Federal financial institutions examination council
From Wikipedia, the free encyclopedia
The Federal Financial Institutions Examination Council is an interagency set out to dictate policies, standards, and report forms for the scrutiny of financial institutions by the Board of Governors of the Federal Reserve Board, the Federal Deposit Insurance Corporation, National Credit Union Administration, the Office of the Comptroller of Currency, and the Office of Thrift Supervision.
[edit] History
The Council was established March 10, 1979 to fulfill title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA), Public Law 95-630. An appraisal subcommittee was created within the council by means of the Recovery Enforcement Act of 1989 (FIRREA).
[edit] Statutory Responsibilities
Section 340 of the Housing and Community Development Act of 1980 gave the council additional responsibilities including:
- Facilitation of public access to Home Mortgage Disclosure Act (HMDA) report data
- Aggregation of HMDA data by census tract
