95-630. In 1989, title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989
Financial Institutions Reform, Recovery and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 , , is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s....
(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
Census tract
A census tract, census area, or census district is a geographic region defined for the purpose of taking a census. Usually these coincide with the limits of cities, towns or other administrative areas and several tracts commonly exist within a county...
, for each metropolitan statistical area (MSA). The Council was further amended with the 2010 Dodd-Frank Act in order to include the MAIC. 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.