Federal Financial Institutions Examination Council
|For Immediate Release||April 17, 2001|
Donna A. Tanoue, Chairman of the Federal Deposit Insurance Corporation, was elected Chairman of the Federal Financial Institutions Examination Council for a two-year term beginning April 1. Chairman Tanoue succeeds Dr. Laurence H. Meyer, member of the Board of Governors of the Federal Reserve System. The Council also named OTS Director Ellen Seidman, as its new Vice Chairman.
The Council was created by the Federal Financial Institutions Regulatory and Interest Rate Control Act of 1978. It is composed of the heads of the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of Thrift Supervision, the Office of the Comptroller of the Currency, and a Member of the Federal Reserve Board. The Act creating the Council directed it to promote uniformity with respect to examination and supervisory policies and procedures and to help rationalize the United States system of supervision of financial institutions.
Ms. Tanoue took office as the 17th Chairman of the
Federal Deposit Insurance Corporation on May 26, 1998. Before she became
FDIC Chairman, Ms. Tanoue was a partner in the Hawaii law firm of Goodsill
Anderson Quinn & Stifel, which she joined in 1987. From 1983 to 1987,
Ms. Tanoue was Commissioner for Financial Institutions for the State of
Hawaii. She received a J.D. from the Georgetown University Law Center
in 1981 and a B.A. from the University of Hawaii in 1977.
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has five member agencies: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. The Council's activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.