Mary Hughes Appointed to FFIEC State Liaison Committee
The Federal Financial Institutions Examination Council (FFIEC) announced today the appointment of a new member of the Council’s State Liaison Committee (SLC). Mary Hughes serves as the Financial Institutions Bureau Chief of the Idaho Department of Finance.
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 was first employed by the Department as a Deputy Attorney General in 1990, primarily litigating cases brought to enforce the state’s securities and mortgage laws; she was appointed the Department’s Lead Attorney in 1997. She served as the Consumer Finance Bureau Chief, supervising the state’s non-depository financial institutions, from 2000 until 2003, at which time she was appointed to her current position.
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.
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: a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board, the Chairman of the Federal Deposit Insurance Corporation, the Chairman of the Board of the National Credit Union Administration, the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau, and the Chairman of 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.