Federal Financial Institutions Examination Council
|For Immediate Release||April 30, 2010|
The State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council announced today the re-election of John Munn as its Chairman for the period of May 1, 2010 through April 30, 2011. Munn is the Director of the Nebraska Department of Banking and Finance, where he has served since January 2005. The Department supervises state-chartered financial institutions, registered and licensed financial entities including mortgage banking, delayed deposit service companies, and the securities industry in Nebraska.
John Munn was first elected Chairman of the SLC in February 2008 for a partial term created when the previous Chairman resigned. Since May of 2008 Munn has been subsequently re-elected to three one-year terms. Munn has also served on the boards of the CSBS, and the Education Foundation of the State Bank Supervisors. Munn is a graduate of Nebraska Wesleyan University where he earned a B.A. in Education, the Colorado Graduate School of Banking, and the American Bankers Association Trust School.
The SLC was established by the Council pursuant to Section 1007 of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 to encourage the application of uniform examination principles and standards by state and federal agencies and to allow state regulators to participate in the development of those principles and standards. The Financial Services Regulatory Relief Act of 2006 made the Chairman of the SLC a voting member of the Council. The SLC consists of five representatives of state regulatory agencies that supervise financial institutions whose membership currently includes: Douglas Foster, Commissioner, Texas Department of Savings and Mortgage Lending; Harold Feeney, Commissioner, Texas Credit Union; Sarah Bloom Raskin, Commissioner, Maryland Office of Financial Regulation; and Charles Vice, Commissioner, Kentucky Department of Financial Institutions.
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 six members: 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, the Office of Thrift Supervision, and the Chairman of the State Liaison Committee. 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.