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F e d e r a l R e s e r v e Ba n k N Y e w o r k , N.Y. N ew Yo r k of 10 0 4 5 AREA CODE 212-791-5000 March 12, 1982 The Governors comment Consumer of on the the Advisory Federal impact Council Reserve of of System current the is Board seeking economic of public conditions on implementation of the Community Reinvestment Act. We are bringing this to your attention because of your particular notice interest lists the briefly describes any all or of in community matters the the on credit which Council. questions comments Your and needs. are comments should The be enclosed requested may respond submitted and to before April 7, 1982. Responses Community Affairs New York, N.Y. may Officer, sent Federal to Mr. Reserve George Bank R. of Juncker, New York, 10045 or directly to the Council at the address listed in the notice. Enclosure be FEDERAL RESERVE BANK OF NEW YORK M a r c h 11, 19 8 2 CONSUMER ADVISORY COUNCIL April Meeting To A ll State Member Banks, and Others Concerned, in the Second Federal Reserve D istrict: T h e f o llo w in g s t a t e m e n t h a s b e e n is s u e d b y th e B o a r d o f G o v e r n o r s o f th e F e d e r a l R e se r v e S y s te m a n n o u n c in g th e A p r il 2 8 -2 9 m e e t in g o f its C o n su m e r A d v is o r y C o u n cil: The Federal Reserve Board announced that the April m eeting of its Consumer Advisory Council will include a discussion of the impact of current economic conditions on implementation of the Community Reinvestment Act. The Council is seeking written views from a wide range of groups as background for discussion at its April 28-29 meeting. Comment should be received by April 7, 1982. The Council meets with the Board four times yearly to advise on the exercise of the Board’s responsibilities under consumer credit protection laws, and on other non-monetary issues on which the Board seeks its views. The Council has 30 members representing a wide spectrum of consumer and creditor interests. The accompanying notice provides further detail on the CRA topic on which the Council is seeking information. Other items to be discussed by the Council at its April meeting will be announced later. P r in te d on th e fo llo w in g p a g e s is th e t e x t o f th e B o a r d ’s fo r m a l n o tic e in th is m a tte r . C o m m e n ts r e g a r d in g th e s u b je c t m a t t e r o f th e m e e t in g sh o u ld b e s u b m itte d b y A p r il 7, 1982, a n d m a y b e se n t to o u r C o n su m e r A f f a ir s a n d B a n k R e g u la tio n s D e p a r tm e n t. A n t h o n y M. S o l o m o n , President. FEDERAL RESERVE SYSTEM CONSUMER ADVISORY COUNCIL Notice of Meeting of Consumer Advisory Council The Federal Reserve's Consumer Advisory Council will discuss at i t s April meeting the impact of the current economic environment on credit condi tions within the community, with a view to assessing developments under the Community Reinvestment Act. The Council has a concern that current economic conditions may be having a disproportionately adverse effect on the a v a i l a b i l i t y and affordabi1ity of credit for consumers, neighborhood reinvestment and other community needs. As discussed more fu l ly below, the Council is s o l ic it i n g views from community and consumer groups, public advocates, creditors of all types, federal , state and local governments, and other interested parties. Comments must be received by April 7, 1982. The Council's 30 members represent consumers and the financial industry. The Council advises and consults with the Federal Reserve Board on the exercise of the Board's resp ons ib iliti es under the Consumer Credit Protection Act and on other non-monetary issues on which the Board seeks i t s views. Matters on which comments are being requested are as follows: 1. What problems are you facing in this economic environment in providing or obtaining credit for consumer purchases (for example, automobile loans or appliance purchases), neighborhood reinvestment (for example, mortgaqe credit, rehabi1itation loans, home improvement loans or second mortgage loans), and other community purposes? 2. Are particular segments of the population affected more than others, and i f so, in what ways? 3. What has been the impact of the current economic environ ment on existing community credit programs? 4. What programs have been devised by government, businesses, consumer groups or others to address credit problems due to the current economic environment? What efforts have been undertaken by non-creditors in helping to deal with these problems (for example, by labor unions, suppliers of qoods and services, private foundations, and corpora tions)? How successful have these programs and efforts been? 5. What programs could be devised to better address the credit problems of local communities, including low- and moderateincome neighborhoods? 2 The Council's meeting will be held on April 28 and 29, 1982, in Washington, D.C. The item discussed in this notice is one of several that will be on the Council's agenda. Meeting times and other agenda items will be announced at a later date. Persons wishing to submit to the Council their views regarding the above topic may do so by sending written statements to Ms. Kay Oliver, Secretary, Consumer Advisory Council, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Comments must be received no later than Wednesday, April 7, and must be of a quality suitable for reproduction. Information with regard to this meeting may be obtained from Mr. Joseph R. Coyne, Assistant to the Board, at (202) 452-3204. Board of Governors of the Federal Reserve System, March 3, 1982. (si qned) Wi11 jam W. Wiles William W. Wi1es Secretary of the Board [SEAL]
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