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
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.
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.
Form FR 1401 Application for Membership for the Community Advisory Council
FR1401_20160524_omb.pdf
Application for Membership for the Community Advisory Council