Federal Financial Institutions Examination Council: Annual Report 2012

The Federal Financial Institu-tions Examination Council (FFIEC or Council) was established on March 10, 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRIRCA), Public Law 95-630. The purpose of title X, cited as the Federal Financial Institutions Examina-tion Council Act of 1978, was to create a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examina-tion of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Fed-eral Deposit Insurance Corpora-tion (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptrol-ler of the Currency (OCC) and to make recommendations to pro-mote uniformity in the supervi-sion of financial institutions. To encourage the application of uni-form examination principles and standards by the state and fed-eral supervisory authorities, the Council established, in accordance with the requirement of FIRIRCA, an advisory State Liaison Com-mittee (SLC).