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News Now

Washington
Bounce protection foreclosures on Fed consumer panel
WASHINGTON (3/11/09)—The Federal Reserve Board’s Consumer Advisory Council (CAC) has slated home foreclosures and a proposed rule on overdraft services among its discussion topics for its next meeting, March 26. Also on the agenda, according to the March 10 Federal Register, is community stabilization activities. The Consumer Advisory Council was established in 1976 and advises the Fed on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. Members are appointed by the Board of Governors and serve staggered three-year terms, and the Council meets three times a year. Currently Alan Cameron, president/CEO of the Idaho CU League, is the only credit union representative on the 30-member panel. As time allows, the complete CAC agenda includes discussion of:
* Foreclosures and efforts to prevent them, including the Making Home Affordable program; * Neighborhood and community stabilization strategies and challenges in communities affected by foreclosures, including implementation of the Neighborhood Stabilization Program; * Credit availability for consumers and small businesses; and * The Fed’s proposed rules regarding financial institutions’ overdraft—or “bounce”—protection plans. The proposed amendments to Regulation E, would provide consumers with certain choices relating to the use of overdraft services and the assessment of overdraft fees; and, finally, * Reports by committees and other matters initiated by Council Members.
Parties wishing to submit views to the Council on the above topics may do so by sending written statements to Jennifer Kerslake, Secretary of the Consumer Advisory Council, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
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