Application for Membership for the Community Advisory Council

ICR 201603-7100-006

OMB: 7100-0371

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
New
Supporting Statement A
2016-05-24
IC Document Collections
ICR Details
7100-0371 201603-7100-006
Historical Active
FRS FR 1401
Application for Membership for the Community Advisory Council
New collection (Request for a new OMB Control Number)   No
Delegated
Approved without change 05/24/2016
Retrieve Notice of Action (NOA) 05/24/2016
  Inventory as of this Action Requested Previously Approved
05/31/2019 36 Months From Approved
1,100 0 0
1,100 0 0
0 0 0

The Community Advisory Council (CAC) was established to provide information, advice, and recommendations to the Federal Reserve on policy matters and issues affecting consumers and communities. The Application would be used to obtain information about the experience and qualification of persons seeking to be considered for CAC membership. The Application for Membership would collect a candidate’s contact information, current employment, areas of expertise, a resume, which typically includes information about employment history, education, and training, and a statement explaining why they are interested in serving on the CAC and what they believe are their primary qualifications. Candidates could voluntarily elect to provide additional information to support their application, such as copies of publications or letters of recommendation.

US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 244 Name of Law: Federal Reserve Act
  
None

Not associated with rulemaking

  80 FR 73765 11/25/2015
81 FR 11564 03/04/2016
No

1
IC Title Form No. Form Name
Application for Membership for the Community Advisory Council FR 1401 Application for Membership for the Community Advisory Council

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,100 0 0 1,100 0 0
Annual Time Burden (Hours) 1,100 0 0 1,100 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
In January 2015, the Board created the CAC as an advisory committee to the Board on issues affecting consumers and communities. The CAC comprises a diverse group of experts and representatives of consumer and community development organizations and interests, including from such fields as affordable housing, community and economic development, small business, and asset and wealth building. CAC members meet semiannually with the members of the Board in Washington, DC to provide a range of perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income consumers and communities. The CAC complements the Board’s other advisory councils – the Community Depository Institutions Advisory Council (CDIAC) and the Federal Advisory Council (FAC) – whose members represent depository institutions. The CAC serves as a mechanism to gather feedback and perspectives on a wide range of policy matters and emerging issues of interest to the Board of Governors and aligns with the Federal Reserve’s mission and current responsibilities. These responsibilities include, but are not limited to, banking supervision and regulatory compliance (including the enforcement of consumer protection laws), systemic risk oversight and monetary policy decision-making, and, in conjunction with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), responsibility for implementation of the Community Reinvestment Act (CRA). The Federal Reserve considered CAC candidates during 2015 by soliciting Statements of Interest that allowed individuals to submit whatever information that they determined, in their sole discretion, was appropriate. The type and amount of information submitted by applicants varied significantly. The proposed Application for Membership would provide a structure for candidates’ submissions, standardize the process, and allow the Board to evaluate candidates more efficiently.

$0
No
No
No
No
No
Uncollected
Scott Farmer 202-452-2253 [email protected]

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
05/24/2016


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