Saturday, March 27, 2010

FEDERAL FINANCIAL INSTITUTIONS

The Financial Institutions Regulatory and Interest Rate Control Act of 1978 created the Federal Financial Institutions Examination Council. Its purpose is to promote consistency in the examination and supervision of financial institutions.

What is considered a good credit score?

In the council are the...
  • Comptroller of the Currency,
  • one governor of the Federal Reserve System,
  • the director of the Office of Thrift Supervision, and
  • the chairmen of the FDIC and National Credit Union Administration Board.

What is a good credit score?

The council’s purpose is...
  • the “establishment of uniform principles and standards and report forms for the examination of financial institutions.”
  • to make recommendations on matters of common concern to supervisors,
  • to conduct schools for examiners,

  • to provide training seminars on risk management,
  • to periodically meets with a liaison committee composed of 5 representatives from state financial regulatory agencies.
Poor credit credit cards

Other council responsibilities include...
  • helping maintain uniformity among federal banking agencies in identifying problem
    institutions and
  • classifying loans that involve country risk or are
    large credits shared by several different banks.
In 1989, as directed by Congress, the council monitors the real estate appraisal requirements established by federal regulatory agencies and the appraiser certification and licensing standards of each state.

0 balance transfers

In most areas, agencies represented on the council maintain their independence. While the council has achieved greater
consistency in dealing with supervisory issues and reporting forms, its recommendations have not always been adopted uniformly.

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