Acting Comptroller of the Currency Michael J. Hsu named FFIEC Chair
ALEXANDRIA, VA (March 31, 2023) — The Federal Financial Institutions Examination Council (FFIEC) today announced Michael J. Hsu, Acting Comptroller, Office of the Comptroller of the Currency, as its Chair. Mr. Hsu’s two-year term runs from April 1, 2023, through March 31, 2025. The FFIEC also named Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System, as its new Vice Chair for the same two-year term.
Mr. Hsu became Acting Comptroller of the Currency on May 10, 2021. He previously served in the Division of Supervision and Regulation at the Federal Reserve Board of Governors, at the International Monetary Fund, the U.S. Department of the Treasury, and the Securities and Exchange Commission.
Mr. Hsu holds an undergraduate degree from Brown University, a master of science in finance from George Washington University, and a juris doctor degree from New York University School of Law.
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. It also conducts schools for examiners employed by the five federal member agencies represented on the FFIEC and makes those schools available to employees of state agencies that supervise financial institutions. The Council consists of the following six voting members: a member of the Board of Governors of the Federal Reserve System; the Chairman of the Federal Deposit Insurance Corporation; the Director of the Consumer Financial Protection Bureau; the Comptroller of the Currency; the Chairman of the National Credit Union Administration; and the Chairman of the State Liaison Committee.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.