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Federal Financial Institutions Examination Council: Difference between revisions
Federal Financial Institutions Examination Council (view source)
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{{short description|U.S. regulatory body}}{{Infobox government agency | {{Organization | ||
|OrganizationName=Federal Financial Institutions Examination Council | |||
|OrganizationType=Boards, Commissions, and Committees | |||
|Mission=To prescribe uniform principles, standards, and report forms for the federal examination of financial institutions, promoting uniformity in the supervision of financial institutions by various federal agencies. | |||
|CreationLegislation=Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA) | |||
|Employees=100 | |||
|Budget=Not separately itemized but operates within the budgets of its member agencies | |||
|OrganizationExecutive=Chair (rotates among members) | |||
|Services=Development of uniform examination standards; examiner training; cybersecurity guidance; home mortgage disclosure data collection | |||
|Regulations=Title 12 of the Code of Federal Regulations; issues guidelines for financial institutions' examinations | |||
|HeadquartersLocation=38.88433, -77.1022 | |||
|HeadquartersAddress=3501 Fairfax Drive, Arlington, VA 22226 | |||
|Website=https://www.ffiec.gov | |||
}} | |||
{{short description|U.S. regulatory body}} | |||
{{Infobox government agency | |||
| name = Federal Financial Institutions Examination Council | | name = Federal Financial Institutions Examination Council | ||
| native_name = | | native_name = | ||
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===Consumer Compliance=== | ===Consumer Compliance=== | ||
Consumer compliance in bank regulation is associated with the FFIEC’s Uniform Interagency Consumer Compliance Rating System (CC Rating System).<ref>{{cite news|title= FFIEC Issues Uniform Interagency Consumer Compliance Rating System |url=https://www.ffiec.gov/press/PDF/FFIEC_CCR_SystemFR_Notice.pdf|work= FFIEC Press Release |date=7 November 2016}}</ref> The FFIEC promotes compliance with federal consumer protection laws and regulations through each agency’s supervisory and outreach programs. | Consumer compliance in bank regulation is associated with the FFIEC’s Uniform Interagency Consumer Compliance Rating System (CC Rating System).<ref>{{cite news|title= FFIEC Issues Uniform Interagency Consumer Compliance Rating System |url=https://www.ffiec.gov/press/PDF/FFIEC_CCR_SystemFR_Notice.pdf|work= FFIEC Press Release |date=7 November 2016}}</ref> The FFIEC promotes compliance with federal consumer protection laws and regulations through each agency’s supervisory and outreach programs. | ||
== Appraisal Subcommittee == | |||
The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) was established to oversee the real estate appraisal regulatory framework for federally related transactions. | |||
{{Official URL|text=asc.gov|url=https://www.asc.gov}} | |||
=== Purpose: === | |||
The ASC was created by Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). Its primary role is to provide federal oversight of State appraiser and appraisal management company (AMC) regulatory programs. It also monitors the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies to protect federal financial and public policy interests in real estate appraisals. | |||
=== Functions === | |||
* Monitoring State Programs: ASC ensures that state appraiser regulatory programs comply with Title XI requirements. This involves monitoring certification and licensing of appraisers. | |||
* National Registry: ASC maintains a national registry of state-certified and -licensed appraisers eligible to perform appraisals in federally related transactions. | |||
* Grants: It has the authority to make grants to the Appraisal Foundation and state agencies to support their activities related to Title XI compliance. | |||
=== Membership: === | |||
The ASC consists of seven members, each designated by the heads of their respective federal financial institutions regulatory agencies. | |||
=== Operational Activities: === | |||
ASC holds meetings at least four times a year, which are open to the public. These meetings discuss various aspects of appraisal regulation, compliance, and policy decisions. | |||
=== Cybersecurity and Compliance: === | |||
With the increasing role of digital transactions in finance, the ASC, as part of the broader FFIEC, has emphasized cybersecurity. This includes initiatives to help financial institutions manage and mitigate cyber risks. | |||
=== Links === | |||
* https://www.federalregister.gov/documents/2010/12/23/2010-32230/appraisal-subcommittee-asc-asc-rules-of-operation-amended | |||
==Members== | ==Members== | ||
The FFIEC has six voting representatives of member agencies.<ref name="werthan">{{cite news| last1=Werthan|first1=Jeffrey M.|title=Federal Financial Institutions Examination Council (FFIEC) Member Agencies and State of New York to Focus Attention on Cybersecurity |url= http://www.natlawreview.com/article/federal-financial-institutions-examination-council-ffiec-member-agencies-and-state-n| work= National Law Review| date=11 May 2014}}</ref> As of August 2021, FFIEC members include:<ref>{{cite web|title=Leadership of the Federal Financial Institutions Examination Council 1979-Present|url=https://www.ffiec.gov/pdf/2019%20FFIEC%20Leadership%20Listing%20(1979-present)_April%202019.pdf |access-date=31 January 2020}}</ref><ref>{{cite web|title=Members of the FFIEC|url=https://www.ffiec.gov/members.htm|access-date=10 August 2021}}</ref> | The FFIEC has six voting representatives of member agencies.<ref name="werthan">{{cite news| last1=Werthan|first1=Jeffrey M.|title=Federal Financial Institutions Examination Council (FFIEC) Member Agencies and State of New York to Focus Attention on Cybersecurity |url= http://www.natlawreview.com/article/federal-financial-institutions-examination-council-ffiec-member-agencies-and-state-n| work= National Law Review| date=11 May 2014}}</ref> As of August 2021, FFIEC members include:<ref>{{cite web|title=Leadership of the Federal Financial Institutions Examination Council 1979-Present|url=https://www.ffiec.gov/pdf/2019%20FFIEC%20Leadership%20Listing%20(1979-present)_April%202019.pdf |access-date=31 January 2020}}</ref><ref>{{cite web|title=Members of the FFIEC|url=https://www.ffiec.gov/members.htm|access-date=10 August 2021}}</ref> | ||