The Federal Reserve Board on Monday announced that it is accepting Statements of Interest from individuals who wish to be considered for membership on the Community Advisory Council (CAC). The formation of the CAC was announced in January. The council will advise the Board on issues affecting consumers and communities and will complement two of the Board’s other advisory councils–the Federal Advisory Council and the Community Depository Institutions Advisory Council–whose members represent depository institutions.
The Board plans to fill the 15 seats on the CAC with a diverse group of experts and representatives of consumer and community development organizations and interests, including affordable housing, community and economic development, small business, and asset and wealth building. CAC members will meet semiannually with members of the Board of Governors 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.
The Board expects to announce the appointment of CAC members in the fall of 2015. Additional information about the selection process, including instructions for submitting a Statement of Interest, can be found in the attached Federal Register Notice.