§3303 Financial Institutions Examination Council

Summary

Creates a Financial Institutions Examination Council made up of six officials: the Comptroller of the Currency; the FDIC Board chair; one Federal Reserve Governor chosen by the Fed Chair; the Director of the Consumer Financial Protection Bureau; the National Credit Union Administration Chair; and the Chair of the State Liaison Committee. Council members pick the first chair, then the chair role rotates among them, and each chair serves a two-year term. Members may name other agency staff to do Council work for them. Council members get no extra pay for this role but can be reimbursed for reasonable expenses.