Fed seeks candidates to fill panel advising on issues affecting communities, consumers

Applications for membership on the Community Advisory Council (CAC) of the Federal Reserve Board – for appointment to the panel late this year – will be taken beginning as early as Monday, according to a filing by the agency in Friday’s Federal Register.

Deadline for the applications will be June 11.

In its filing, the Fed said it would select members of the CAC from the applications in the fall to replace current members whose terms will expire Dec. 31. The newly appointed members will serve three-year terms that begin on Jan. 1, 2022. If a member vacates the CAC before the end of the three-year term, the Fed said, a replacement member will be appointed to fill the unexpired term.

The CAC is an advisory committee to the Federal Reserve Board (FRB) on issues affecting consumers and communities, including, the Fed said, “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 Fed said membership is drawn from experts and representatives of consumer and community development organizations and interests, including fields such as affordable housing, community and economic development, employment and labor, financial services and technology, small business, and asset and wealth building.

The group provides its views to the Fed Board on policy matters and emerging issues of interest. It meets semiannually with Fed Board members in Washington, D.C.

In its notice, the Fed outlined three ways that candidates may submit applications (see the link to the notice below): online, email or postal mail.

Solicitation of Applications for Membership on the Community Advisory Council