Federal Financial Institutions Examination Council Law and Legal Definition
The Federal Financial Institutions Examination Council (Council) is a formal interagency body of the U.S. government. It was established 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, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. The Council is also empowered to make recommendations to promote uniformity in the supervision of financial institutions.
The Council was established in 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978. In 1989, title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 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).
In 2006, the State Liaison Committee (SLC) was added to the Council as a voting member. The SLC includes representatives from the Conference of State Bank Supervisors (CSBS), the American Council of State Savings Supervisors (ACSSS), and the National Association of State Credit Union Supervisors (NASCUS).
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.
The following is an example of a federal statute on Financial Institutions Examination Council:
12 USCS § 3303. Financial Institutions Examination Council
(a) Establishment; composition. There is established the Financial Institutions Examination Council which shall consist of--
(1) the Comptroller of the Currency,
(2) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation,
(3) a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board,
(4) the Director, Office of Thrift Supervision,
(5) the Chairman of the National Credit Union Administration Board, and
(6) the Chairman of the State Liaison Committee.
(b) Chairmanship. The members of the Council shall select the first chairman of the Council. Thereafter the chairmanship shall rotate among the members of the Council.
(c) Term of office. The term of the Chairman of the Council shall be two years.
(d) Designation of officers and employees. The members of the Council may, from time to time, designate other officers or employees of their respective agencies to carry out their duties on the Council.
(e) Compensation and expenses. Each member of the Council shall serve without additional compensation but shall be entitled to reasonable expenses incurred in carrying out his official duties as such a member.
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