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Federal Financial Institutions Exanimation Council Annual Report

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Federal Financial Institutions Exanimation Council Annual Report Federal Financial Institutions Examination Council A N N U A L R E P O R T 2011 Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau , Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, State Liaison Committee Federal Financial Institutions Examination Council A N N U A L R E P O R T 2011 Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, State Liaison Committee MEMBERS OF THE COUNCIL Debbie Matz, Chairman John Walsh, Vice Chairman Daniel K. Tarullo Chairman Acting Comptroller of the Currency Member, Board of Governors of the National Credit Union Administration Office of the Comptroller of the Currency Federal Reserve System Martin J. Gruenberg Richard Cordray John Munn Acting Chairman Director Director, Nebraska Department of Federal Deposit Insurance Corporation Consumer Financial Protection Bureau Banking & Finance LETTER OF TRANSMITTAL Federal Financial Institutions Examination Council Arlington, VA 22226 March 30, 2012 The President of the Senate The Speaker of the House of Representatives Pursuant to the provisions of section 1006(f) of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (12 U.S.C. § 3305), I am pleased to submit the 2011 Annual Report of the Federal Financial Institutions Examination Council. Respectfully, Debbie Matz Chairman TABLE OF CONTENTS vii Message from the Chairman 1 Overview of the Federal Financial Institutions Examination Council Operations 3 Record of Council Activities 7 State Liaison Report 9 Activities of the Interagency Staff Task Forces 23 The Federal Financial Institution Regulatory Agencies and their Supervised Institutions 32 Assets, Liabilities, and Net Worth of U.S. Commercial Banks, Thrift Institutions, and Credit Unions as of December 31, 2011 33 Income and Expenses of U.S. Commercial Banks, Thrift Institutions, and Credit Unions for Twelve Months Ending December 31, 2011 35 Appendix A: Relevant Statutes 41 Appendix B: 2011 Audit Report 51 Appendix C: Maps of Agency Regions and Districts 57 Appendix D: Organizational Listing of Personnel v MESSAGE FROM THE CHAIRMAN I am pleased to report to you as the achieved through the work of the Chairman of the Federal Financial FFIEC task forces, subcommittees, Institutions Examination Council and working groups, include the (FFIEC or Council), the first time in following: almost 25 years the National Credit • Renewed emphasis on the work Union Administration has chaired of the FFIEC Appraisal Sub- the Council. committee (ASC), which saw its FFIEC member agencies include mandate substantially enhanced the Board of Governors of the Fed- as a result of the Dodd-Frank eral Reserve System, the Federal Act. At the direction of the Deposit Insurance Corporation Council principals, member (FDIC), the Office of the Comp- agencies committed to designat- troller of the Currency (OCC), the ing higher level, senior execu- National Credit Union Administra- tive members to serve on the tion (NCUA) and the State Liaison ASC, with the express intention Committee. In 2011, as a part of of providing it with a higher the Dodd-Frank Wall Street Reform level of strategic planning and and Consumer Protection Act of guidance. With the new struc- 2010 (Dodd-Frank Act), the Con- ture in place, the ASC is now sumer Financial Protection Bureau better positioned to implement FFIEC Chairman Debbie Matz (CFPB) was added as a member several new programs and agency to the Council. projects throughout 2012 and beyond: including rulemaking, In 2011, the Council itself experi- establishing an advisory com- enced significant changes. In addi- mittee, and implementing an tion to welcoming CFPB as a new appraiser hotline as required by agency member, a new acting the Dodd-Frank Act. chairman represented FDIC, and OCC absorbed the Office of Thrift • Issued a Supplement to the 2005 Supervision (OTS). These transi- Guidance on Authentication in tions, particularly the departure of an Internet Banking Environ- OTS and the installation of CFPB ment to reinforce the necessary on FFIEC task forces, provided the risk management framework Council with new perspectives and to mitigate ongoing cyber risk. insights, including a heightened Updated the Information Tech- emphasis on financial issues affect- nology Examination Handbook ing American consumers. to address ongoing risk con- cerns in the electronic banking Through the leadership of the area. Council and the supporting efforts of its task forces, we made substan- • Launched the Nationwide tive efforts to apply and imple- Mortgage Licensing System and ment certain provisions of the