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Federal R eserve Bank OF DALLAS WILLIAM H. WALLACE DALLAS, TEXAS 75222 F IR S T V ICE P R E S ID E N T September 12, 1986 C ir c u la r 86-82 TO: All member banks and others concerned in the Eleventh Federal Reserve D i s t r i c t SUBJECT Consumer Advisory Council Meeting DETAILS The Board o f Governors of the Federal Reserve System has announced t h a t i t s Consumer Advisory Council w ill meet a t 9:00 a.m. on October 8 and 9, in session s open to the p u b lic , in Terrace Room E o f the Board's Martin Building. Time p e r m ittin g , the Council plans to d iscu ss the following t o p ic s : — ~ — — — -— — — — -— 1986 Survey of Consumer Finances APR Demonstration P ro je c t Responses to Branch Closings Committee Report on Delayed Funds A v a i l a b i l i t y Consumer Education Board's Proposal to Amend Regulation E's Periodic Statement Requirement Smart Card Technology Committee Report on Community Reinvestment Act Committee Report on Changes in Financial Organization Board's Proposal to Amend Regulation Z's Rules on Right of Rescission Rise in Second Rate Mortgages Proposal f o r Uniform Disclosure on Adjustable Rate Mortgages Persons wishing to submit t h e i r views regarding any of the to p ic s may do so by sending w r i t te n statem ents to Ms. Ann Marie Bray, S e c r e ta ry , Consumer Advisory Council, Division of Consumer and Community A f f a i r s , Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Comments must be received no l a t e r than October 1, 1986. 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) - 2 - ATTACHMENTS The Board's document as submitted f o r p u b lic a tio n in the Federal R e g ister is a t ta c h e d . MORE INFORMATION For f u r t h e r inform ation, please c o n ta c t t h i s Bank's Legal Department a t (214) 651-6228. S incerely yours, FEDERAL RESERVE SYSTEM CONSUMER ADVISORY COUNCIL Notice of Meeting of Consumer Advisory Council The Consumer Advisory Council will meet on Wednesday, October 8, and Thursday, October 9. The meeting, which w ill be open t o p ub lic observa t i o n , w ill ta k e place in Terrace Room E of th e Martin B uilding. The October 8 sessio n i s expected to begin a t 9:00 a.m. and t o continue u n t i l 5:00 p.m., with a lunch break from 1:00 to 2:00 p.m. The October 9 sessio n i s expected t o begin a t 9:00 a.m. and t o continue u n t i l 1:00 p.m. The Martin Building i s on C S t r e e t , Northwest, between 20th and 21st S tr e e ts in Washington, D.C. The C o u n c il's function i s t o advise th e Board on th e e x e r c is e of t h e Board's r e s p o n s i b i l i t i e s under th e Consumer Credit P ro te c tio n Act and on other m atters on which t h e Board seeks i t s adv ice. Time p e r m it ti n g , t h e Council disc u ss th e follow ing t o p i c s : 1. 1986 Survey of Consumer Finances: Preliminary r e p o rt by Board s t a f f on a Board-sponsored 1986 nationwide survey of consumer f i n a n c e s . 2. APR Demonstration P r o j e c t : B riefing by Board s t a f f on the r e s u l t s of a co n g ressio n ally mandated demonstration p r o je c t involving th e p u b lic a tio n and d i s t r i b u t i o n of shoppers guides t o c r e d i t in t h r e e local market a r e a s . 3. Responses t o Branch C lo s in g s: Update on branch clo s in g s by commercial banks and on th e assessment of c lo s in g s by Federal Reserve examiners; and disc u ssio n (led by a Council planning group) of (1) th e banks' p e r sp e c tiv e and recent in du stry e f f o r t s to help bankers manage more e f f e c t i v e l y th e impact of a branch clo sin g on th e community, and (2) p o ssib le responses t o branch c lo s in g s (including neighborhood-based a l t e r n a t i v e s t r a t e g i e s ) by community groups. 4. Delayed Funds A v a i l a b i l i t y : Report by t h e C ou ncil's Ad Hoc Committee on Service Charges on th e area of delayed funds a v a i l a b i l i t y ; and update by Board s t a f f on data c o l l e c te d w ill - 2 - by Federal Reserve examiners concerning s t a t e member banks' responses t o the j o i n t policy statement of the Federal Home Loan Bank Board, Federal Deposit Insurance Corporation, Office of th e Comptroller of the Currency, and the Federal Reserve Board encouraging fin a n c ia l i n s t i t u t i o n s to r e f r a i n from imposing unnecessary delays in making funds a v a i l a b l e t o d e p o s ito r s . 5. Consumer Education: Report from the Council's Committee on Consumer Education; and b r i e f in g by Board s t a f f on the scope of th e Federal R eserve's consumer education e f f o r t s through various media. 6. Emerging Technologies: (1) Educational p re se n ta tio n by the Council s Ad Hoc Committee on Emerging Technologies on th e smart card technology ( t e n t a t i v e ) ; (2) Discussion of a pro posed amendment t o Regulation E ( E le c tro n ic Fund Transfers) t h a t would elim in ate period ic statement d is c lo s u r e r e q u ire ments f o r th e i s s u e r of a deb it card (or o th er access device f o r making EFTs) when th e i s s u e r does not hold th e consumer's account. 7. Community Reinvestment Act (CRA): Report from the C ouncil's Ad Hoc Committee on th e Community Reinvestment Act on i t s e f f o r t s in exploring how Federal Reserve examiners ev alu ate various CRA a c t i v i t i e s by banks. 8. Changes in Financial Ad Hoc Committee on iss u e s ta r g e te d f o r expanded powers f o r O rg an izatio n : Report from th e C ouncil's Changes in Financial Organization on f u r t h e r committee study in th e area of f in a n c ia l i n s t i t u t i o n s . 9. Regulation Z - Right of R e s c is s io n : Discussion of th e Board's proposal t o exempt c e r t a i n refin an cing s from th e Truth-in-Lending r i g h t of r e s c i s s i o n . 10. Rise in Second Mortgage Consumer Debt: Discussion of the r i s e in second mortgage consumer debt and of the various purposes f o r which such debt i s p rim a rily used. 11. Adjustable Rate Mortgages (ARMs): Discussion of th e Federal Financial I n s t i t u t i o n s Examination C oun cil's recommendation t h a t the Federal Reserve Board, Federal Home Loan Bank Board, and the O ffice of the Comptroller of the Currency adopt uniform d i s c lo s u r e s f o r a d ju s ta b le r a t e mortgages. Other m atters previously considered by the Council or i n i t i a t e d by Council members may a ls o be discussed . - 3 - Persons wishing t o submit t o 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 statem ents t o Ms. Ann Marie Bray, S e c r e ta ry , Consumer Advisory Council, Division of Consumer and Community A f f a i r s , Board of Governors of th e Federal Reserve System, Washington, D.C. 20551. Comments must be received no l a t e r than clo se of business Wednesday, October 1, and must be of a q u a l i t y s u i t a b l e f o r reproduction. Information with regard t o t h i s meeting may be obtained from Ms. Bedelia Calhoun, S t a f f S p e c i a l i s t , a t (202) 452-3305; f o r Telecommunications Device f o r t h e Deaf (TDD) u s e r s , E arn estin e Hill or Dorothea Thompson (202) 452-3544; Board of Governors of th e Federal Reserve System, Washington D.C. 20551. Board of Governors of th e Federal Reserve System, September 2, 1986. (signed) James McAfee__________ James McAfee Associate S ecretary t o th e Board
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