What does FFIEC mean in ACCOUNTING
The Federal Financial Institutions Examination Council (FFIEC) is an interagency body that assists in the uniform regulation of financial institutions by endorsing banking regulations and monitoring their implementation. Established in 1979, the council is composed of five members from the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and state regulatory authorities.
FFIEC meaning in Accounting in Business
FFIEC mostly used in an acronym Accounting in Category Business that means Federal Financial Institutions Examination Council
Shorthand: FFIEC,
Full Form: Federal Financial Institutions Examination Council
For more information of "Federal Financial Institutions Examination Council", see the section below.
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Essential Questions and Answers on Federal Financial Institutions Examination Council in "BUSINESS»ACCOUNTING"
What is FFIEC?
FFIEC stands for Federal Financial Institutions Examination Council. It is an interagency body that assists in the uniform regulation of financial institutions by endorsing banking regulations and monitoring their implementation.
Who does FFIEC regulate?
FFIEC regulates banks, credit unions, and other financial institutions.
What is the main purpose of FFIEC?
The main purpose of FFIEC is to promote uniformity among different regulators with regards to overseeing financial institutions and providing guidance on effective regulation for institutions undergoing examination or supervision.
How does FFIEC work?
FFIEC works by developing guidance on various aspects of risk management to assist its members in examining supervised institutions. In addition, it produces comprehensive reports to help ensure compliance with applicable laws and regulations.
Who governs FFIEC?
The governing board consists of five members from the Board of Governors of the Federal Reserve System, CFPB, FDIC, NCUA, and state regulatory authorities.
Final Words:
The Federal Financial Institutions Examination Council plays a critical role in ensuring banks and other financial institutions are adhering to safety and soundness standards established by U.S law makers. By working collaboratively with all stakeholders involved with regulating financial activities, FFIEC helps preserve consumer access to reliable banking products.