The Federal Financial Institutions Examination Council (FFIEC) named Acting Comptroller of the Currency Michael Hsu as its chair effective April 1. Hsu’s term as FFIEC chair runs for two years, expiring on March 31, 2025.
The FFIEC also named Michael Barr, vice chair for supervision for the Federal Reserve Board of Governors, as its vice chair for the same two-year term.
The FFIEC was established in 1979 to establish 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.
The council consists of the following six voting members: one member of the board of governors of the Federal Reserve System; the chairman of the Federal Deposit Insurance Corporation; the director of the Consumer Financial Protection Bureau; the comptroller of the currency; the chairman of the National Credit Union Administration; and the chairman of the FFIEC State Liaison Committee.