§3303 Financial Institutions Examination Council

Summary

Creates the Financial Institutions Examination Council and says who must be on it. It must include six officials: the Comptroller of the Currency; the Chair of the FDIC Board; one Governor of the Federal Reserve chosen by the Fed Chair; the Director of the Consumer Financial Protection Bureau; the Chair of the National Credit Union Administration Board; and the Chair of the State Liaison Committee. Council members choose the first chair, and after that the chair rotates among them. Each chair serves for two years. Members may name agency staff to act for them. They get no extra pay for Council service but can be reimbursed for reasonable expenses.