Annual Report 2002 - ffiec

MESSAGE FROM THE CHAIRMAN
As regulators we continue to work
together to advance our mission of
promoting uniformity and consistency
in the supervision of the
financial institutions industry. As
the Chairman of the Federal Financial
Institutions Examination Council
(Council), I am pleased to report
on the Council’s activities.
Through its task forces, the Council
completed several important initiatives
this past year. (Refer to Activities
of the Interagency Staff Task
Forces for more detailed information
on initiatives.) Some of the most
significant achievements include:
• Endorsement of interagency policies
on asset securitizations;
• Progress on a new model for collecting,
validating, storing and
Donald E. Powell distributing, Call Report data;
• Improvement in the timing,
speed, and accuracy of regulatory
information transferred between
agencies;
• Enhancement of the processes for
collecting Home Mortgage Disclosure
Act (HMDA) data;
• Delivery of pertinent training to
2,643 state and federal employees;
and
• Distribution of the Uniform Bank
Performance Report (UBPR)
exclusively through our web site.
In addition to our policy agenda,
another important priority of the
Council was conducting a thorough
review of Council operations. A
Council-appointed interagency
review team identified a number
of areas where the Council could
improve its internal procedures,
enhance its efficiency, and save
money. As a direct result of this
effort, the 2003 budget reflects an
estimated 22 percent savings over
last year.
Despite these improvements, we still
face many challenges in 2003. Even
with our improvements this year in
accountability and efficiency, coordinating
policy among the regulators
in a timely manner has not
been easy. I remain hopeful that the
improvements we have made in the
Council’s processes in 2002 will
continue and will lead to more effective,
efficient, and timely policy
coordination among the agencies.
While my term as Chairman will be
complete in the spring of 2003, I
look forward to continuing to serve
the Council as an active member in
the coming year.
vii