Fed begins accepting consumer advisory council applications April 11

Applications for membership on the Federal Reserve Board Consumer Advisory Council (CAC) will be accepted by the Fed beginning April 11 and continuing through June 10 for three-year terms beginning Jan. 1, 2023, according to a Federal Register notice Monday.

The CAC, the Fed noted, is 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. CAC members meet semiannually with Fed Board members Washington to provide their 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 is the Fed’s “mechanism” for gathering feedback and perspectives on policy matters and emerging issues, the notice states.

The CAC has at least 15 members, and the Fed said it will select members this fall to replace current members whose terms will expire on Dec. 31. The newly appointed members will serve three-year terms that will begin on Jan, 1, 2023. Details on how to submit applications are in Monday’s notice.

The Fed said the CAC complements two of the board’s other advisory councils made up of depository institution representatives. Those panels are the Community Depository Institutions Advisory Council (CDIAC) and the Federal Advisory Council (FAC).

Solicitation of CAC applications