The Federal Reserve Board will accept applications for membership on its Consumer Advisory Council (CAC) from April 8 to May 31 to fill seats due to be vacated at year-end, according to a notice for the Federal Register.
The CAC advises the Fed Board on issues affecting consumers and communities and has at least 15 members who serve staggered, three-year terms. Those selected in this round of applications will serve three-year terms that begin Jan. 1, 2020, the notice states.
Four council members began serving in 2017; their terms end this year.
CAC members meet semiannually with the members of the Fed Board in Washington, D.C. to provide a range of perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income consumers and communities. The CAC 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.
For the CAC, the Fed Board is interested in candidates with knowledge of fields such as affordable housing, community and economic development, employment and labor, financial services and technology, small business, and asset and wealth building, with a particular focus on the concerns of low- and moderate-income consumers and communities, according to the notice. Candidates do not have to be experts on all topics related to consumer financial services or community development, but they should possess some basic knowledge of these areas and related issues. The board will consider a number of factors in making appointments, among them diversity in terms of subject matter expertise, geographic representation, and the representation of women and minority groups.