|For Immediate Release||April 29, 2016|
FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological and market changes since the system was established.
The Consumer Compliance Rating System is a supervisory policy for evaluating financial institutionsí adherence to consumer compliance requirements. The FFIEC today released its proposal to revise the Consumer Compliance Rating System to reflect consumer compliance supervisory approaches already being used.
The revisions are designed to more fully align the rating system with the FFIEC agenciesí current risk-based, tailored examination approaches. The proposed revisions were not developed with the intention of setting new or higher supervisory expectations for financial institutions; their adoption will represent no additional regulatory burden.
The FFIEC invites public comments on any aspect of the attached proposal. Comments must be received 60 days from publication in the Federal Register. All comments received, including any personal information provided, will be posted, generally without change, to www.regulations.gov.
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. 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 Council consists of the following six voting members: a member of the Board of Governors of the Federal Reserve System; the Chairman of the Federal Deposit Insurance Corporation; the Director of the Consumer Financial Protection Bureau; the Comptroller of the Currency; the Chairman of the National Credit Union Administration; and the Chairman of the State Liaison Committee.