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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  1. Are 401ks FDIC insured?

    The Federal Deposit Insurance Corporation (FDIC) works as a protector for customers when banks and financial institutions ... Read Full Answer >>
  2. Does the FDIC cover identity theft?

    When a third party gains access to your bank account and conducts transactions without your consent, the FDIC does not have ... Read Full Answer >>
  3. Does the FDIC cover credit unions?

    The Federal Deposit Insurance Corporation (FDIC) does not cover credit unions. The FDIC only insures deposits in banks and ... Read Full Answer >>
  4. Does the FDIC cover business accounts?

    Bank deposits owned by corporations, partnerships, limited liability companies (LLCs), and unincorporated associations, including ... Read Full Answer >>
  5. Are variable annuities FDIC insured?

    Variable annuities are not insured by the Federal Deposit Insurance Corporation (FDIC), which regulates only bank products. ... Read Full Answer >>
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