FFIEC Snapshot
The Federal Financial Institutions Examination Council (FFIEC) doesn't do the check-ups on banks, but is does have recommendations about how they are done. Established in 1979, FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions.The Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision all follow recommendations of the FFIEC. The Council also develops uniform reporting systems for federally supervised financial institutions, and provides training for financial examiners.