Fed Accepting Statements of Interest for Community Advisory Council Membership

The Federal Reserve Board is now accepting Statements of Interest from individuals wishing to be considered as members of the Community Advisory Council (CAC) originally announced in January, according to an announcement from the Fed.

The CAC will complement two of the Fed's other advisory councils, the Federal Advisory Council and the Community Depository Institutions Advisory Council – both of which focus on issues relating to depository institutions, according to the Fed.

The Fed plans to fill the 15 seats on the CAC with a diverse group of experts who will represent consumer and community development organizations and interests, according to the announcement. Those organizations and interests will include affordable housing, community and economic development, small business, and asset and wealth building. While the CAC will advise the Fed on a broad range of issues and offer diverse perspectives on economic circumstances of different consumers and communities, the council's particular focus will be on concerns of low- and moderate-income areas.

The first meeting between the CAC and the Fed is planned for the fourth quarter of 2015, and the council will subsequently meet semiannually with members of the Board of Governors in Washington.

The appointment of CAC members will be announced in Fall 2015, according to the Fed. Information about selection process for membership on the council, including instructions on how to submit a Statement of Interest, can be found in this Federal Register notice.

The Fed previously had a consumer advisory council to advise the Board on consumer regulatory issues, but that council dissolved in 2011 when Dodd-Frank charged the formation of the Consumer Financial Protection Bureau with issues regarding consumer protection and regulation.