The Federal Reserve Board (Fed) is inviting applications to membership in its Consumer Advisory Council (CAC), which provides the Fed feedback and perspectives on policy and emerging issues that affect consumers and communities. The group focuses particularly on the concerns of low- and moderate-income consumers and communities. It meets with Fed Board members at least semiannually in Washington, D.C.
The current application period is to fill three-year terms that will begin next Jan. 1, replacing CAC members whose terms expire at the end of this year. Applications can be submitted between April 16 and June 15. The board will consider information submitted by candidates along with other publicly available information that it independently obtains.
The CAC has at least 15 members, who serve staggered, three-year terms. It includes experts and representatives of consumer and community development organizations and interests, including in the areas of affordable housing, community and economic development, employment and labor, financial services and technology, small business, and asset and wealth building.
Council members advise the Fed on a range of issues related to the Fed’s mission and responsibilities, including banking supervision and regulatory compliance (including consumer protection enforcement), systemic risk oversight and monetary policy decision-making, and implementation of the Community Reinvestment Act (CRA).
The council complements two of the Fed Board’s other advisory councils – the Community Depository Institutions Advisory Council (CDIAC) and the Federal Advisory Council (FAC) – whose members represent depository institutions.