Federal Financial Institutions Examination Council (FFIEC)
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Definition: Federal Financial Institutions Examination Council (FFIEC)
The Federal Financial Institutions Examinations Council (FFIEC) was established in 1979 and is a formal inter agency body authorized to prescribe principles, standards and reports for five different financial institutions. The five institutions are the National Credit Union Administration (NCUA), Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB).
• Makes recommendations to promote uniformity in supervising the financial institutions
• Develops uniform reporting systems for the institutions, holding companies and subsidiaries of these institutions
• Conducts schools for examiners employed by the members to supervise different financial institutions
• Oversees real estate appraisal in the US
• FFIEC Compliance is a set of standards designed for online banking and issued in 2005
• Conducts training programs for state and federal examiners
There are different handbooks created such as
• Information Security Booklet: Provides field examiners in the different financial institutions with training and basic information. This handbook outlines various security practices that examiners observe when auditing financial institutions
• Authentication in an internet banking environment guidance: Provides a set of guidelines that include provisions for IT risk assessments and various security controls
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