On April 1, Thomas J. Curry, Comptroller of the Currency, Office of the Comptroller of the Currency (OCC), was named Chairman of the Federal Financial Institutions Examination Council (FFIEC) for a two-year term. Curry succeeds Debbie Matz, Chairman of the National Credit Union Administration (NCUA). The FFIEC also named Daniel K. Tarullo, member of the Board of Governors of the Federal Reserve System (Board), as its new Vice Chairman for a two-year term.
The FFIEC was created by the Financial Institutions Regulatory and Interest Rate Control Act of 1978 to prescribe uniform principles, standards and report forms for the federal examination of financial institutions, and to make recommendations to promote uniformity in the supervision of financial institutions. It also conducts schools for examiners employed by the five federal member agencies represented on the FFIEC and makes those schools available to employees of state agencies that supervise financial institutions. The FFIEC currently consists of the following six voting members: the Comptroller of the Currency, OCC; a member of the Board, appointed by the Chairman of the Board; Chairman of the Federal Deposit Insurance Corporation; Director of the Consumer Financial Protection Bureau; Chairman of the NCUA; and the Chairman of the FFIEC’s State Liaison Committee (SLC). The SLC consists of five representatives of state banking agencies that supervise financial institutions and the members are designated from the Conference of State Bank Supervisors, the American Council of State Savings Supervisors, the National Association of State Credit Union Supervisors and the FFIEC for two two-year terms.
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