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F ederal Reserve Bank DALLAS. TEXAS of Dallas 75222 Circular No. 82-44 April 15, 1982 CONSUMER ADVISORY COUNCIL MEETING TO ALL MEMBER BANKS AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Federal Reserve Board announced additional topics will be considered by its Consumer Advisory Council, April 28-29. The Council's agenda is printed on the following pages. Additional copies of this circular will be furnished upon request to the Department of Communications, Financial and Community Affairs, Ext. 6289. Sincerely yours, William H. Wallace First Vice President Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) FEDERAL RESERVE SYSTEM CONSUMER ADVISORY COUNCIL Notice of Meeting of Consumer Advisory Council The Consumer Advisory Council will meet on Wednesday, April 28, and Thursday, April 29. The meeting, which will be open t o public observation, will be held in Washington, D.C. The April 28 se ss io n i s expected t o begin a t 1:00 p.m. and t o continue u n til 5:00 p.m. The April 29 se ss io n i s expected to begin a t 9a.m. and t o conclude a t 3 p.m., with a lunch break from 1 t o 2 p.m. The C ouncil's function i s to advise th e Board on the e x e r c i s e of the Board's r e s p o n s i b i l i t i e s under the Consumer Credit P ro te c tio n Act and on o th e r m a t te r s on which the Board seeks i t s advice. On March 8, 1982 (47 FR 9912), the Council announced t h a t i t was sc heduling the following t o p i c fo r c o n s id e r a t io n a t t h i s meeting: 1. Community C redit Conditions and th e Community Reinvestment Act A d is c u s s i o n of th e impact of th e c u r r e n t economic e n v i ronment on c r e d i t co n d itio n s within th e community, with a view t o a s s e s s i n g developments under t h e Community Reinvestment Act. At t h a t tim e, the Council s o l i c i t e d views from a l l i n t e r e s t e d p a r t i e s on f i v e s p e c i f i c areas r e l a t i n g t o th e t o p i c . (See 47 FR 9912, and th e Board's news r e l e a s e of March 3, 1982.) The Council has a ls o scheduled t h e following four t o p i c s f o r th e April meeting (the f i r s t two fo r Council d i s c u s s i o n ; the l a s t two for general inform ational purposes on ly): 2. Advertising of IRAs and Other Deposit Accounts A d is c u ssio n of (1) whether the advertisement of I n d i v i dual Retirement Accounts or other d ep o s it accounts presents any problems, (2) what th e s e problems a r e , (3) whether th e s e problems can be d e a l t with under e x i s t i n g a d v e r t i s i n g s t a n d a r d s , (4) what type of c o n t r o l s - - v o l u n t a r y in d u str y g u id e l i n e s , f e d e r a l , s t a t e , or local rules--would be most appro p r i a t e i f new standards ar e r e q u i r e d , (5) the p o t e n t i a l f o r e f f e c t i v e enforcement presented by the var ious a l t e r n a t i v e s , (6) the e f f e c t s of c o n f l i c t i n g s t a t e or local laws, (7) what could be done to r e g u l a t e nonfinancial i n s t i t u t i o n s t h a t o f f e r th ese accou nts, and (8) problems a s so c ia te d with r e g u l a ti n g only one segment of the market. - 3. 2 - Money Market Mutual Funds A d isc u ssio n of whether th e rapid development of money market funds has had an adverse impact on local f i n a n c i a l i n s t i t u t i o n s , and whether f i n a n c i a l i n s t i t u t i o n s ' a b i l i t y t o o f f e r co m petitive savings in strum ents will b e n e f i t con sumers. 4. Informational B r i e f i n g on C redit A llo catio n A sho rt p r e s e n t a t i o n about the e x t e n t of e x i s t i n g c r e d i t a l l o c a t i v e programs, th e economic s e c t o r s involved, and the o peratio n of th e s e programs. 5. Regulatory Update A s t a t u s r ep o rt on recent Board r e g u l a t o r y a c t io n s in the area of consumer f in a n c i a l s e r v i c e s . Other m atters prev io u sly considered by th e Council or i n i t i a t e d by Council members also may be d i sc u sse d. Persons wishing to submit to the Council t h e i r views regarding any of the above t o p i c s may do so by sending w r it te n state m ents t o Ms. Kay O liv e r , S e c r e t a r y , Consumer Advisory Council, Board of Governors of the Federal Reserve System, Washington D.C. 20551. Comments on the CRA agenda item must be r e ceived no l a t e r -nan Wednesday, April 7; comments on th e o t h e r agenda items must be received no l a t e r than F riday, April 22. All sta te m ents must be of a q u a l i t y s u i t a b l e f o r rep ro du ction . Information with regard to t h i s meeting may be obtained from Mr. Joseph R. Coyne, A s s i s t a n t to th e Board, a t (202) 452-3204. Board of Governors of the Federal Reserve System, March 30, 1982. (signed) William W. Wiles Wi1liam W. Wiles Secretary of th e Board [SEAL]
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