Question

The Federal Financial Institutions Examination Council (FFIEC) promotes uniform practices among the federal financial institutions. Its purpose is to: 1) establish principles and standards for the examination of federal financial institutions; 2) develop a uniform reporting system for federal financial institutions; 3) conduct training for federal bank examiners; 4) make recommendations regarding bank supervision matters, and 5) encourage the adoption of uniform principles and standards by federal and state banks.

Answer 1

Answer:

The correct option is 1

Explanation:

The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions.

FFIEC was established in March 10, 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA).