|For Immediate Release||November 7, 2016|
FFIEC Issues Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council (FFIEC), today announced the issuance of an updated Uniform Interagency Consumer Compliance Rating System. The revisions reflect the regulatory, examination, technological, and market changes that have occurred since the release of the original rating system. The FFIEC member agencies plan to implement the updated rating system on consumer compliance examinations to begin on or after March 31, 2017.
The Consumer Compliance Rating System is a supervisory policy for evaluating financial institutionsí adherence to consumer compliance requirements. The Uniform Interagency Consumer Compliance Rating System is designed to more fully align the rating system with the FFIEC agenciesí current risk-based, tailored examination approaches. It was not developed with the intention of setting new or higher supervisory expectations for financial institutions. The rating systemís adoption will represent no additional regulatory burden for financial institutions.
The FFIEC members proposed the guidance in May 2016 and invited public comments through July 5, 2016. The agencies received 17 comments through the proposal process. Those comments were taken into account in finalizing the Uniform Interagency Consumer Compliance Rating System. The attached updated rating system will be published shortly in the Federal Register.
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 voting members: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the State Liaison Committee. The Councilís 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.