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.

The members of the Council shall select the first chairman of the Council. Thereafter the chairmanship shall rotate among the members of the Council.

The term of the Chairman of the Council shall be two years.

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.

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.

(Pub. L. 95–630, title X, § 1004, Nov. 10, 1978, 92 Stat. 3694; Pub. L. 101–73, title VII, § 744(a)(2), Aug. 9, 1989, 103 Stat. 438; Pub. L. 109–351, title VII, § 714(a), Oct. 13, 2006, 120 Stat. 1995; Pub. L. 111–203, title X, § 1091, July 21, 2010, 124 Stat. 2094.)