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FEDERAL RESERVE BANK OF NEW YORK Circular No. 7 9 8 3 1 November 5, 1976 J CONSUMER ADVISORY COUNCIL T o A l l M e m b e r B a n k s , a n d O th e r s C o n c e r n e d , in th e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : Follow ing is the text of a statement issued October 27, 1976 by the Board of Governors of the Federal Reserve System, regarding the initial meetings of its new Consumer Advisory Council: T he Board of G overnors of the F ederal R eserve S ystem announced today that the initial m eetings of its new Consum er A d visory Council w ill take place N ovem ber 10 and 11 at the Board. T he m eetings w ill be open to the public. A t its first m eetings the Council w ill acquaint itself w ith the B oard’s responsibilities and functions in the area of consum er credit and w ill be asked to advise the Board on current developm ents in that field. T hese include the revision of R egulation B to im plem ent the am ended Equal Credit O pportunity A ct. T h e Board announced Septem ber 20 that R epresentative L eonor K. Sullivan of M issouri, a long-tim e sponsor of consum er protection legislation w ho is retiring from the C ongress in January, w ill head the Council. A t the same tim e, 'he Board announced the nam es of 25 other m embers of the Council, including D r. W illiam L). W arren, Dean of the U C L A School of L aw , w ho w ill he V ice Chairman and will preside until M rs. Sullivan leaves the C ongress in January. 1 he Council w as established, at the B oard’s suggestion, under the am endm ents to the Equal Credit O pportunity Act passed earlier this year. It w ill advise and consult with the Board on the Board’s responsibilities under the Consum er Credit Protection A ct, w hich includes T ruth in L ending, Fair Credit B illin g, Equal (. redu O pportunity, Fair Credit R eporting and C onsum er Leasing. In addition, the Board m ay place before the Council any other consum er-related m atters, including matters related to its responsibilities under the Borne M ortgage D isclosure .vet and the F ederal Trade C om m ission Im provem ent A c t’s provisions concern ing unfair and deceptive practices in hanking. Printed below is the text of the Board’s formal notice concerning the first meetings of the Consumer Advisory Council. In addition, printed on the reverse side hereof is a list of the current members of the Council. P a u l A. V o l c k e r , President. FEDERAL RESERVE SYSTEM C O N S U M E R ADVISORY COUNCIL Notice of Meeting of the Consumer Advisory Council N otice is hereby given that the Board of G overnors will convene the first m eetings of its Consum er A d visory Council on N ovem ber 10 and 11. 1976. T hese m eetings will he open to public observation. The C ouncil’s function is to advise the Board on the exercise of the B oard’s responsibilities with regard to consum er credit legislation and regulation. T he purpose of the C ouncil’s first m eetings w ill be to acquaint itself w ith the B oard’s functions in the area of consum er credit and to advise the Board on certain of the current issues related to those functions. A ccordingly, discussions w ill he held on the Board’s functions and responsibilities under the Truth in L ending, Fair Credit R eporting and Equal Credit O pportunity titles of the Consum er Credit Protection A ct, as well as its responsibilities under the H om e M ortgage D isclosure and Federal Trade Com m ission Im provem ents A cts. The Council will m eet w ith available m em bers of the Board at the B oard’s M artin B uilding at 20th and C Streets, N .W ., W ashington, D .C ., on N ovem ber 10 from 2 :1 5 p.m. until approxim ately 5:15 p.m. and on N ovem ber 11 from 9 :0 0 a.m. until approxim ately 1 :00 p.m. Inform ation w ith regard to this m eeting m ay be ob tained from Mr. Joseph R. C oyne, A ssistan t to the Board, at (2 0 2 ) 452-3204. T h e Consum er A d visory Council w as authorized by C ongress in § 7 0 3 (b ) of Public L aw 94-239 earlier this year. T he Board announced the m em bership of the C oun cil on Septem ber 20. 197(>. N am es of C ouncil m em bers and biographical inform ation m ay he obtained by calling M r. Coyne. By O rder of the Board of G overnors, O ctober 2 2 ,1 9 7 6 . ( over) November 1976 Membership of Consumer Advisory Council Leonor K. Sullivan, Chairman U.S. House of Representatives William D. Warren, Vice Chairman Los Angeles, California Barbara D. Blum Atlanta, Georgia Edna De Coursey Johnson Baltimore, Maryland Roland E. Brandel San Francisco, California Robert J. Klein New York, New York Agnes H. Bryant Detroit, Michigan Ralph Lazarus Cincinnati, Ohio John G. Bull Pompano Beach, Florida Percy W. Loy Portland, Oregon John V. Bullock Frankfort, Kentucky R. C. Morgan El Paso, Texas Linda M. Cohen Washington, D.C. Reece A. Overcash Dallas, Texas John R. Coleman H ave r f or cl, Pennsy 1van ia Raymond J. Saulnier New York, New York Robert R. Dockson Los Angeles, California E. G. Schuhart Dalhart, Texas Anne G. Draper Washington, D.C. James E. Sutton Dallas, Texas Carl Felsenfeld New York, New York Anne Gary Taylor Alexandria, Virginia Marcia A. Hakala Omaha, Nebraska Richard D. Wagner Simsbury, Connecticut Joseph F. Holt. I ll Washington, D.C. Richard L. Wheatley, Jr. St i11wa t er, 0 k1a hoina
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