WASHINGTON—Federal Reserve Board Governor Daniel K. Tarullo has become the 22nd chairman of the Federal Financial Institutions Examination Council, of which NCUA is a member.
His two-year term runs through March 31, 2017.
Governor Tarullo succeeds Thomas J. Curry, the comptroller of the currency. The Council also named Martin J. Gruenberg, chairman, Federal Deposit Insurance Corporation, as its new vice chairman for the same two-year term. Prior to being appointed to the board in 2009, Governor Tarullo was professor of law at Georgetown University Law Center, where he taught courses in international financial regulation, international law, and banking law.
Meanwhile, Mary Hughes and Lauren Kingry have been reappointed to the Council's State Liaison Committee (SLC). Hughes’ SLC nomination was first confirmed by the National Association of State Credit Union Supervisors in January 2015 to complete a partial term vacancy created by the resignation of Thomas Candon upon his retirement.
Hughes serves as the Financial Institutions Bureau Chief of the Idaho Department of Finance. She was first employed by the Department as a Deputy Attorney General in 1990, primarily litigating cases brought to enforce the state’s securities and mortgage laws; she was appointed the Department’s lead attorney in 1997.
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 Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the State Liaison Committee. The Council’s 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.