Daniel K. Tarullo named FFIEC Chairman

Federal Reserve Board Governor Daniel K. Tarullo on Wednesday became the 22nd chairman of the Federal Financial Institutions Examination Council. His two-year term runs from April 1, 2015 through March 31, 2017. Governor Tarullo succeeds Thomas J. Curry, the comptroller of the currency, Office of the Comptroller of the Currency (OCC). The Council also named Martin J. Gruenberg, chairman, Federal Deposit Insurance Corporation (FDIC), as its new vice chairman for the same two-year term.

“I look forward to working with the Council to promote uniform supervisory principles and practices among federal and state banking regulators,” Governor Tarullo said. “I intend to continue the important initiative on cybersecurity begun by Comptroller Curry during his chairmanship over the past two years.”

Prior to being appointed to the Board in 2009, Governor Tarullo was professor of law at Georgetown University Law Center, where he taught courses in international financial regulation, international law, and banking law. Before joining the Georgetown Law faculty, Governor Tarullo held several senior positions in the Clinton administration, including serving as a principal on both the National Economic Council and the National Security Council.

Governor Tarullo most recently served as the vice chairman of the Council from April 1, 2013 to March 31, 2015.

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. The Council has six voting members: the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the State Liaison Committee. The Council’s activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.

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