FFIEC update on Examination Modernization Project

The Federal Financial Institutions Examination Council (FFIEC) has provided a second update on its Examination Modernization Project. The project identifies and assesses ways to improve the effectiveness, efficiency, and quality of community financial institutions' safety and soundness examination processes, particularly through increased use of technology. The project is a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act. FFIEC members with safety and soundness examination responsibilities expect these efforts to help reduce unnecessary regulatory burden on community financial institutions.