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f e d e r a l r e s e r v e B a n k DALLAS, TEXAS o f D a l l a s 75222 Circular No. 82-77 July 12, 1982 CONSUMER ADVISORY COUNCIL M eeting TO ALL MEMBER BANKS AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Federal R ese r v e Board today announced that its Consumer Advisory Council will m e e t on July 28 and 29, in sessions open to the public, in T errace Room E o f the Board's Martin Building. The Council, with 30 m em bers who rep resen t a broad range o f consum er and cred it in terests, advises the Board on its responsibilities regarding consum er cred it p rotection leg isla tio n and regulation at quarterly m eetin gs. Printed on the follow ing pages are cop ies o f the Board's press r e le a se and the n o tic e o f the m eetin g, including an agenda and an invitation for c o m m e n t from the public on any o f the m a tte rs to be addressed. In terested persons are invited to subm it c o m m e n ts to Ms. Kay Oliver, Secretary, Consumer Advisory Council, Board o f G overnors o f the Federal R ese r v e System , Washington, D.C. 20551. C om m en ts must be r e c e iv e d no la te r than c lo se o f business Friday, July 23. Additional cop ies o f this circular will be furnished upon request to the D ep artm en t o f C om m unications, Financial and C om m unity A ffairs, Ext. 6289. Sincerely yours, William H. W allace 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) FEDERALRESERVEpressrelease For immediate release July 1, 1982 The Federal Reserve Board today announced that its Consumer Advisory Council will meet on July 28 and 29, in sessions open to the public, in Terrace Room E of the Board's Martin Building. The Council, with 30 members who represent a broad range of consumer and creditor interests, advises the Board on its responsibilities regarding consumer credit protection legislation and regulation at quarterly meetings. Time permitting, the Council's agenda at its July meeting will inc lude: — The Board's consumer complaint activities and its authority to prohibit unfair or deceptive bank practices. — Further efforts to reduce compliance burdens and simplify consumer credit regulations. — The impact on consumer services of regulatory restrictions on financial institutions. — A Board credit card study under the Cash Discount Act of 1981. — Update on Board consumer regulatory actions. The notice of the meeting, including an invitation for comment from the public on any of these matters, is attached. FEDERAL RESERVE SYSTEM CONSUMER ADVISORY COUNCIL Notice of Meeting of Consumer Advisory Council The Consumer Advisory Council will meet on Wednesday, July 28, and Thursday, Ju ly 29. The meeting, which will be open t o p ub lic o b s e r v a t i o n , will ta k e place in Terrace Room E of the Martin Build in g . The Ju ly 28 se ss io n i s expected to begin a t 1:00 p.m. and t o continue u n t i l 5:00 p.m. The J u l y 29 se ssio n i s expected to begin a t 9 a.m. and to conclude a t 3 p.m., with a lunch break from 1 t o 2 p.m. The Martin Buiding i s l o c ated on C S t r e e t , Northwest, between 20th and 21st S t r e e t s in Washington, D.C. The Cou nc il '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 C redit P ro te c tio n Act and on o t h e r m a t t e r s on which the Board seeks i t s ad v ice. Time p e r m i t t i n g , the Council will c on sid er the following t o p i c s : 1. Consumer Complaints and Implementation of th e Board's ~fluthorlty to P r o h i b i t Unfair or Deceptive' Bank P r a c t i c e s A d is c u s s io n of the Board's procedures f o r in ves t i g a t i n g and reso lv in g consumer complaints about s t a t e member banks, and of i t s a u t h o r i t y t o p r o h i b i t p o t e n t i a l u n f a i r or d e cep tiv e banking p r a c t i c e s . 2. Further S i m p l i f i c a t i o n of Consumer Regulations ------ Consideration of f u r t h e r e f f o r t s t o reduce compliance burdens of the Truth in Lending, E le c tro n ic Fund T r a n s f e r , Equal Credit Opportunity, and Fair Credit Reporting Acts. ------ A d isc u ssio n of th e various procedures used by the Board t o review, on a continuing b a s i s , consumer p r o t e c tion regulations. 3. Changing Regulatory Limits on Financial I n s t i t u t i o n s and the Impact on Consumers A d isc u ssio n of how the e x i s t i n g fi n a n c i a l r e g u la to r y s t r u c t u r e r e s t r i c t s the a c t i v i t i e s of regulated i n s t i t u t i o n s ; how these r e s t r i c t i o n s a f f e c t the range, kin d, and cost of fi n a n c i a l s e r v i c e s a v a i l a b l e to con sumers; and whether i t i s d e s i r a b l e and p o s s ib le to c o r r e c t c u r re n t re g u la to ry i n e q u i t i e s . 4. Board Credit Card Study A d isc u ssio n of the c r e d i t card study (which the Board i s d i r e c t e d t o u ndertake, under the Cash Discount Act enacted in Ju ly 1981) of the e f f e c t s of c r e d i t card usage on card i s s u e r s , merchants, and consumers. (OVER) - 5. 2 - Regulatory Update A s t a t u s r e p o r t on re c e n t Board r e g u l a t o r y a c t i o n s in th e area o f consumer f i n a n c i a l s e r v i c e s . Other m a tte r s p rev io u sly considered by the Council or i n i t i a t e d by Council members a l s o may be d is c u s s e d . Persons wishing t o submit to th e Council t h e i r views regarding any of th e above t o p i c s may do so by sending w r i t t e n state m en ts to 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 must be received no l a t e r than close o f busin ess F rida y, July 23, and must be of a q u a l i t y s u i t a b l e fo r rep ro d u c tio n . Information with regard to t h i s meeting may be obtain ed from Mr. Joseph R. Coyne, A s s i s t a n t t o the Board, a t (202) 452-3204. Board of Governors of t h e Federal Reserve System, June 30, 1982. (signed) William W. Wiles Wi I liam W. Wiles S e c r e t a r y of th e Board [SEAL]
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