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 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 nonfinancial 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).

  1. Financial Institutions Regulatory ...

    The Financial Institutions Regulatory Act is a U.S. Federal law ...
  2. Call Report

    A call report is a report that must be filed by banks in the ...
  3. Appraisal Approach

    The appraisal approach is a procedure for determining an asset's ...
  4. Financial Institutions Reform, ...

    Among other things, the Financial Institutions Reform, Recovery ...
  5. Qualified Appraisal

    A qualified appraisal is created, signed and dated by a qualified ...
  6. Appraisal Costs

    Appraisal costs are expenses tied to preventing defective inventory ...
Related Articles
  1. Investing

    How Much Do Home Appraisers Make?

    Home appraisers face competitive pressures and a high level of government regulation but with experience and training, you can create a high-paying career.
  2. Managing Wealth

    7 Ways To Increase Your Home's Appraisal Value

    If you're selling or refinancing your home, expect it to be appraised. Here's how to get an appraisal value is as high as possible.
  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

    6 Tips For Protecting Your Home's Value

    New taxes, property values, appraisals, community changes and nearby abandoned foreclosures can all lower your home's value. Take proactive steps to protect it.
  5. Investing

    Is an Old Home Worth the Investment?

    America's old homes are beautiful but come with issues unique to older homes.
  6. IPF - Mortgage

    How Regulations Protect Reverse Mortgage Borrowers

    They're complex animals, which is why there are government guidelines in place to protect borrowers.
  7. Insights

    Why Don’t Regulators Check All Financial Professionals?

    Reports indicate that there is a growing need for increased supervision of brokers.
  8. Investing

    Reverse Mortgages: No Longer a Loan of Last Resort

    In the right circumstance, a reverse mortgage can be an effective financial planning tool.
  1. What agencies oversee U.S. financial institutions?

    Discover the specific responsibilities of some of the major regulatory agencies that oversee financial institutions and markets ... Read Answer >>
  2. 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 >>
Trading Center