|For Immediate Release||January 5, 2015|
Mary Hughes Appointed to FFIEC State Liaison Committee
The Federal Financial Institutions Examination Council (FFIEC) announced today the appointment of a new member of the Councilís State Liaison Committee (SLC). Mary Hughes serves as the Financial Institutions Bureau Chief of the Idaho Department of Finance.
The National Association of State Credit Union Supervisors (NASCUS) confirmed the appointment of Hughes who succeeds Thomas Candon, Deputy Commissioner of Banking and Securities of the Vermont Department of Financial Regulation. Candon departed the SLC on Dec. 31, 2014, and Hughes will serve the remainder of his term through March 31, 2015.
Hughes joins the current four members of the SLC who are:
Hughes was first employed by the Department as a Deputy Attorney General in 1990, primarily litigating cases brought to enforce the stateís securities and mortgage laws; she was appointed the Departmentís Lead Attorney in 1997. She served as the Consumer Finance Bureau Chief, supervising the stateís non-depository financial institutions, from 2000 until 2003, at which time she was appointed to her current position.
Hughes has served as an officer and director of NASCUS and the American Association of Residential Mortgage Regulators and as an officer of the Business and Corporate Law Section of the Idaho State Bar. She remains an active member of the Idaho State Bar.
The FFIEC was created by the Federal Financial Institutions Regulatory and Interest Rate Control Act of 1978 to prescribe uniform principles, standards and report forms for the federal examination of financial institutions, and to make recommendations to promote uniformity in the supervision of financial institutions. It also conducts schools for examiners employed by the five federal member agencies represented on the FFIEC and makes those schools available to employees of state agencies that supervise financial institutions.
The FFIEC currently consists of the following six voting members: the Comptroller of the Currency, Office of Comptroller of the Currency; a member of the Board of Governors of the Federal Reserve System (Board), appointed by the Chairman of the Board; Chairman of the Federal Deposit Insurance Corporation; Director of the Consumer Financial Protection Bureau; Chairman of the National Credit Union Administration; and the Chairman of the SLC.
The SLC consists of five representatives of state banking agencies that supervise financial institutions and members are designated from the Conference of State Bank Supervisors, ACSSS, NASCUS, and the council.