FMS's Financial Institution Accounting Committee (FIAC) serves as the Society's advocacy arm when significant regulatory or accounting issues or proposals impact the membership. The Society does not engage in any legislative advocacy on either a state or a national level.

Usually meeting three times a year, FIAC engages in a regular dialogue with representatives from the FDIC, OCC, OTS, FED, SEC, FASB, AICPA, and PCAOB. The dialogue benefits the regulatory and accounting standard setters by providing first-hand feedback on the industry's reaction to various proposals and practices. FIAC, and FMS, obviously, benefit from a greater understanding of the regulators' perspective, and the opportunity to influence their thinking.

FIAC provides written commentary on most of the significant regulatory and accounting proposals promulgated by the various agencies. The letters are drafted by committee members, and represent the consensus view of the Committee.

Membership is open to any FMS member interested in the committee's mission. To learn about applying for the committee, contact Dick Yingst, FMS President/CEO, 312-578-1300 or dyingst@fmsinc.org.