Federal Financial Institutions Examination Council

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The Federal Financial Institutions Examination Council (FFIEC) is an institutional body that represents the five banking regulators in the United States .

History and background

The FFIEC was formally created with the signing of the Financial Institutions Regulatory and Interest Rate Control Act by US President Jimmy Carter on September 10, 1978 and met for the first time on March 10, 1979. Since then, the five federal bodies for the supervision of banks and financial institutions, namely the Federal Reserve Board of Governors (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller have been part of the body of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB), represented as full members. In 2006 the State Liaison Committee (SLC) was accepted as a voting member.

The body provides uniform principles, standards and forms of reporting for the examination and supervision of banks and financial institutions by the federal supervisory bodies. This affects various aspects such as information obligations towards customers, IT security and money laundering issues; in particular, specifications on cybersecurity have been coordinated in recent years . In addition, the so-called Appraisal Subcommittee (ASC) performs control tasks for the Appraisal Foundation , which sets standards for property valuation.

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