FFIEC Annual Report
The Federal Financial Institutions Examination Council (FFIEC) released its 2007 Annual Report. Particularly interesting are the Task Forces which were conducted in 2007. These give a good indication of where the examiners might place a higher focus in upcoming exams.
For example, the task force on Consumer Compliance covered these areas:
- HMDA/CRA Data Collection
- Flood Insurance (revised Q&As)
- Regulation DD/Truth in Savings (bounce protection; electronic disclosures)
- Regulation E
- Electronic Disclosures for Regs M & Z
- Fair Credit Reporting Act
Additionally, the Annual Report provides the statutory authority for the FFIEC. Here is the declaration of purpose:
12 U.S.C. ç 3301. Declaration of purpose
It is the purpose of this chapter to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Home Loan Bank Board, and the National Credit Union Administration and make recommendations to promote uniformity in the supervision of these financial institutions. The CouncilâÂÂs actions shall be designed to promote consistency in such examination and to insure progressive and vigilant supervision.
It is the purpose of this chapter to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Home Loan Bank Board, and the National Credit Union Administration and make recommendations to promote uniformity in the supervision of these financial institutions. The CouncilâÂÂs actions shall be designed to promote consistency in such examination and to insure progressive and vigilant supervision.
More information on the FFIEC can be found on their website.Â