Federal Financial Institutions Examination Council
The Federal Financial Institutions Examination Council (FFIEC) is a formal interagency body of the United States government made up of five banking regulators, including 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). It is "empowered to prescribe uniform principles, standards, and report forms...to promote uniformity in the supervision of financial institutions". It also oversees the systems of real estate appraisal in the United States.
The 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). 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 HMDA "required most lenders to identify the race, sex, and income of loan applicants and borrowers", so the FFIEC is able to deduce thing like "the number of mortgages issued to black and Hispanic borrowers rose sharply", as it did in 1993.
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.
Comptroller of the Currency and FFIEC Chair Thomas J. Curry stated that at the Risk Management Association's "Governance, Compliance, and Operational Risk" Conference 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 the 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.
- Chair, Thomas J. Curry, Comptroller of the Currency, Office of the Comptroller of the Currency
- Vice Chair, Daniel Tarullo, Member of the Board of Governors of the Federal Reserve System
- Martin J. Gruenberg, Chairman of the Federal Deposit Insurance Corporation
- 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 a Chairman of a State Liaison Committee)
- "About the FFIEC". FFIEC. Retrieved 7 July 2014.
- "History of the Home Mortgage Disclosure Act". Retrieved 7 July 2014.
- Bradsher, Keith (29 July 1994). "Minorities Get More Mortgages".
- 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". 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).
- "Press Release: FFIEC Launches Cybersecurity Web Page, Promotes Awareness of Cybersecurity Activities". Federal Financial Institutions Examination Council. 24 June 2014.
- 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.
- "Members of the FFIEC". FFIEC. Retrieved 7 July 2014.
- Federal Financial Institutions Examination Council
- 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