It’s no secret that the financial sector is one of the most highly regulated industries in the United States. Given the wide range of regulatory agencies that exist, who makes the rules? The Federal Financial Institutions Examination Council (FFIEC), that’s who.
The FFIEC plays a crucial role in the oversight and regulation of U.S. financial institutions. It’s essential for banks, credit unions, trusts, and mortgage lenders to understand what the council has to say. The FFIEC’s guidelines and standards play a central role in how financial institutions manage compliance and risk.
This article provides a comprehensive overview of the FFIEC, its functions, and how institutions can align faster with FFIEC requirements.
The FFIEC’s origins and purpose
The Federal Financial Institutions Examination Council (FFIEC) was established by the Financial Institutions Regulatory and Interest Rate Control Act of 1978. The council’s primary mission is to ensure uniformity and consistency in the supervision of financial institutions.
The FFIEC doesn’t directly enforce any regulations. Instead, it develops examination standards, guidelines, and procedures that federal…
