Question

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You are welcoming a number of high-school interns spending the summer working within the Federal Financial Institutions Examination Council's (FFIEC), the interagency council that makes recommendations and provides some oversight in the banking industry. As you welcome them, you explain not only the roles and responsibilities of the FFIEC, you also describe the federal departments and agencies that regularly receive the financial information the council collects and distributes. In your presentation, you identify the five government agencies and provide a brief summary of their goals and obligations to those who participate in this nation’s financial systems.

Answer 1

Based on the information given, the government agencies that make up the FFIEC include:

• The Federal Reserve Board (FRB): This is the agency that's responsible for overseeing the Federal Reserve Bank. Also, it is in charge of implementing monetary policies in the country.

• The Federal Deposit Insurance Corporation (FDIC): It's responsible for providing deposit insurance to the people.

• National Credit Union Administration: It performs the same function as the Federal Deposit Insurance Corporation as it is also responsible for providing deposit insurance to the people.

• The Office of the Comptroller of the Currency (OOC): This agency is responsible for making sure that banks operate in an efficient, safe manner and also comply with the rules guiding the financial institution.

• The Consumer Financial Protection Bureau (CFPB): This agency is responsible for protecting the interest of the consumers.

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