Kathy Kraninger, director of the Consumer Financial Protection Bureau, was appointed chairman of the Federal Financial Institutions Examination Council last week, according to a company press release.
The FFIEC is a formal inter-agency body tasked with prescribing recommendations to promote uniformity in the supervision of financial institutions through uniform principles, standards, and report forms. Its members include: the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration, and the Consumer Financial Protection Bureau.
Read more: CFPB, OCC, Federal Reserve Prioritize Fintech Regulation in 2019
Chairmans’ terms rotate between member agencies every two years. J. Mark McWatters, board chairman of NCUA, was appointed vice chairman for the same term.
Kraninger succeeds Jelena McWilliams, director of the FDIC.
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