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Can you summarize 12 USC Chapter 34?
BANKS AND BANKING > FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
Short Summary
The legal document establishes the Financial Institutions Examination Council (FIEC) with the purpose of promoting consistency and uniformity in the examination and supervision of financial institutions. The FIEC consists of various members, including the Comptroller of the Currency, Chairman of the Board of Directors of the Federal Deposit Insurance Corporation, Governor of the Board of Governors of the Federal Reserve System, Director of the Consumer Financial Protection Bureau, Chairman of the National Credit Union Administration Board, and Chairman of the State Liaison Committee. The Council is responsible for coordinating and facilitating the examination of financial institutions to ensure their safety and soundness. It develops uniform principles, standards, and report forms for the examination of financial institutions, makes recommendations for uniformity in supervisory matters, and establishes reporting systems for federally supervised financial institutions. The Council also conducts schools for examiners, consults and assists in developing uniform standards for regulated lending institutions, and prepares an annual report covering its activities. Additionally, the Council establishes a liaison committee to encourage uniform examination principles and standards between State and Federal supervisory agencies. The document also governs the administration of the Council, including the internal administration, utilization of personnel and facilities, and appointment of necessary officers and employees. The Council has access to books, accounts, records, and reports of the Federal financial institutions regulatory agencies. The document also establishes the Appraisal Subcommittee within the Council, which consists of designees from various agencies and is responsible for overseeing the appraisal profession. Finally, the document mandates a review of regulations for insured depository institutions by the Council and appropriate Federal banking agencies to identify outdated or unnecessary regulatory requirements.
Whom does it apply to?
The document applies to financial institutions regulated by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, and the National Credit Union Administration.
What does it govern?
The legal document establishes the Financial Institutions Examination Council (FIEC) and outlines its purpose, functions, and responsibilities.
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No penalties are mentioned in the document.
Jurisdiction
U.S. Federal Government