Registry for federally regulated Dodd-Frank Act, the most com- institutions in accordance with prehensive and significant reform the Secure and Fair Enforce- legislation affecting the financial ment for Mortgage Licensing sector in a generation. This effort Act of 2008 (the SAFE Act). will continue throughout 2012. Released related examination Notable accomplishments in 2011, procedures in late 2011. vii • Approved an additional senior As we move forward in 2012, As Council Chairman, I remain program administrator posi- FFIEC will continue to empha- committed to advancing the mis- tion for the Examiner Education size collaborative efforts to jointly sion of FFIEC to coordinate regu- Office to continue providing draft and issue guidance and other latory reporting requirements and exceptional specialized exam- important documents to support examination procedures. Our goal iner training. the financial safety and sound- is to help our institutions and U.S. ness of our federally insured consumers achieve financial suc- • Hired a new Executive Secre- institutions as they weather the cess in 2012 and beyond. tary, a critical position for the ongoing financial challenges. Council and its staff. Managed FFIEC encourages and facilitates a seamless transition between open communication and inclu- the incumbent and the new sion among participating agency Executive Secretary. members. viii OVERVIEW OF THE FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL OPERATIONS The Federal Financial Institu- The Council is responsible for agencies and the former Resolu- tions Examination Council (FFIEC developing uniform reporting tion Trust Corporation; (3) main- or Council) was established on systems for federally supervised taining a national registry of March 10, 1979, pursuant to title X financial institutions, their holding appraisers who are certified and of the Financial Institutions Regu- companies, and the nonfinancial licensed by a state, and are also latory and Interest Rate Control institution subsidiaries of those eligible to perform appraisals in Act of 1978 (FIRIRCA), Public institutions and holding compa- federally related transactions; and Law 95-630. The purpose of title nies. It conducts schools for exam- (4) monitoring the practices, pro- X, cited as the Federal Financial iners employed by the five fed- cedures, activities, and organiza- Institutions Examination Council eral member agencies represented tional structure of the Appraisal Act of 1978, was to create a for- on the Council and makes those Foundation, a nonprofit educa- mal interagency body empowered schools available to employees of tional corporation established to prescribe uniform principles, state agencies that supervise finan- by the appraisal industry in the standards, and report forms for cial institutions. United States. the federal examination of finan- The Council was given additional cial institutions by the Board of statutory responsibilities by sec- The Secure and Fair Enforcement Governors of the Federal Reserve tion 340 of the Housing and Com- for Mortgage Lending Act of 2008 System (FRB), the Federal Deposit munity Development Act of 1980, (SAFE Act), enacted as title V of Insurance Corporation (FDIC), the Public Law 96-399. Among these the Housing and Economic Recov- National Credit Union Adminis- responsibilities are the implemen- ery Act of 2008, established the tration (NCUA), and the Office of tation of a system to facilitate pub- responsibility for the federal bank- the Comptroller of the Currency lic access to data that depository ing agencies, through the FFIEC (OCC) and to make recommenda- institutions must disclose under and in conjunction with the Farm tions to promote uniformity in the the Home Mortgage Disclosure Act Credit Administration (FCA), to supervision of financial institu- of 1975 (HMDA) and the aggre- develop and maintain a system for tions. To encourage the application gation of annual HMDA data, by registering employees of deposi- of uniform examination principles census tract, for each metropolitan tory institutions and certain of and standards by the state and statistical area. their subsidiaries’ loan origina- federal supervisory authorities, tors with the Nationwide Mort- the Council established, in accor- Title XI of the Financial Institutions gage Licensing System and Regis- dance with the requirement of the Reform, Recovery, and Enforce- try (NMLSR). The SAFE Act and statute, an advisory State Liaison ment Act of 1989 established the implementing regulations require Committee (SLC). In accordance Appraisal Subcommittee within certain information about loan with the Financial Services Regu- the Council. The functions of the originators to be furnished to the latory
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