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 candidateâs 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 Boardâs other advisory councils â the Community Depository Institutions Advisory Council (CDIAC) and the Federal Advisory Council (FAC) â 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 Reserveâs 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 candidatesâ 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