FR1401_20250326_omb

Supporting Statement for the
Application Form for Membership on the Community Advisory Council
(FR 1401; OMB 7100-0371)
Summary
The Board of Governors of the Federal Reserve System (Board), under authority
delegated by the Office of Management and Budget (OMB), has extended for three years, with
revision, the Application Form for Membership on the Community Advisory Council
(Application) (FR 1401; OMB 7100-0371). The Application is used to obtain information about
the experience and qualification of persons seeking to be considered for membership on the
Board’s Community Advisory Council (CAC).1 The Application collects an applicant’s contact
information; details regarding current employment and areas of expertise; a resume, which
typically includes information about employment history, education, and training; and a cover
letter explaining why the applicant is interested in serving on the CAC and their primary
qualifications. Applicants can voluntarily elect to provide additional information to support their
application.
The Board revised the FR 1401 to modify the choices for the organization type, include
additional areas of expertise as options, and add two mandatory attestations to the end of the
application. The revisions are effective as of the 2025 application period.
The current estimated total annual burden for the FR 1401 is 300 hours, and would
increase to 324 hours. The revisions would result in an increase of 24 hours. The Application is
available on the Board’s public website at
https://www.federalreserve.gov/secure/CAC/Application/.
Background and Justification
In January 2015, the Board established the CAC as an advisory committee to the Board
on issues affecting consumers and communities. The CAC is currently composed of a diverse
group of experts and representatives of consumer and community development organizations and
interests, including from fields such as affordable housing, community and economic
development, employment and labor, financial services and technology, small business, and asset
and wealth building. CAC members meet semiannually with 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 lowand moderate-income consumers and communities.
The CAC complements the Board’s other advisory councils – the Community Depository
Institutions Advisory Council and the Federal Advisory Council – 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 and aligns with the
Board’s mission and current responsibilities. These responsibilities include, but are not limited
Information about the CAC is available on the Board’s public website at
https://www.federalreserve.gov/aboutthefed/cac.htm.
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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 and Federal Deposit Insurance
Corporation, responsibility for implementation of the Community Reinvestment Act.
CAC members serve three-year, staggered terms. Annual applications ensure a robust
pool of applicants each year, and failure to collect data annually would limit the capacity of the
CAC. Applicants who are not selected for the CAC are encouraged to apply in future years. This
information is not available from other sources.
Description of Information Collection
The Application collects the name, postal address, telephone number, and e-mail address
of the applicants, and asks the applicant to identify the subject areas in which the applicant has
expertise. In addition, applicants are asked to identify the organization where they currently
work, to provide their title, and to identify, from a list of options, the type of organization where
they work. Lastly, applicants are asked to submit a resume and a cover letter explaining why they
are interested in serving on the CAC and what they believe are their primary qualifications.
Applicants may submit additional information if they choose.
The Board understands that respondents use information technology to comply with these
provisions, including submitting the Application using the Board’s secure online application
form (https://www.federalreserve.gov/secure/CAC/Application/), by e-mail ([email protected]), or by postal mail to the address listed in the Federal Register notice.
Personally Identifiable Information
Personally identifiable information obtained in this information collection includes
information about an applicant, such as name, work address, telephone number, email address,
organization, title, education, work experience, qualifications, and service on the CAC (such as
travel, contact, and payment information). The information provided is not sensitive in nature
and is necessary for the Board to consider individuals for membership and for administrative
operations related to individuals’ service on the CAC. Information collected as part of this
process is stored in the system of records BGFRS-39, General File of the Community Advisory
Council (83 FR 43872). This information is also covered by the Privacy Impact Assessment,
Community Advisory Council Systems.
Respondent Panel
The FR 1401 panel comprises any individual seeking to be considered for membership on
the CAC.
Frequency and Time Schedule
The FR 1401 is submitted on an annual basis. The Federal Reserve issues a press release
and publishes a Federal Register notice annually, typically in April, announcing when it is

