What is FFIEC
First, in recently years their has been a lot of information in the news and on the internet about FFIEC (or Federal Financial Institutions Examination Council) and what is FFIEC. See also FFIEC Social Media
Moreover, the FFIEC is the federal organization that defines standards and principals for financial institutions. Additionally, the standards origin are NIST standards which is the federal technology agency that works with industry to develop and apply technology, measurements, and standards.
The Council is a formal interagency body that prescribes uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (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), and to make recommendations to promote uniformity in the supervision of financial institutions. 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).
Furthermore, its important to note that with the growing threat climate with cyber security, its much anticipated that FFIEC will continue to update and evolve standards and processes for financial institutions to adhere too.
What is FFIEC in relation to the Council?
The Federal Financial Institutions Examination Council (FFIEC), established on March 10, 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA), Public Law 95-630. In 1989, title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) established The Appraisal Subcommittee (ASC) within the Examination Council.
The Council is a formal interagency body that has empowerment 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 (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) and to make recommendations to promote uniformity in the supervision of financial institutions. To encourage the application of uniform examination principles and standards by the state and federal supervisory authorities, the Council established, in accordance with the requirement of the statute, the State Liaison Committee composed of five representatives of state supervisory agencies. In accordance with the Financial Services Regulatory Relief Act of 2006, a representative state regulator is a voting member of the Council in October 2006.
Moreover, the Council is responsible for developing uniform reporting systems for federally supervised financial institutions, their holding companies, and the nonfinancial institution subsidiaries of those institutions and holding companies. It conducts schools for examiners employed by the five federal member agencies represented on the Council and makes those schools available to employees of state agencies that supervise financial institutions.
Therefore, the Council gave additional statutory responsibilities by section 340 of the Housing and Community Development Act of 1980 to facilitate public access. Therefore, 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).