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FEDERAL RESERVE BANK OF DALLAS DALLAS, T E X A S 75222 Circular No. 83-123 October 20, 1983 CONSUMER ADVISORY COUNCIL MEETING TO ALL MEMBER BANKS AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Board of Governors of the Federal Reserve System has announced that its Consumer Advisory Council will meet on October 26 and 27, 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. Attached are copies of the Board's press release and the material as submitted for publication in the Federal Register. Questions regarding the meeting should be directed to the Legal Department, Extension 6171. Additional copies of this circular will be furnished upon request to the Public Affairs Department, Extension 6289. Sincerely yours, William H. Wallace First Vice President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) B a n k s a n d o t h e r s ar e e n c o u r a g e d to u s e th e fo llo w in g in c o m in g W A T S n u m b e r s in c o n t a c t in g th is Bank: 1 -800-442-7 140 ( in tr a s t a te ) a n d 1-8 00-527 -9 20 0 (i n te r s ta te ). F o r c a lls p l a c e d lo cally, p le a s e u s e 651 p lu s th e e x t e n s io n referred to ab ove. ■ •qfcovf; FEDERAL RESERVE press release For immediate release October 4, 1983 The Federal Reserve Board today announced that its Consumer Advisory Council will meet on October 26 and 27, in sessions open to the public, in Terrace Room E of the Board's Martin Building. The Council is comprised of 30 members who represent a broad range of consumer and creditor interests. Its function is to advise the Board regarding its responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks its advice. Time permitting, the Council's agenda at its October meeting will include discussion of: o A credit card study by the Board. o The Administration's bank holding company deregulation proposal. o Strengthening consumer credit fraud o The Bankruptcy Reform Act of 19 78. o Board regulatory actions concerning services. statutes. consumer financial Other matters previously considered by the Council or initiated by Council members also may be discussed. public on any of these matters. The Board invites comment from the Comment must be received by October 21, 1983. The Board's notice is attached. - 0 - FEDERAL RESERVE SYSTEM CONSUMER ADVISORY COUNCIL No t i c e of Meeting o f Consumer Advisor y Council The Consumer Advisory Council w i l l meet on Wednesday, Oct o ber 2 6 , and Thur s da y, Oct ober 27. The m e e t i n g , which w i l l be open t o p u b l i c o b s e r v a t i o n , w i l l t a k e p l a c e i n Te rr a c e Room E o f t h e Mar t i n B u i l d i n g . The Oct ober 26 s e s s i o n i s e x p e c t e d t o begi n a t 1 : 0 0 p.m. and t o c o n t i n u e u n t i l 5 : 0 0 p. m. The Oct ober 27 s e s s i o n i s e x p e c t e d t o b egi n a t 9:00 a. m. and t o c o n c l u d e a t 3 : 00 p . m . , w i t h a lu nc h br eak from 1: 0 0 t o 2: 0 0 p.m. The Ma r t i n B u i l d i n g i s l o c a t e d on C S t r e e t , Nor t hwest , bet ween 20t h and 2 1 s t S t r e e t s i n Was hi ngt on, D.C. The C o u n c i l ' s f u n c t i o n i s t o a d v i s e t h e Board on t h e e x e r c i s e of t h e B o a r d ' s r e s p o n s i b i l i t i e s under t h e Consumer C r e d i t P r o t e c t i o n Act and on o t h e r m a t t e r s on which t h e Board s e e k s i t s a d v i c e . Time p e r m i t t i n g , t h e Council w i l l consider the following to p ic s : 1. Review of t h e B o a r d ' s C r e d i t Card Study D i s c u s s i o n of t h e f i n d i n g s of t h e B o a r d ' s c r e d i t c a r d s t u d y of t h e economic e f f e c t s of c h a r g e c a r d us age on c ons ume r s , m e r c h a n t s , and c a r d i s s u e r s ; t h e s t u d y was mandated by t h e Cash D i s c o u n t Act of 1981. 