Federal Financial Institutions Examination Council
|For Immediate Release||April 1, 2003|
James E. Gilleran, Director of the Office of Thrift Supervision, has been named Chairman of the Federal Financial Institutions Examination Council (FFIEC) for a two-year term beginning April l. Director Gilleran succeeds Donald E. Powell, Chairman of the Federal Deposit Insurance Corporation. The Council also named NCUA Chairman Dennis Dollar, 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 Board of Governors of the Federal Reserve System. The Act creating the Council directed it to promote uniformity with respect to examination and supervisory policies and procedures in the supervision of financial institutions.
Mr. Gilleran took office as Director of OTS
December 7, 2001. He served as California State Banking Superintendent
from 1989 to 1994. From October 1994 until December 2000 he was
Chairman and CEO of the Bank of San Francisco. Mr. Gilleran also
served as Chairman of the Conference of State Banking Supervisors
from 1993 to 1994 and was a member of their Advisory Council until
200O. From 1991 to 1992 Mr. Gilleran was Chairman of the State Liaison
Committee of FFIEC.
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.