Federal Financial Institutions Examination Council (FFIEC)
The Federal Financial Institutions Examination Council (FFIEC) is an interagency body of the U.S. government made up of several U.S. financial regulatory agencies. The FFIEC develops standardized reporting systems for federally supervised banks and financial institutions, the holding companies associated with them, and the nonfinancial subsidiaries of both the financial institutions and their holding companies. The FFIEC was created on March 10, 1979, and is meant to promote consistent and uniform standards for financial institutions; the council also oversees the appraisal of real estate in the U.S. The Federal Financial Institutions Examination Council (FFIEC) is an interagency body of the U.S. government made up of several U.S. financial regulatory agencies. As an interagency regulatory body, the FFIEC creates uniform standards and principles for examination of financial institutions by all five of its composite agencies.
What is the Federal Financial Institutions Examination Council (FFIEC)
The Federal Financial Institutions Examination Council (FFIEC) is an interagency body of the U.S. government made up of several U.S. financial regulatory agencies. The FFIEC was created on March 10, 1979, and is meant to promote consistent and uniform standards for financial institutions; the council also oversees the appraisal of real estate in the U.S.
Understanding the Federal Financial Institutions Examination Council (FFIEC)
As an interagency regulatory body, the FFIEC creates uniform standards and principles for examination of financial institutions by all five of its composite agencies. It further makes recommendations intended to maintain uniformity in how financial institutions are regulated at the federal level.
The FFIEC develops standardized reporting systems for federally supervised banks and financial institutions, the holding companies associated with them, and the nonfinancial subsidiaries of both the financial institutions and their holding companies. In this capacity, the FFIEC trains examiners who work for the council’s member agencies. Those training programs are also open to employees of state regulatory agencies.
The FFIEC and Real Estate
In 1980, the council was given the responsibility of facilitating public access to mortgage information from financial institutions in accordance with the Home Mortgage Disclosure Act of 1975. HMDA asks lenders to identify the sex, race, and income of those applying for or obtaining mortgages. This data allows the FFIEC to monitor trends in housing and mortgage borrowing and lending, such as, for example, a reported increase in mortgage borrowing by blacks and Hispanics as of 1993.
Following the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), the FFIEC established the Appraisal Subcommittee (ASC) to regulate real estate appraisal in the U.S. The ASC does this via the Appraisal Foundation, which is made up of the Appraiser Qualifications Board (AQB), the Appraisal Practices Board (APB), and the Appraisal Standards Board (ASB).
Related terms:
Checking Account
A checking account is a deposit account held at a financial institution that allows deposits and withdrawals. Checking accounts are very liquid and can be accessed using checks, automated teller machines, and electronic debits, among other methods. read more
Country Exposure Lending Survey
The country exposure lending survey is a quarterly survey that breaks down all lending by U.S. bank institutions to foreign sources. read more
Federal Home Loan Bank Act –
The Federal Home Loan Bank Act was passed by the Hoover administration in 1932 to stimulate home sales by releasing funds to banks to issue mortgages. The FHLB system established by the Act has grown over the years, and now provides funding for a wider range of financial institutions. read more
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)
The Financial Institutions Reform, Recovery, and Enforcement Act revamped regulations for savings and loans and real estate appraisals in 1989. read more
Financial Institutions Regulatory Act (FIRA)
The Financial Institutions Regulatory Act (FIRA) is a U.S. Federal law enacted in 1978 pertaining to depository financial institutions. read more
Financial Institution (FI)
A financial institution is a company that focuses on dealing with financial transactions, such as investments, loans, and deposits. read more
Holding Company
A holding company owns several other companies and oversees their operations but exists solely to operate those subsidiaries. read more
Home Mortgage Disclosure Act (HMDA)
The Home Mortgage Disclosure Act (HMDA) is a federal law mandating lenders to maintain records on individual mortgages to help reveal whether they are complying with fair housing laws and meeting community needs. read more