2. I m p l i c a t i o n s of Recent D e r e g u l a t o r y I n i t i a t i v e s in t h e Area of Consumer F i n a n c i a l P r o t e c t i o n D i s c u s s i o n o f (1) p o s s i b l e i m p l i c a t i o n s of t h e A d m i n i s t r a t i o n ' s bank h o l d i n g company d e r e g u l a t i o n p r opo s a l on consumer f i n a n c i a l p r o t e c t i o n l e g i s l a t i o n and r e g u l a t i o n , and (2) ways t o h e l p consumers cope wi t h t h e r e a l i t i e s of a d e r e g u l a t e d m a r k e t p l a c e . 3. S t r e n g t h e n i n g t h e Consumer C r e d i t Fraud S t a t u t e s D i s c u s s i o n of (1) t h e ma gni t ude of consumer c r e d i t f r a u d i n t h e Uni t e d S t a t e s t o d a y , and (2) pr opos ed l e g i s l a t i o n t o expand e x i s t i n g law so t h a t more c a s e s of c a r d f r a u d become f e d e r a l o f f e n s e s . 4. Bankr upt cy Reform D i s c u s s i o n of (1) w h e t h e r i n d i v i d u a l s s ho u l d be d e n i e d r e l i e f under Ch a p t e r 7 of t h e Bankrupt cy code i f i t i s shown t h a t t h e y have t h e p o t e n t i a l t o rep ay t h e i r d e b t out of f u t u r e e a r n i n g s , and (2) a r e c e n t U.S. General Accoun t i ng O f f i c e s t u d y t h a t t a k e s a b e f o r e - a n d - a f t e r look a t t h e Bankr upt cy Reform Act of 1978. - 5. 2 - E v a l u a t i o n o f t h e Consumer Advi s or y Council Remarks by Council members whose t e r ms e x p i r e a t y e a r end r e g a r d i n g t h e i r e x p e r i e n c e on t h e C o u n c i l ; d i s c u s s i o n of (1) ways in which t h e C o u n c i l ' s u s e f u l n e s s and e f f e c t i v e n e s s c oul d be i n c r e a s e d , (2) w h e t h e r t h e s c o p e of t h e Council s ho u l d be expanded t o i n c l u d e pr o v i d i n g a d v i c e and couns el t o a l l t h e f e d e r a l f i n a n c i a l r e g u l a t o r s and s u p e r v i s o r s , and (3) ways t o u t i l i z e t h e e x p e r t i s e of f o r me r Council members. 6. R e g u l a t o r y Update S t a t u s r e p o r t on r e c e n t Board r e g u l a t o r y a c t i o n s in t h e a r e a of consumer f i n a n c i a l s e r v i c e s . O t h e r m a t t e r s p r e v i o u s l y c o n s i d e r e d by t h e Council o r i n i t i a t e d by Council members a l s o may be d i s c u s s e d . P e r s o n s wi s h i n g t o submi t t o t h e Council t h e i r views r e g a r d i n g any of t h e above t o p i c s may do so by s e n d i n g w r i t t e n s t a t e m e n t s t o Ms. Ann Marie Br ay, S t a f f A s s i s t a n t , D i v i s i o n o f Consumer and Community A f f a i r s , Board of Governors of t h e Feder al Reserve Syst em, Wa s hi ngt on, D.C. 20551. Comments must be r e c e i v e d no l a t e r t h a n c l o s e of b u s i n e s s F r i d a y , Oc t o be r 2 1 , and must be of a q u a l i t y s u i t a b l e f o r r e p r o d u c t i o n . I n f o r m a t i o n wi t h r e g a r d t o t h i s me et i ng may be o b t a i n e d from Mr. J o s e ph R. Coyne, A s s i s t a n t t o t h e Board, a t (202) 45 2- 3204. Board o f Gover nors of t h e F e de r a l Res er ve System, Oc t o be r 3 , 1983. ( s i g n e d ) Wi l l i am W. Wi les Wi l l i a m W. Wi1es S e c r e t a r y of t h e Board
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