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F ederal R eser ve Bank OF DALLAS W IL L IA M H . W ALLACE FIRST V IC E PR ES ID EN T AND CH IE F O PER ATING O FFIC ER DALLAS, TEXAS 7 5 2 2 2 July 8, 1987 Circular 87-48 TO: The Chief Executive Officer of all depository institutions in the Eleventh Federal Reserve District SUBJECT Nominations to the Consumer Advisory Council DETAILS The Board of Governors of the Federal Reserve System is seeking nominations for eleven appointments to its Consumer Advisory Council to replace members whose terms expire on December 31, 1987. Nominations should be submitted in writing to Dolores S. Smith, Assistant Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Nominations should be received no later than August 31, 1987. The Council advises the Board on the exercise of its duties under the Consumer Credit Protection Act and on other consumer-related matters. It meets several times per year in sessions open to the public. ATTACHMENTS The Board's press release and a list of current Council members are attached. MORE INFORMATION For further information please contact this Bank's Public Affairs Department at (214) 698-4403. Sincerely yours, For additional copies of any circular please contact the Public Affairs Department at (214) 651-6289. Banks and others are encouraged to use the following incoming WATS numbers in contacting this Bank (800) 442-7140 (intrastate) and (800) 527-9200 (interstate). This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) For immediate release June 25, 1987 The Federal Reserve Board announced today that it is seeking nominations of qualified individuals for eleven appointments to its Consumer Advisory Council, to replace members whose terms expire on December 31, 1987. The Consumer Advisory Council was established by Congress in 1976, at the suggestion of the Board, to advise the Board on the exercise of its duties under the Consumer Credit Protection Act and on other consumer-related matters. The Council meets three times a year. Nominations should include the name, address, and telephone number of the nominee, past and present positions held, and special knowledge, interests or experience related to consumer credit or other consumer financial services. Nominations should be submitted in writing to Dolores S. Smith, Assistant Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Nominations should be received by August 31, 1987. The Board’s notice, including the names, affiliations, and terms of office of the current Council members, is attached. -0- Attachments FEDERAL RESERVE SYSTEM Consumer Advisory Council Solicitation of Nominations for Membership AGENCY: Board of Governors of the Federal Reserve System. ACTION: Solicitation of nominations for membership on the Board's Consumer Advisory Council. SUMMARY: The Board is asking the public to nominate qualified individuals for appointment to its Consumer Advisory Council. Eleven new members will be selected for three-year terms that will begin in January 1988. Nominations should include the address and telephone number of the nominee, information about past and present positions held, and a description of special knowledge, interests or experience related to consumer credit or other consumer financial services. It is contemplated that the Board will announce its selection of new members by year-end. DATE: Nominations should be received by August 31, 1987. ADDRESS: Nominations should be submitted in writing to Dolores S. Smith, Assistant Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. This information about nominees is available for inspection upon request, except as provided in the Board's Rules Regarding Availability of Information (12 C.F.R. 261.6(a)). - 2 - FOR FURTHER INFORMATION CONTACT: Bedelia Calhoun, Staff Specialist, Division of Consumer and Community Affairs, (202) 452-3305; or for Telecommunications Device for the Deaf (TDD) users only, Earnestine Hill or Dorothea Thompson (202) 452-3544; Board of Governors of the Federal Reserve System, Washington, D.C. 20551. SUPPLEMENTARY INFORMATION: The Consumer Advisory Council was established by the Congress in 1976 to advise the Federal Reserve Board on the exercise of its duties under the Consumer Credit Protection Act and on other consumer related matters. The Council by law represents the interests both of consumers and of the financial