Federal Financial Institutions Examination Council

(redirected from Ffiec)
Also found in: Acronyms, Encyclopedia.

Federal Financial Institutions Examination Council

A federal interagency body (www.ffiec.gov) that establishes uniform standards and reporting requirements for the examination and auditing of financial institutions supervised by 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 Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Looking specifically at some of the FFIEC requirements, it is even more apparent that reactive, perimeter-facing controls are no longer sufficient.
In this two-hour live webcast, a panel of thought leaders and professionals assembled by The Knowledge Group will provide the audience with an in-depth discussion of the fundamentals as well as the recent developments surrounding the FFIEC Cybersecurity Assessment Tool.
While the FFIEC's guidance is not enforceable, it contains assistance in addressing a multitude of regulations and laws that must be followed by all financial institutions.
Due to the vague standard established by the U.C.C., the FFIEC has long been concerned with the authentication of identity in online banking transactions.
(68.) See FFIEC Information Security, supra note 59 at 16-17.
These figures are based on combining structural data from the FR Y-10 and financial data from the FR Y-11, FR 2314, and FFIEC 031 and 041 reports.
Faced with increasingly sophisticated cybercrime threats, NEFCU turned to Trusteer for endpoint protection against zero-day malware and phishing attacks, and an architecture that would allow it to meet the requirements of the new online banking security guidance issued in June by the Federal Financial Institutions Examination Council (FFIEC).
The revised rules stipulate that any real estate-related financial transaction purchased (or originated) by an FFIEC agency--the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and National Credit Union Administration--must address the property's actual physical condition and characteristics in addition to the economic and market conditions that affect the estimate of the collateral's market value.
The apparent ability of hackers to access accounts simply by entering a valid username and password shows why companies need additional authentication measures such as a token-based or one-time password mechanism, he said.<p>The Federal Financial Institutions Examination Council (FFIEC), a council set up to develop standards for auditing financial institutions, has in recent years urged financial institutions to implement strong authentication mechanisms.
The Federal Financial Institutions Examination Council (FFIEC) is an interagency group composed of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, and two Treasury offices, Thrift Supervision and Comptroller of the Currency.