WASHINGTON – The Federal Deposit Insurance Corporation's Board of Directors today approved establishing a new advisory committee for state regulators and the FDIC to discuss a variety of current and emerging issues that have potential implications on the regulation and supervision of state-chartered financial institutions.
"State Regulators are an important link in our regulatory ecosystem and the FDIC appreciates their input and feedback," said FDIC Chairman Jelena McWilliams. "This Advisory Committee will facilitate and increase dialogue between the FDIC and our state regulatory partners on a host of important regulatory issues."
Once fully established, the new Advisory Committee of State Regulators (ACSR) will provide a useful mechanism to facilitate regular discussions of: safety and soundness and consumer protection issues, the creation of new banks, the protection of our nation's financial system from risks such as cyberattacks or money laundering, and other timely issues.
Chad Davis, FDIC's Deputy to the Chairman for External Affairs, is expected to serve as the Designated Federal Officer to the Advisory Committee. Members of the Advisory Committee will be composed of regulators of state-chartered financial institutions from across the United States, including its territories, or other individuals with expertise in the regulation of state-chartered financial institutions.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 5,303 as of June 30, 2019. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.
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