[Federal Register Volume 62, Number 200 (Thursday, October 16, 1997)]
[Notices]
[Pages 53785-53786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-27341]


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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, October 30. 
The meeting, which will be open to public observation, will take place 
at the Federal Reserve Board's offices in Washington, DC, in Terrace 
Room E of the Martin Building. The meeting will begin at 9:00 a.m. and 
is expected to continue until 4:00 p.m., with a lunch break from 12:30 
p.m. until 2:00 p.m. The Martin 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:
    Special Rules Under Regulation E (Electronic Fund Transfers): The 
Depository and Delivery Systems Committee will lead a discussion about 
whether special rules are needed under Regulation E for basic banking 
accounts established by financial institutions to provide electronic 
delivery of federal benefits to individuals who currently do not 
maintain deposit accounts; and if there is a perceived need, what 
characteristics should qualify an account for special treatment.
    Home Ownership Equity Protection Act (HOEPA): The Consumer Credit 
Committee will lead a discussion of potential recommendations for 
modifying the HOEPA provisions of the Truth in Lending Act. HOEPA is 
designed to protect borrowers entering into high-cost home-secured 
loans. The Council discussion will focus on changes to achieve the 
act's purpose more effectively, such as by imposing further 
restrictions to discourage abusive creditor or broker practices, 
providing more effective enforcement tools to ensure compliance and 
protect the consumer, and reducing the complexity of the fees test used 
to determine which loans are covered.
    Streamlining Truth in Lending Act and the Real Estate Settlement 
Procedures Act (TILA/RESPA): To assist in the process now under way for 
reforming requirements under the TILA/RESPA laws, the Consumer Credit 
Committee will lead a discussion about the information that consumers 
need and should receive about costs when seeking a mortgage loan. The 
discussion will include an assessment of the usefulness of disclosing 
the cost of credit as an APR (annual percentage rate) and will consider 
alternative cost disclosures. It will also address timing: when should 
the information be provided to be of most benefit to consumers.
    CRA Implementation--Small Business, Farm, and Community Development 
Lending: The Bank Regulations Committee will lead a discussion 
regarding the ongoing implementation of the revised Community 
Reinvestment Act regulations. In particular, attention will focus on 
the CRA data for 1996 (which were made public recently) regarding small 
business, farm, and community development lending by large commercial 
banks and thrift institutions. The Committee also will discuss 
examination data for small and large banks and interagency responses to 
questions of interpretation that have arisen under the revised CRA 
rules.
    Open Session--Emerging Issues: Council members will report on 
emerging issues or trends that may have potential impact on the Board's 
role in providing consumer protection, or on other matters of interest.
    Governor's Report: Reserve Board Member Laurence H. Meyer will 
report on economic conditions, recent Board initiatives, and issues of 
concern, with an opportunity for questions from Council members.
    Committee Reports: Committees will report on their Committee work 
and discussions.
    Other matters previously considered by the Council or initiated by 
Council members also may be discussed.
    Persons wishing to submit views to the Council regarding any of the 
above topics may do so by sending written statements to Deanna Aday-
Keller, Secretary, Consumer Advisory Council, Division of Consumer and 
Community Affairs, Board of Governors of the Federal Reserve System, 
Washington, DC 20551. Information about this meeting may be obtained 
from Ms. Aday-Keller, 202-452-6470. Telecommunications Device for the 
Deaf (TDD) users may contact Diane Jenkins, 202-452-3544.


[[Page 53786]]


    Board of Governors of the Federal Reserve System, October 9, 
1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-27341 Filed 10-15-97; 8:45 am]
BILLING CODE 6210-01-P