Applicants now have another month to apply for positions on Fed’s community council

Prospective members of the Federal Reserve’s Community Advisory Council (CAC) have 30 more days or so to apply for a position on the panel, the agency said Monday.

The Fed, in a release, said it had extended until July 3 the application period for membership on the council. The previous deadline was June 5.

“The application period has been extended in light of ongoing challenges for households and businesses caused by the COVID-19 emergency in order to provide additional opportunity for interested persons to submit their applications,” the Fed said.

The CAC advises the Fed Board on issues affecting consumers and communities. It has at least 15 members and is composed of a diverse group of experts and representatives of consumer and community development organizations and interests, including from such fields as affordable housing, community and economic development, employment and labor, financial services and technology, small business, and asset and wealth building.

According to the Fed, the council meets semiannually with members of the Fed Board in Washington 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.

There are two other Fed advisory councils – the Community Depository Institutions Advisory Council (CDIAC) and the Federal Advisory Council (FAC) – whose members represent depository institutions.

Federal Reserve Board extends the application period for membership on the Community Advisory Council