New FDIC committee of state regulators will look at safety/soundness, consumer protection, cybersecurity – and more

Current and emerging issues that have potential implications on the regulation and supervision of state-chartered financial institutions will be the focus of a new advisory committee announced Tuesday by the federal insurer of bank deposits.

In a release, the Federal Deposit Insurance Corp. (FDIC) said the agency’s board Tuesday approved the creation of the Advisory Committee of State Regulators (ACSR) at the agency. The FDIC said the new group will focus on safety and soundness and consumer protection issues, the creation of new banks, cyberattacks or money laundering risks, and other issues.

FDIC said the Designated Federal Officer to the Advisory Committee is expected to be Chad Davis, FDIC deputy to the chairman for external affairs. The committee will be composed of regulators of state-chartered financial institutions from across the United States, including its territories, or other individuals with expertise in the regulation of state-chartered financial institutions.

FDIC Board Approves Establishment of Advisory Committee of State Regulators