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Federal R eserve Bank OF DALLAS W ILLIA M H. WALLACE October 6, 1987 DALLAS, TEXAS 7 5 2 2 2 FIRST V IC E P R ES ID ENT AND CH IEF O PER ATING O FFICER Circular 87-72 TO: All member banks and others concerned in the Eleventh Federal Reserve District SUBJECT Consumer Advisory Council Meeting DETAILS The Board of Governors of the Federal Reserve System has announced that its Consumer Advisory Council will meet at 9:00 a.m. on October 22 and 23, in sessions open to the public, in Terrace Room E of the Board's Martin Building. Time permitting, the Council plans to discuss the following topics: ° 0 ° 0 0 ° 0 0 0 ° Government Check-Cashing and Basic Banking Services Industry Survey on Home Equity Lines of Credit Recent Developments Regarding Adjustable Rate Transactions and Home Equity Lines of Credit Community Reinvestment Act Survey and Issues 1986 Survey of Consumer Finances Interstate Banking Expanded Powers and Financial Services Restructuring Consumer Education Delayed Funds Availability Regulatory Update Persons wishing to submit their views regarding any of the topics may do so by sending written statements to Ms. Ann Marie Bray, Secretary, Consumer Advisory Council, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Comments must be received no later than October 16, 1987. ATTACHMENTS The Board's document as submitted for publication in the Federal Register is attached. MORE INFORMATION For further information, please contact Dean A. Pankonien of the Legal Department at (214) 651-6228. If you wish to receive additional copies of this circular, please contact our Public Affairs Department at 651-6289. Sincerely yours For a dditional copies of any circular please conta c t the Public A ffairs D ep artm en t a t (214) 6 51 -6 2 8 9 . Banks and others are encouraged to use the follow ing incom ing W A TS numbers in contacting this Bank (800) 4 4 2 -7 1 4 0 (intrastate) and (800) 5 2 7 -9 2 0 0 (interstate). 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 Thursday, October 22, and Friday, October 23. The meeting, which will be open to public observation, will take place in Terrace Room E of the Martin Building. The October 22 session is expected to begin at 9:00 a.m. and to continue until 5:00 p.m. with a lunch break from 1:00 p.m. until 2:00 p.m. The October 23 session is expected to begin at 9:00 a.m. and continue until 1:00 p.m. The Martin Building is on C Street, Northwest, between 20th and 21st Streets in Washington, D.C. The Council's function is to advise the Board on the exercise of the Board's responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks its advice. Time permitting, the Council will discuss the following topics: 1. Government Check-Cashing and Basic Banking Services. Informational session led by the Basic Banking Subcommittee on cost and benefits of mandatory check cashing; and discussion of packages designed by trade associations on how to develop a basic banking account (tentative). 2. Industry Survey on Home Equity Lines of Credit. Briefing by staff on the results of an industry-sponsored survey of home equity lending by financial institutions (tentative). 3. Developments Regarding Caps in Certain Adjustable Rate Transactions and Home Equity Lines of Credit. Report by a Council subcommittee on proposed federal legislation to establish additional disclosure and advertising requirements for home equity lines of credit; and a briefing by staff on (1) a Board proposal that implements federal - 2 - law mandating interest rate caps for adjust able rate mortgages (including home equity lines of credit) and solicits comment on disclosure of the creditor's right to ter minate and to require payment in full once the maximum interest rate is reached, and (2) issues regarding whether different or additional Truth in Lending disclosure requirements should apply to home equity lines of credit. 4. Community Reinvestment A c t . Report by the Community Affairs Committee on a proposed survey of Federal Reserve examiners to determine how banks' various CRA activities are evaluated, and on the results of a survey of community groups' information needs concerning CRA; and discussion of the Federal Reserve's role in the implementation of privately negotiated CRA agreements. 5. Update on 1986 Survey of Consumer Finances. Briefing by staff on the results of the Board-sponsored 1986 nationwide survey of consumer finances. 6. Interstate Banking. Briefing by staff on interstate banking developments. 7. Expanded Powers and Financial Services Restructuring. Reports and recommendations by the Financial Structure Committee. 8. Consumer Education. Report by the Consumer Education Committee on its assessment of consumer education material available to the public, and recommendations for enhancing the Federal Reserve System's education program. 9. Delayed Funds Availability. Briefing by staff on consumer aspects of the Expedited Funds Availability Act, which directs the Board to issue rules governing institutions' disclosure policies, and mandatory schedules in connection with institution's delayed availability practices. 10. Regulatory Update. Report by staff on the status of recent Board actions in the area of consumer financial services. Other matters previously considered by the Council or initiated by Council members may also be discussed. - 3 - Persons wishing to submit to the Council their views regarding any of the above topics may do so by sending written statements to Ms. Ann Marie Bray, Secretary, Consumer Advisory Council, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Comments must be received no later than close of business Friday, October 16, and must be of a quality suitable for reproduction. Information with regard to this meeting may be obtained from Ms. Bedelia Calhoun, Staff Specialist, at (202) 452-2412; Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Telecommunications Device for the Deaf (TDD) users, may contact Earnestine Hill or Dorothea Thompson (202) 452-3544. Board of Governors of the Federal Reserve System, September 24, 1987. (signed) James McAfee____________ James McAfee Associate Secretary to the Board
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