FFIEC
Federal
Financial Institutions Examination Council
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encyclopedia
Federal Financial Institutions Examination Council
US-FFIEC-Logo.svg
Agency overview
Formed March 10, 1979
Agency
executive
Daniel Tarullo, chairman
Key document
FIRA
Website
www.ffiec.gov
The Federal Financial Institutions Examination Council (FFIEC)
is a formal U.S. government interagency body composed of five banking regulators
that is "empowered to prescribe uniform principles, standards, and report forms
to promote uniformity in the supervision of financial institutions".It also
oversees real estate appraisal in the United States.Its regulations are
contained in title 12 of the Code of Federal Regulations.
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).
Housing and real estate
The FFIEC 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). In accordance with HMDA, the FFIEC established an
advisory State Liaison Committee composed of five representatives of state
supervisory agencies.The HMDA requires "most lenders to identify the race, sex,
and income of loan applicants and borrowers",so the FFIEC is able to deduce
things like "the number of mortgages issued to black and Hispanic borrowers rose
sharply", as it did in 1993.In 2006, the State Liaison Committee was added to
the Council as a voting member.
The Appraisal Subcommittee (ASC) was established within the FFIEC pursuant to title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). The ASC oversees The Appraisal Foundation, whose work is accomplished by three independent boards—the Appraiser Qualifications Board (AQB), the Appraisal Standards Board (ASB), and the Appraisal Practices Board (APB), who collectively regulate real estate appraisal in the United States.
Cybersecurity
Comptroller of the Currency and FFIEC Chair Thomas J. Curry
stated on May 8, 2014, that "helping to make banks less vulnerable and more
resilient to cyber-attacks" has been one of his top priorities.In June 2014
FFIEC launched a new webpage on cybersecurity and announced that it was
initiating a pilot for 500 member institutions that will focus on how these
institutions manage cybersecurity and how prepared they are to mitigate cyber
risks.
On June 30, 2015 the FFIEC released the FFIEC Cybersecurity Assessment Tool link Cyber Assessment Tool 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.
Members
The FFIEC has six voting representatives of member agencies.As of
December 2015, FFIEC members include:
Chair, Daniel Tarullo, Member of the Board of Governors of the Federal Reserve
System
Vice Chair, Martin J. Gruenberg, Chairman of the Federal Deposit
Insurance Corporation
Thomas J. Curry, Comptroller of the Currency, Office of
the Comptroller of the Currency
Richard Cordray, Director of the Consumer
Financial Protection Bureau
Debbie Matz, Chairman of the National Credit
Union Administration
David J. Cotney, Commissioner of Banks, Commonwealth of
Massachusetts Division of Banks (as chair of the State Liaison Committee)
See
also
Systemically important financial institution (SIFI)