[ad_1]
The Federal Financial Institutions Examination Board (FFIEC) is a board made up of representatives from multiple agencies, providing recommendations on ethics and creating the Uniform Banking Performance Report. The board ensures public access to mortgage-related information and allows viewing of metropolitan banking data. The agencies involved regulate the financial sector and provide professional expertise to the board.
In the United States, the Federal Financial Institutions Examination Board, also referred to simply as the FFIEC, is a special board made up of representatives from multiple agencies including the Federal Reserve Bank, the National Credit Union Administration, the Office of , the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. As a body, the Federal Financial Institutions Review Board provides recommendations on ethics by which each agency represented on the board will adhere. The FFIEC is also responsible for creating the Uniform Banking Performance Report (UBPR), which is used to analyze how current economic climates and executive organization practices impact a bank’s bottom line. The Federal Board on Examining Financial Institutions also ensures that the American public has access to mortgage-related information, which is required by law to be disclosed by various financial institutions in the mortgage industry.
Originally established in 1979, the Federal Financial Institutions Examining Board also allows the American public to view metropolitan banking data, organized by specific census zones. There is also a State Liaison Committee within the FFIEC, which is made up of representatives from five separate state agencies. These representatives serve the efforts of the FFIEC in an advisory capacity. Another subcommittee of the FFIEC, known as the Evaluation Subcommittee, was created in 1989 to help advise the board.
The agencies representing the Federal Financial Institutions Review Board offer a unique perspective to the group, as each is involved in setting US interest rate and monetary policy and regulating the financial sector in general. For example, among its other functions, as the American central bank, the Federal Reserve System provides economic assistance to the American government, as well as that country’s banking institutions and some other foreign financial institutions. The Federal Reserve regulates American banks and helps keep America’s financial system stable.
Other representatives of the agencies that make up the Federal Financial Institutions Review Board also provide professional expertise to the board. For example, the Federal Deposit Insurance Corporation insures bank deposits, as well as supervises credit unions and banks in order to protect the consumer’s best interest in conducting financial business with one of these institutions. Similarly, the Office of the Comptroller of the Currency, under the jurisdiction of the United States Department of the Treasury, also supervises national banks in the interest of consumer protection.
[ad_2]