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FFIEC Issues Updated Rating System
Thursday, November 10, 2016 6:50 AM

The Federal Financial Institutions Examination Council announced the issuance of an updated Uniform Interagency Consumer Compliance Rating System on Monday, which reflects regulatory, examination, technology, and market changes that have occurred since the release of the original system.

FFIEC proposed the revision because the rating system has not been updated in 30 years. NCUA examiners use this rating system to evaluate credit unions’ adherence to consumer compliance requirements.

The FFIEC member agencies plan to implement the updated rating system on consumer compliance examinations to begin on or after March 31, 2017.

Financial institutions are assigned confidential consumer compliance ratings based on evaluations made during the exam process of their compliance with consumer financial laws. The rating is on a scale of 1 to 5 in order of increasing supervisory concern, with 1 being the lowest level of concern and 5 being the highest level of concern.

For more information, please visit the NCUA Newsroom.