[Federal Register Volume 60, Number 108 (Tuesday, June 6, 1995)]
[Notices]
[Page 29850]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-13744]



[[Page 29850]]

FEDERAL RESERVE SYSTEM


Consumer Advisory Council; Notice of Meeting of Consumer Advisory 
Council

    The Consumer Advisory Council will meet on Thursday, June 29, 1995. 
The meeting, held pursuant to 15 U.S.C. 1691(b) and 12 CFR 267.5, will 
take place in Terrace Room E of the Martin Building. The meeting, which 
will be open to public observation, is expected to begin at 9:00 a.m. 
and to continue until 4:00 p.m., with a lunch break from 1:00 p.m. 
until 2:00 p.m. The Martin Building is located on C Street, Northwest, 
between 20th and 21st Streets in Washington, D.C.
    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 regarding the agencies' implementation of new 
regulations under the Community Reinvestment Act, including (1) what 
issues should be addressed in the examination procedures and examiner 
training; (2) what impact the new rules might have on lending in low- 
and moderate-income areas; and (3) whether additional incentives may be 
needed to encourage institutions to choose to be evaluated for CRA 
under the strategic plan option.
    Voluntary Data Collection of Personal Characteristics of Credit 
Applicants. Discussion led by the Consumer Credit Committee of a 
proposed amendment to the Board's Regulation B (Equal Credit 
Opportunity) that would allow, but not require, creditors to ask for 
the race, color, sex, religion and national origin of credit applicants 
to help ensure compliance with the Equal Credit Opportunity Act and 
other fair lending laws.
    Consumer Leasing Disclosures (Tentative). Further discussion led by 
the Consumer Credit Committee on possible amendments to the Board's 
Regulation M (Consumer Leasing) to address technological and other 
developments in the leasing industry and to simplify compliance and 
reduce burdens without diminishing consumer protections.
    Right of Rescission under the Truth in Lending Act. Presentation by 
members of the Consumer Credit Committee on the right of rescission, a 
legal remedy available to all consumers who secure a loan transaction 
with their homes. (Legislation has been introduced in the Congress that 
would limit the availability of the right in different ways.)
    Legislative Proposals for Regulatory Relief under the Truth in 
Lending Act. Discussion led by the Consumer Credit Committee on recent 
legislative proposals that would amend the Truth in Lending Act to, 
among other things, (1) streamline consumer disclosures required for 
adjustable rate mortgages, and (2) eliminate, limit, or reduce 
potential creditor liability for disclosure errors.
    Need for Reconciliation of Provisions of the Truth in Lending and 
Real Estate Settlement Procedures Acts. Discussion led jointly by the 
Consumer Credit Committee and the Community Affairs and Housing 
Committee of whether and how provisions of the Truth in Lending Act and 
the Real Estate Settlement Procedures Act or the implementing 
regulations should be amended to facilitate compliance.
    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.
    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, D.C. 20551. Comments must be received no later than 
close of business Wednesday, June 21, 1995, and must be of a quality 
suitable for reproduction.
    Information with regard to this meeting may be obtained from Ann 
Marie Bray, 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 31, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-13744 Filed 6-5-95; 8:45am]
BILLING CODE 6210-01-P