FFIEC

The Federal Financial Institutions Examination Council, commonly known as the FFIEC, is a United States government agency composed of five principal U.S. financial regulatory agencies and the state banking supervisors association. Its primary purpose is to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. The council was established by Congress in 1978 to promote uniformity and consistency in the supervision of financial institutions.

The member agencies of the FFIEC are 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 Consumer Financial Protection Bureau. The State Liaison Committee represents state financial regulatory agencies. The FFIEC's activities include developing examination manuals, conducting training for examiners, and publishing data and reports related to financial institutions.

The council plays a crucial role in ensuring the safety and soundness of the U.S. financial system and protecting consumers. It provides a platform for its member agencies to collaborate on supervisory matters, share information, and develop common approaches to oversight. The FFIEC's work aims to reduce regulatory burden, enhance supervisory effectiveness, and maintain public confidence in the financial sector.