The coordinating group for the federal financial institution regulators has named an Indiana regulator to its state advisory group, filling out the group’s membership roster.
Tom Fite, director of the Indiana Department of Financial Institutions was named a member of the State Liaison Council (SLC) of the Federal Financial Institutions Examination Council (FFIEC), a group that includes among its membership 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 SLC.
Fite is a long-time regulator, serving in field examination and regional supervision roles for the Indiana department for 15 years. In 2013, he was he was appointed deputy director of the department’s Depository Division; he was named director of the department in 2016. Fite is completing the remainder of the two-year term left vacant by the early departure of Judi Stork; his term expires in 2019.
The SLC consists of five representatives of state banking and credit union agencies that supervise financial institutions, designated by the FFIEC itself and various professional groups representing state banking and credit union supervisory authorities.
The FFIEC was created 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.