§ 3303. Financial Institutions Examination Council

• (a) There is established the Financial Institutions Examination Council which shall consist of—
  • (1) the Comptroller of the Currency,
  • (2) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation,
  • (3) a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board,
  • (4) the Director of the Consumer Financial Protection Bureau,
  • (5) the Chairman of the National Credit Union Administration Board, and
  • (6) the Chairman of the State Liaison Committee.
• (b) The members of the Council shall select the first chairman of the Council. Thereafter the chairmanship shall rotate among the members of the Council.
• (c) The term of the Chairman of the Council shall be two years.
• (d) The members of the Council may, from time to time, designate other officers or employees of their respective agencies to carry out their duties on the Council.
• (e) Each member of the Council shall serve without additional compensation but shall be entitled to reasonable expenses incurred in carrying out his official duties as such a member.