ALEXANDRIA, Va.–Member regulators of the Federal Financial Institutions Examination Council (FFIEC), which includes NCUA, have issued principles to promote consistency, clarity and ease of reference for the presentation of information in examination reports.
The FFIEC Policy Statement on the Report of Examination was developed as part of the FFIEC’s Examination Modernization Project, which is aimed at reducing unnecessary regulatory burden on community financial institutions, according to the agencies.
The federal banking agencies, consisting of the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), said they are rescinding their 1993 Interagency Policy Statement on the Uniform Core Report of Examination, and replacing it with this FFIEC policy statement.
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. It also conducts schools for examiners employed by the five federal member agencies represented on the FFIEC and makes those schools available to employees of state agencies that supervise financial institutions.
In addition to NCUA, the Council includes the FDIC, the CFPB, the Comptroller of the Currency, and the State Liaison Committee.