Federal Financial Institutions Examination Council
The FFIEC is an interagency set out to dictate policies, standards, and report forms for the scrutiny of financial institutions by the Board of Governors of the Federal Reserve Board, the Federal Deposit Insurance Corporation, National Credit Union Administration, the Office of the Comptroller of Currency, and the Office of Thrift Supervision.
In a 2005 Guidance entitled Authentication in an Internet Banking Environment , the FFIEC said "the agencies consider single-factor authentication, as the only control mechanism, to be inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties."
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