community. Members serve three-year terms that are staggered to provide the Council with continuity. Eleven new members will be selected this year for terms beginning January 1, 1988. The Board is interested in candidates who have some familiarity with current issues in the area of consumer credit and other consumer financial services. In making the appointments, the Board will seek to complement the qualifications of continuing Council members in terms of affiliation and geographic representation, and to ensure the representation of women and minority groups. The Board expects to announce its selection of new members by year-end. The Council meets in Washington, D.C. three times a year. Council members are paid $100 per day for participating in the one and a half day meetings and for travel time. also pays travel expenses. The Board The names and affiliations of current Council members (and the expiration date of each term of office) are listed below: Chairman Edward N. Lange Partner Davis, Wright, Riese & Jones Seattle, Washington December 31, 1987 Vice Chairman Steven W. Hamm Admini strator South Carolina Department of Consumer Affairs Columbia, South Carolina December 31, 1988 Richard B. Doby Bank Commissioner State of Colorado Denver, Colorado December 31, 1989 Richard H. Fink President Citizens for a Sound Economy Washington, D.C. December 31, 1989 Members Neil J. Fogarty Attorney Hudson County Legal Services Jersey City, New Jersey December 31, 1988 Edwin B. Brooks, Jr. President Security Federal Savings & Loan Association Richmond, Virginia December 31, 1988 Stephen Gardner Assistant Attorney General Consumer Protection Division State of Texas Dallas, Texas December 31, 1989 Jonathan A. Brown Director BankWatch Washington, D.C. December 31, 1987 Kenneth A. Hall President, South Division First United Bank Picayune, Mississippi December 31, 1988 Judith N. Brown National Treasurer American Association of Retired Persons Edina, Minnesota December 31, 1989 Elena Hanggi President Association of Community Organizations for Reform Now Little Rock, Arkansas December 31, 1989 Michael S. Cassidy Senior Vice President Chase Manhattan Bank, N.A. New York, New York December 31, 1988 Robert J. Hobbs Senior Attorney National Consumer Law Center Boston, Massachusetts December 31, 1988 Theresa Faith Cummings Social Services Consultant Springfield, Illinois December 31, 1987 Ramon E . Johnson Professor of Finance University of Utah Salt Lake City, Utah December 31, 1989 _ 4 - Robert W. Johnson Professor of Management and Director, Credit Research Center Purdue University West Lafayette, Indiana December 31, 1988 Brenda L. Schneider Director of Community Relations Manufacturers National Bank Detroit, Michigan December 31, 1987 John M. Kolesar President Ameritrust Development Bank Cleveland, Ohio December 31, 1988 Jane Shull Director Institute for the Study of Civic Values Philadelphia, Pennsylvania December 31, 1988 Alan B. Lerner Senior Executive Vice President Associates Corporation of North America Dallas, Texas December 31, 1988 Fred S. McChesney Visiting Fellow of Law & Economics University of Chicago Chicago, Illinois December 31, 1987 Richard L. D. Morse Professor of Family Economics Kansas State University Manhattan, Kansas December 31, 1989 Helen E. Nelson President Consumer Research Foundation Mill Valley, California December 31, 1987 Sandra R. Parker Chairman, Banking Committee Richmond United Neighborhoods Richmond, Virginia December 31, 1988 Joseph L. Perkowski Chief Executive Officer Minneapolis Federal Employees Credit Union Minneapolis, Minnesota December 31, 1987 Ted L. Spurlock Vice President and Director of Credit and Consumer Banking Services J.C. Penney Company, Inc. Dallas, Texas December 31, 1987 Mel R. Stiller Executive Director Consumer Credit Counseling Service of Eastern Massachusetts Boston, Massachusetts December 31, 1987 Christopher J. Sumner President and Chief Executive Officer Western Savings & Loan Company Salt Lake City, Utah December 31, 1987 Edward J. Williams Senior Vice President Consumer Bank Group Harris Trust and Savings Bank Chicago, Illinois December 31, 1988 Michael Zoroya Retail Services Consultant The May Department Store St. Louis, Missouri December 31, 1987 - 5 - Board of Governors of the Federal Reserve System, June 23, 1987. (signed) James McAfee james ncAtee Associate Secretary of the Board