[Federal Register Volume 59, Number 99 (Tuesday, May 24, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-12601]


[[Page Unknown]]

[Federal Register: May 24, 1994]


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FEDERAL RESERVE SYSTEM

 

Consumer Advisory Council; Notice of Meeting of Consumer Advisory 
Council

    The Consumer Advisory Council will meet on Thursday, June 23. The 
meeting, which will be open to public observation, will take place in 
the Board Room of the Eccles Building. The meeting is expected to begin 
at 9 a.m. and to continue until 4 p.m., with a lunch break from 1 until 
2 p.m. The Eccles Building is located on C Street, Northwest, between 
20th and 21st Streets in Washington, DC.
    The Council's function is to advise the Board on the exercise of 
the Board's responsibilities under the Consumer Credit Protection Act 
and on other matters on which the Board seeks its advice. Time 
permitting, the Council will discuss the following topics:
    Community Reinvestment Act Reform. Discussion of issues related to 
the interagency proposal to revise regulations implementing the 
Community Reinvestment Act.
    Interagency Policy Statement on Fair Lending. Discussion led by the 
Community Affairs and Housing Committee on the policy statement on fair 
lending recently adopted by the Board and nine other federal agencies--
in particular whether additional guidance is necessary and on what 
issues.
    Sale of Mutual Funds and Other Uninsured Instruments by Depository 
Institutions. Discussion led by the Depository and Delivery Systems 
Committee on possible ways to address consumer confusion that may arise 
when uninsured investments are sold to the public by depository 
institutions, which historically have offered only insured savings 
instruments.
    Truth in Savings Proposal. Discussion led by the Depository and 
Delivery Systems Committee on a proposal by the Board to amend 
Regulation DD (Truth in Savings) to clarify that interest credited to 
an account becomes part of the principal, and thus is subject to 
compounding; the proposal would allow institutions to continue to use 
an existing formula for calculating the annual percentage yield, 
whereas an earlier proposal would have required a new formula for 
certain accounts.
    Home Ownership Counseling Models. Report by the Community Affairs 
and Housing Committee on the key elements of successful home ownership 
counseling programs, elements that should be present in any home 
ownership counseling program sponsored, recognized or supported by a 
bank.
    Governor's Report. Report by Federal Reserve Board Member Lawrence 
B. Lindsey on economic conditions, recent Board initiatives, and issues 
of concern, with an opportunity for questions from Council members.
    Members Forum. Presentation of individual Council members' views on 
the economic conditions present within their industries or local 
economies (including whether it is getting easier to obtain a loan, and 
whether there is a strong focus on lending in the inner cities).
    Committee Reports. Reports from Council committees on their work.
    Other matters previously considered by the Council or initiated by 
Council members also may be discussed.
    Persons wishing to submit to the Council their views regarding any 
of the above topics may do so by sending written statements to Ann 
Marie Bray, Secretary, Consumer Advisory Council, Division of Consumer 
and Community Affairs, Board of Governors of the Federal Reserve 
System, Washington, DC 20551. Comments must be received no later than 
close of business Monday, June 20, and must be of a quality suitable 
for reproduction.
    Information with regard to this meeting may be obtained from 
Bedelia Calhoun, Staff Specialist, Consumer Advisory Council, Division 
of Consumer and Community Affairs, Board of Governors of the Federal 
Reserve System, Washington, DC 20551, 202-452-6470. Telecommunications 
Device for the Deaf (TDD) users may contact Dorothea Thompson, 202-452-
3544.

Board of Governors of the Federal Reserve System, May 18, 1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-12601 Filed 5-23-94; 8:45 am]
BILLING CODE 6210-01-M