Mary Hughes appointed to FFIEC State Liaison Committee
The National Association of State Credit Union Supervisors (NASCUS) confirmed the appointment of Hughes who succeeds Thomas Candon, Deputy Commissioner of Banking and Securities of the Vermont Department of Financial Regulation. Candon departed the SLC on Dec. 31, 2014, and Hughes will serve the remainder of his term through March 31, 2015.
Hughes joins the current four members of the SLC who are:
- SLC Chairman David Cotney, Commissioner of Banks for the Commonwealth of Massachusetts
- Lauren Kingry, Superintendent of the Arizona Department of Financial Institutions
- Karen Lawson, Director of the Office of Banking within the Michigan Department of Insurance and Financial Services
- Michael Mach, Division of Banking Administrator for the Wisconsin Department of Financial Institutions
Hughes has served as an officer and director of NASCUS and the American Association of Residential Mortgage Regulators and as an officer of the Business and Corporate Law Section of the Idaho State Bar. She remains an active member of the Idaho State Bar.
The FFIEC was created by the Federal Financial Institutions Regulatory and Interest Rate Control Act of 1978 to prescribe uniform principles, standards and report forms for the federal examination of financial institutions, and to make recommendations 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 FFIEC currently consists of the following six voting members: the Comptroller of the Currency, Office of Comptroller of the Currency; a member of the Board of Governors of the Federal Reserve System (Board), appointed by the Chairman of the Board; Chairman of the Federal Deposit Insurance Corporation; Director of the Consumer Financial Protection Bureau; Chairman of the National Credit Union Administration; and the Chairman of the SLC.
The SLC consists of five representatives of state banking agencies that supervise financial institutions and members are designated from the Conference of State Bank Supervisors, American Council of State Savings Supervisors, NASCUS, and the Council.