NCUA Chairman Matz Begins Term as FFIEC Chairman
April 5, 2011 On April 1, the National Credit Union Administration (NCUA) Chairman Debbie Matz began a two year term as the Chairman of the Federal Financial Institutions Examination Council (FFIEC). Matz succeeds Shelia Bair, Chairman of the Federal Deposit Insurance Corporation (FDIC). In addition, John Walsh, acting Comptroller of the Currency, was named Vice Chairman.
FFIEC consists of the heads of the NCUA, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the FDIC and the Office of Thrift Supervision. It was established to make recommendations to promote uniformity in the supervision of financial institutions.
In 2006, the State Liaison Committee (SLC) Chairman, currently John Munn (NE), was made a voting member of the FFIEC. The SLC consists of five state regulator representatives, including one state credit union regulator designated by NASCUS, currently Harold Feeney (TX). The remaining SLC representatives are David Cotney (MA), Charles Vice (KY) and Doug Foster (TX). They are designated from the Conference of State Bank Supervisors and the American Council of State Savings Supervisors for two-year terms.
In a FFIEC press release Chairman Matz remarked: "First, I want to thank Sheila Bair for her outstanding leadership of FFIEC during the last two years. FFIEC's leadership transition from the FDIC to NCUA comes at an extraordinarily important time for the regulation of all insured financial institutions. I look forward to working with my distinguished colleagues in continuing the FFIEC mandate of promoting uniformity in the supervision of these institutions. I am confident that, working together, we will address many of the challenges now facing consumers and the financial services industry."
To read the full release, click here.