|For Immediate Release||May 2, 2022|
Fite Re-Elected as State Liaison Committee Chairman
The Federal Financial Institutions Examination Council (FFIEC) today announced the re-election of Thomas Fite by the State Liaison Committee (SLC) as SLC Chairman. The SLC Chairman’s one-year term runs from May 1 until April 30 of the following year. The SLC can re-elect the Chairman for additional terms. Fite has been a member of the SLC since September 2017 and has served as its Chairman since 2021.
Prior to serving as SLC Chairman, Fite was the state regulatory agencies’ representative on the FFIEC Task Force on Supervision for more than four years. Additionally, he has served on the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) Bank Secrecy Act Advisory Group. Fite also served on the joint Interagency Supervisory Process Committee and in 2020 was named Vice Chairman of the Board of Directors for the Conference of State Bank Supervisors (CSBS).
Fite was named Director of the Indiana Department of Financial Institutions in January 2016. Prior to that, he was appointed Deputy Director of the department’s Depository Division in 2013. He spent the 15 previous years in field examination and regional supervision roles.
The SLC is comprised of five members, and also includes:
The FFIEC was created by the federal Financial Institutions Regulatory and Interest Rate Control Act of 1978 to “prescribe uniform principles and standards for the federal examination of financial institutions” and “make recommendations 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 FFIEC 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 SLC.
The SLC consists of five representatives of state banking and credit union agencies that supervise financial institutions. Members are designated by the CSBS, ACSSS, NASCUS, and the FFIEC. An SLC member may have his or her two-year term extended by the appointing organization for an additional, two-year term.