Foreclosures still a topic for Fed consumer advisers

WASHINGTON (10/11/10)-The Federal Reserve Board announced Thursday that its Consumer Advisory Council (CAC) intends to take up foreclosure issues again at its next meeting, on Oct. 21.

Not surprisingly, the front-page grabbing topic was on the last CAC agenda as well, when the advisory panel discussed loss-mitigation efforts, including the Administration's Making Home Affordable program, neighborhood stabilization initiatives and challenges, and other issues related to foreclosures.

Also on the October agenda:

  • Proposed Rules Regarding Home Mortgage Transactions: CAC members will discuss the Fed board's proposal to enhance Regulation Z (Truth in Lending Act) rules that address consumer protections and to improve disclosures for reverse mortgage transactions and other home mortgage loans;

  • Home Mortgage Disclosure Act (HMDA): Also on the discussion agenda, CAC members will debate the advantages of suggested changes to Regulation C, addressing the importance or utility of particular information in light of the purposes of HMDA and the burdens and possible privacy risks associated with collecting and reporting that information; and

  • Community Reinvestment Act (CRA): CAC will focus on key insights from recent hearings on modernizing regulations that implement CRA, and consider issues such as how to update the regulations to reflect changes in the financial services industry, changes in how banking services are delivered to consumers today, and current housing and community development needs.

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. and meetings are open to the public.

Alan Cameron, president/CEO of the Idaho Credit Union League, is a representative on the council. His term runs through 2010.

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