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Matz named chair of FFIEC
WASHINGTON (4/5/11)--The Federal Financial Institutions Examination Council (FFIEC) has named National Credit Union Administration (NCUA) Chairman Debbie Matz as its new leader. Matz will serve a two-year term at the helm of the council established in 1978 to promote uniformity in financial institution regulation. Matz’s acceptance of the FFIEC chairmanship results in placing the NCUA in the lead position for the first time in more than 20 years. Although the chairmanship is assigned on a rotating basis among the heads of the five member agencies, the NCUA has declined the position in the last two decades, according to the NCUA. Although the NCUA did not comment on why past chairman declined the role of FFIEC, a sposkesman said Matz accepted the responsibility because she is "committed to promoting consensus among financial regulators as they work to implement new rules protecting the safety and soundness of the financial services industry." The FFIEC is comprised of the leaders of the NCUA, the Federal Reserve Board, the office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corp. (FDIC). Matz succeeds FDIC Chairman Sheila Bair in the FFIEC position. “First, I want to thank Sheila Bair for her outstanding leadership of FFIEC during the last two years,” said Matz in a statement Monday. “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.” In 2006, the State Liaison Committee (SLC) chairman was made a voting member of the FFIEC. The SLC consists of five representatives of state financial institution regulatory agencies, and members are designated from the Conference of State Bank Supervisors, the American Council of State Savings Supervisors, the National Association of State Credit Union Supervisors, and the FFIEC for two-year terms.
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