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Title 12 — Banks and BankingRelease 119-73not60

§3303 Financial Institutions Examination Council

Title 12 › Chapter 34— FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3303

Last updated Apr 3, 2026|Official source

Summary

Creates the Financial Institutions Examination Council and says who sits on it. The council has six members: the Comptroller of the Currency; the Chairman of the Board of the Federal Deposit Insurance Corporation; a Governor of the Federal Reserve Board chosen by that Board’s Chairman; the Director of the Consumer Financial Protection Bureau; the Chairman of the National Credit Union Administration Board; and the Chairman of the State Liaison Committee. The members pick the first chairman. After that, the chair rotates among the members. Each chair’s term is two years. Members can name other officers or agency staff to act for them on the council. Members do not get extra pay for serving, but they can be paid reasonable expenses.

Full Legal Text

Title 12, §3303

Banks and Banking — Source: USLM XML via OLRC

(a)There is established the Financial Institutions Examination Council which shall consist of—
(1)the Comptroller of the Currency,
(2)the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation,
(3)a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board,
(4)the Director of the Consumer Financial Protection Bureau,
(5)the Chairman of the National Credit Union Administration Board, and
(6)the Chairman of the State Liaison Committee.
(b)The members of the Council shall select the first chairman of the Council. Thereafter the chairmanship shall rotate among the members of the Council.
(c)The term of the Chairman of the Council shall be two years.
(d)The members of the Council may, from time to time, designate other officers or employees of their respective agencies to carry out their duties on the Council.
(e)Each member of the Council shall serve without additional compensation but shall be entitled to reasonable expenses incurred in carrying out his official duties as such a member.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (a)(4). Pub. L. 111–203 substituted “Director of the Consumer Financial Protection Bureau” for “Director, Office of Thrift Supervision”. 2006—Subsec. (a)(4). Pub. L. 109–351, § 714(a)(1), substituted “Thrift Supervision,” for “Thrift Supervision”. Subsec. (a)(6). Pub. L. 109–351, § 714(a)(2), (3), added par. (6). 1989—Subsec. (a)(4). Pub. L. 101–73 substituted “Director, Office of Thrift Supervision” for “Chairman of the Federal Home Loan Bank Board, and”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date

Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 3303

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60