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.

BREAKING DOWN 'Federal Financial Institutions Examination Council - FFIEC'

As an interagency regulatory body, the Federal Financial Institutions Examination Council (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 non-financial 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
  1. Call Report

    A call report is a report that must be filed by banks in the ...
  2. Qualified Appraiser

    An individual who has earned an appraisal designation from a ...
  3. Appraisal

    An appraisal is a valuation of property (ie. real estate, a business, ...
  4. Appraiser

    An appraiser is a practitioner who has the knowledge and expertise ...
  5. General Examination

    A general examination is a regulatory measure set up to give ...
  6. Consumer Advisory Council - CAC

    A legislative body established by Congress in 1976. The Consumer ...
Related Articles
  1. Investing

    What you should know about home appraisals

    Before you buy or sell a home, you need to have an unbiased professional opinion of the home's value. Home appraisal can help you to determine the value of your home purchases. Check out the ...
  2. Investing

    How To Challenge A Low Home Appraisal

    If you're unhappy with your home appraisal, here are some steps you can take.
  3. Retirement

    Your Heirloom Jewelry: How Much Is It Worth?

    You grandma's diamonds are now yours. Whether you plan to keep them or not, you first need an honest appraisal. Here's how to get one.
  4. Investing

    Institutional Investors And Fundamentals: What's The Link?

    Big-money sponsorship might make a company look good, but it's not always a reliable gauge of stock quality.
  5. Investing

    What You Should Know About Real Estate Valuation

    Accurate real estate valuation is important to mortgage lenders, investors, insurers, and buyers and sellers of real property.
  6. Insights

    Why Don’t Regulators Check All Financial Professionals?

    Reports indicate that there is a growing need for increased supervision of brokers.
  7. Personal Finance

    How To Negotiate Your Closing Costs

    Closing costs can't be avoided altogether, but you can lower them. While there are a lot of fixed costs, there are also variable ones you can save on.
  8. Insights

    What to Expect From Mortgage Rates in 2016

    Understand the factors that influence the direction of mortgage rates, and use this information to project what will happen with rates in 2016.
RELATED FAQS
  1. Do home appraisers use Zillow?

    When it comes to assessing a home for sale, licensed appraisers rely on detailed —and sometimes proprietary—information to ... Read Answer >>
  2. What are some of the major regulatory agencies responsible for overseeing financial ...

    Discover the specific responsibilities of some of the major regulatory agencies that oversee financial institutions in the ... Read Answer >>
  3. How Can Institutional Holdings Be More Than 100%?

    No entity can own more than 100% of a company's outstanding shares, but it can be reported that way. Read Answer >>
  4. What are key government regulations that affect investing in the banking sector?

    Discover how the global financial crisis of 2008 changed the face of banking in the United States and around the world by ... Read Answer >>
Trading Center