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Fed consumer advisers to take up mortgages foreclosures
WASHINGTON (2/6/08)—The Federal Reserve Board announced Wednesday that its Consumer Advisory Council (CAC) intends to take up proposed rules for residential mortgage transactions an foreclosure issues at its next meeting, scheduled for March 6. The CAC advises the Fed on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. The group meets three times a year in Washington, D.C. I n January, the Fed named 10 new members to the CAC, including Alan Cameron, president/CEO of the Idaho CU League who was nominated by the Credit Union National Association (CUNA). Cameron is also head of the CUNA head Consumer Protection Subcommittee. CUNA believes that it is very important for credit unions as consumer-owned co-ops to have representation on the Fed’s consumer advisory board because it does have the Fed’s ear on consumer regulatory issues, The 30 members of the CAC are appointed by the Board of Governors to serve staggered three-year terms.
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