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accepting applications for membership. The Federal Register notice specifies the deadline for
submitting applications, which is 60 days after publication in the Federal Register.
Revisions to the FR 1401
The Board revised the FR 1401 to modify the choices for the organization type, add
choices for the areas of expertise on the application, and add two attestations. Organization type
will require a response should an applicant choose “Other” under non-profit or for-profit
agencies. Additional subcategories under the government option will include “National,” “State,”
and “Local.” The four additional choices for primary and secondary areas of expertise will
include “Artificial Intelligence,” “Disaster Recovery and Resiliency,” “Financial Education,” and
“Health.” The application will have two attestations: (1) affirming there is no applicant
relationship to an employee of the Board of Governors, Reserve Bank, or a Board or Reserve
Bank advisory council, and (2) that no officer2 or senior executive of the applicant’s current
organization has a relationship to an employee of the Board of Governors, Reserve Bank, or a
Board or Reserve Bank advisory council. If there is a relationship, applicants will be asked to
disclose the name of the employee, director, advisory council member, officer, or senior
executive with the relationship to the applicant. Applicants will be asked to indicate the nature of
the relationship and whether the employee, director, advisory council member, officer, or senior
executive is or was associated with the Board or a Reserve Bank and if at a Reserve Bank,
indicate which one. Revisions will be effective as of the 2025 application period.
Public Availability of Data
Applicants selected to serve on the CAC will have their name, title, organization, and
location shared on the Board’s public website. No other information from the applications will
be published.
Legal Status
The Application is authorized pursuant to sections 2A and 10 of the Federal Reserve Act
(FRA) (12 U.S.C. §§ 225a and 244). Section 2A of the FRA requires the Board and Federal
Open Market Committee to maintain long run growth of the monetary and credit aggregates
commensurate with the economy’s long run potential to increase production, so as to promote
effectively the goals of maximum employment, stable prices, and moderate long-term interest
rates (12 U.S.C. § 225a).3 Section 10 of the FRA authorizes the Board to “determine and
prescribe the manner in which its obligations shall be incurred and its disbursements and
expenses allowed and paid.” (12 U.S.C. § 244).4 Providing information collected as part of the
Application is required to obtain a benefit.

Officers of the applicant’s organization include anyone elected or appointed to manage an organization’s daily
operations, such as C-suite executives and vice presidents.
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The CAC helps the Board achieve these requirements by serving as a mechanism to gather feedback and
perspectives on a wide range of policy matters and emerging issues of interest to the Board.
4
This authority permits the Board to collect personal information (e.g., bank account routing numbers) needed to
disburse travel funds to CAC members.
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Generally, information provided on the Application will be kept confidential from the
public under exemption 6 of the Freedom of Information Act (FOIA) to the extent that the
disclosure of the information “would constitute a clearly unwarranted invasion of personal
privacy.” (5 U.S.C. § 552(b)(6)). For example, the release of information such as the applicant’s
address, home telephone number, or personal e-mail address to the public would likely constitute
a clearly unwarranted invasion of personal privacy and be kept confidential. However, the
release of information such as the educational and professional qualifications of successful
applicants would not likely constitute a clearly unwarranted invasion of personal privacy and
may be disclosed under the FOIA. In addition, once a person becomes a member of the CAC,
their name, and the name and location of the organization where they are employed, would
generally be listed on the Board’s public website.
Consultation Outside the Agency
There has been no consultation outside the Federal Reserve System.
Public Comments
On September 30, 2024, the Board published an initial notice in the Federal Register (89
FR 79588) requesting public comment for 60 days on the extension, with revision, of the
FR 1401. The comment period for this notice expired on November 29, 2024. The Board did not
receive any comments. The Board adopted the extension, with revision, of the FR 1401 as
originally proposed. On February 7, 2025, the Board published a final notice in the Federal
Register (90 FR 9158).
Estimate of Respondent Burden
As shown in the table below, the estimated total annual burden for the FR 1401 is 300
hours, and would increase to 324 hours with the revisions. Using the standard Board burden
calculation methodology, the revisions were shown to have an increase of 24 hours on the annual
burden. The estimated number of respondents is based on the average number of applicants that
submitted an application to be considered for CAC membership in response to the Federal
Register notices published from 2022 through 2023. These reporting requirements represent less
than 1 percent of the Board’s total paperwork burden.

FR 1401

Estimated
number of
respondents

Estimated
annual
frequency

Current

300

1

1

300

Proposed

300

1

1.08

324

Change

Estimated
Estimated
average hours annual burden
per response
hours

24

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The estimated total annual cost to the public for the FR 1401 is $9,300, and would
increase to $10,044 with the revisions.5
Sensitive Questions
This information collection contains no questions of a sensitive nature, as defined by
OMB guidelines. However, once selected to be a member of the CAC, the Board may collect
banking and payment information to securely complete travel reimbursement for members of the
Board’s CAC.
Estimate of Cost to the Federal Reserve System
The estimated cost to the Federal Reserve System for collecting and processing the
Application is negligible.

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The average consumer cost of $31 is estimated using data from the Bureau of Labor Statistics (BLS), Occupational
Employment and Wages, May 2023, published April 3, 2024, https://www.bls.gov/news.release/ocwage.t01.htm.

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