FFIECs

The Federal Financial Institutions Examination Council, commonly known as FFIEC, is a United States government agency established by Congress in 1978. Its primary mission is to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. This includes banks, savings associations, and credit unions. The FFIEC is composed of representatives from five federal financial regulatory agencies: 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. It also includes a representative from the State Liaison Committee, which consists of state banking supervisors.

The FFIEC plays a crucial role in promoting consistency and coordination among federal and state regulators. It develops and implements examination manuals and guidelines used by examiners to assess the safety and soundness of financial institutions, as well as their compliance with consumer protection laws and regulations. The council also oversees the development and implementation of various data collection programs, such as the Call Report, which financial institutions are required to submit regularly. Furthermore, the FFIEC is responsible for training and certifying bank examiners. Its work aims to ensure the stability of the financial system and protect consumers.