Federal Financial Institutions Examination Council - FFIEC

DEFINITION of 'Federal Financial Institutions Examination Council - FFIEC'

An interagency body of the U.S. government made up of several U.S. financial regulatory agencies. The FFIEC prescribes uniform principles, standards, and report forms for the federal inspection of financial institutions. The FFIEC was created in 1979, and is meant to promote consistent and uniform standards for financial institutions.

BREAKING DOWN 'Federal Financial Institutions Examination Council - FFIEC'

The FFIEC is made up of the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS). 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.

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