[Federal Register Volume 59, Number 193 (Thursday, October 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-24736]


[[Page Unknown]]

[Federal Register: October 6, 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, November 3, 
1994. 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 led by the Bank 
Regulation Committee of issues related to the September 1994 
interagency proposal to amend regulations implementing the Community 
Reinvestment Act.
    Fair Lending Matters. Discussion led by the Community Affairs and 
Housing Committee on fair lending matters, including:
    (1) Whether further guidance from the Inter-agency Task Force on 
Fair Lending would be helpful to lenders, and on what issues;
    (2) Agreements entered into by government agencies with industry 
groups and lending institutions, and the implications for other 
lenders; and
    (3) whether special initiatives of some lenders (such as affordable 
mortgage products, second-review programs, and use of mystery shoppers) 
are having the desired effect.
    Waiver of Consumers' Right of Rescission for Certain Loans. 
Discussion led by the Consumer Credit Committee on the merits of making 
it easier for consumers to waive their right of rescission in 
connection with refinancings and other transactions that do not involve 
added debt.
    Mandatory Arbitration Clauses. Briefing by two Council members on 
creditors' use of arbitration clauses in consumer contracts that 
require consumers and creditors, in the event of a dispute, to abide by 
the decision of an arbiter.
    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 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, October 31, 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, September 30, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-24736 Filed 10-5-94; 8:45am]
BILLING CODE 6210-01-F