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Starting March 27, John Munn, director of the Nebraska Department of Banking and Finance, will serve as chairman of the Federal Financial Institutions Examination Council's (FFIEC) State Liaison Committee. The chairman of the SLC is a voting member of FFIEC.
Voting rights were granted to the SLC chairman in the Financial Services Regulatory Relief Act of 2006. NASCUS considers the voting rights as critical to ensuring state regulators are represented in discussion on regulatory issues and guidance that affects the state regulatory system. Munn follows Steve Antonakes, commissioner of banking for the Massachusetts Division of Banking.
Sandra Branson, director of the Missouri Division of Credit Unions, is the NASCUS representative on the SLC. The committee is made up of five members, two appointed by FFIEC and one designated representative each from NASCUS, the Conference of State Bank Supervisors and the American Council of State Savings Supervisors. State regulators also serve on FFIEC task forces.
FFIEC is responsible for guidance on regulatory issues such as Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance which affect state-chartered institutions.
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