Federal Financial Institutions Examination Council
|For Immediate Release||May 26, 1999|
The State Liaison Committee of the Federal Financial Institutions Examination Council has elected G. Edward Leary as its Chairman. Mr. Leary is the Commissioner of the Department of Financial Institutions for the State of Utah with supervisory responsibility over banks, credit unions, industrial loan corporations, savings & loans, trust companies, depository institution holding companies, money transmitters, loan production offices, independent escrow agents, residential mortgage lenders, brokers and servicers. The Department regulates and licenses over 141 financial institutions with assets above $24 billion and supervises over l,900 mortgage lenders and brokers.
The Committee was established by the Council pursuant to Section 1007 of the Financial Institutions Regulatory and Interest Rate Control Act of l978 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. In addition to Mr. Leary, the members of the Committee are: Thomas J. Curry, Massachusetts Commissioner of Banks; James E. Forney, Iowa Superintendent of Credit Unions, Bill C. Houston, Tennessee Commissioner of Financial Institutions; and James L. Pledger, Texas Savings and Loan Commissioner.
Mr. Leary has served as Commissioner of the Department of Financial Institutions since June, 1992. He began his career with the Department in 1977 as an examiner, holding subsequent positions as an industry supervisor and chief examiner. Under Mr. Leary's guidance, the Department has successfully reduced regulatory burden and modernized financial institution regulations.