Board of Governors of the Federal Reserve System

The Federal Reserve Board named ten new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2008.

The Council advises the Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services.  The Council meets three times a year in Washington, D.C.

Tony Brown was designated Chair; his term runs through December 2008.  Mr. Brown is President and Chief Executive Officer of Uptown Consortium, Inc.

Edna Sawady was designated Vice Chair; her term on the Council ends in December 2009.  Ms. Sawady is Managing Director of Market Innovations, Inc.

The ten new members are:

Michael D. Calhoun
Durham, North Carolina

Mr. Calhoun serves as President of the Center for Responsible Lending (CRL), a nonprofit, non-partisan research and policy organization focusing on consumer lending issues.  CRL has produced ground-breaking research on the subprime mortgage market and has been a key advocate for state and federal protections that reasonably balance consumer interests with the goal of increasing sustainable homeownership with affordable loans.  Mr. Calhoun offers more than twenty-five years of experience in consumer finance, law, and policy.  He was a principal drafter of several key predatory lending bills, including AARP's model bill as well as North Carolina's pioneering lending law of 1999 and an updated law that passed in 2007.  He has provided technical assistance on lending regulation to many policymakers and has testified before numerous Congressional and state legislative committees.  For ten years, Mr. Calhoun served as General Counsel to CRL and the affiliated Self-Help, a nonprofit community development lender based in North Carolina.  He previously managed Self-Help's secondary market program, an innovative partnership with national banks in which Self-Help facilitates lending to first-time homebuyers by buying and securitizing pools of loans that are not eligible for sale to the Government-Sponsored Enterprises.  He also directed Self-Help's real estate and commercial loan divisions.

Alan D. Cameron
Boise, Idaho

Mr. Cameron is President and CEO of the Idaho Credit Union League, the trade association for Idaho's credit unions.  In this role, he has been active in national credit union organizations, serving as Chair of the Consumer Protection Subcommittee of the Credit Union National Association and as Chair of the State Issues Advocacy Committee of the American Association of Credit Union Leagues.  Previously, he was an attorney in private practice, during which he focused on the representation of credit unions in state and federal courts.  Mr. Cameron has also been involved in a variety of community affairs related to consumer financial services.  He serves as Treasurer of the Hispanic Financial Education Coalition, a Jump$tart Coalition partner, as well as Treasurer of the Consumer Information Council, an industry partnership dedicated to educating the public about identity theft and financial privacy issues.  He was also on the board of the Consumer Credit Counseling Service of Idaho for more than twenty years. 

Kathleen Engel
Cleveland, Ohio

Ms. Engel is the Leon M. and Gloria Plevin Associate Professor at the Cleveland-Marshall College of Law at Cleveland State University.  Her expertise encompasses a wide range of consumer law issues.  She is a national authority on mortgage finance and regulation, subprime and predatory lending, community reinvestment issues, and housing discrimination.  Her many publications, some of which she wrote with her frequent co-author, former CAC member Patricia McCoy, include articles in Texas Law Review, Fordham Law Review, Washington University Law Quarterly, and Housing Policy Debate.  Ms. Engel presents her research in academic, banking, and policy forums throughout the country and around the world.  She has consulted with several state attorneys general on legal theories in predatory lending litigation.  Ms. Engel is a board member of Americans for Fairness in Lending and previously was a member of the Research Working Group of the National Consumer Law Center.

Greta J. Harris
Richmond, Virginia

For the past decade, Ms. Harris has worked for the Local Initiatives Support Corporation (LISC), a national community and economic development nonprofit corporation.  In 2006, she was named Vice President-Southeast Region, with responsibility for supporting local leadership in nine offices.  Previously, she managed the day-to-day operations of LISC's Virginia office for nine years, leading its programmatic and geographical expansion from the city of Richmond to the entire Commonwealth of Virginia.  Ms. Harris secured more than $10 million in philanthropic donations and below-market investment capital to further LISC's mission of community rebuilding.  She also brokered key collaborative public/private relationships that helped to yield nationally recognized community development initiatives such as Neighborhoods in Bloom, the Richmond Neighborhood Indicators Project (a GIS-based impact measurement tool), and the first 501(c)(3) bond issuance for LISC.  She previously served as Executive Director of Richmond Neighborhood Housing Services and worked as a project developer for a housing development corporation and as an architect.  Ms. Harris has been a member and chair of the Federal Reserve Bank of Richmond's Community Development Advisory Council and is a board member and former president of the Virginia Housing Coalition.

Lorenzo S. Littles
Dallas, Texas

Mr. Littles serves as the Director of the Dallas office of Enterprise Community Partners, leading the group's operations and policy efforts.  Since joining the Dallas office of the Enterprise Foundation in 1997, Mr. Littles has become a leader of community housing development initiatives.  He oversees the administration of the city of Dallas' Mortgage Assistance Program (MAP), which provides zero-interest, soft-second subsidies to first-time homebuyers.  In the past sixteen years, the city has invested more than $59 million in the MAP program, resulting in more than 6,200 first-time homeowners and leveraging more than $427 million in private mortgage financing.  Mr. Littles also serves as President of EHOP-Dallas, Inc., an Enterprise supporting organization that has acquired, rehabilitated, and sold more than 135 HUD-foreclosed properties since October 2005.  An active real estate attorney, Mr. Littles has more than twenty-nine years' experience in public policy, legal analysis, project management, and administration and is an expert on affordable housing, community and economic development, and the power of homeownership.  He is a frequent speaker at economic development forums throughout the Dallas-Fort Worth area.

Saurabh Narain
Chicago, Illinois

Mr. Narain is Chief Fund Advisor to National Community Investment Fund (NCIF), a nonprofit private equity fund, and Senior Managing Director at ShoreBank Corporation. As Chief Fund Advisor, he leads all activities of NCIF including creating a strategy; investing in community development banks, thrifts, and credit unions; and building the community development finance industry.  Industry building is done through the CDBI Exchange Network, which brings best practices in risk management, valuation, and corporate governance to the sector.  He has created NCIF Social Performance Metrics using publicly available data from Home Mortgage Disclosure Act filings and the Federal Deposit Insurance Corporation for providing a lens to “social performance” for community development banks and thrifts.  He is actively involved in several industry initiatives, including alternatives to payday lending and check cashing, responsible lending, and first-chance accounts, through research projects and promoting best practices.  Prior to NCIF, Mr. Narain had extensive experience in capital markets and risk management, having worked at Bank of America for almost seventeen years based in Asia and the U.S.  On a personal basis, he is actively involved with the microfinance and micro-entrepreneurship movement in India.  Mr. Narain serves on the boards of the CDFI Coalition and the New Markets Tax Credit Coalition and is a regular speaker at industry forums, including the Interagency Minority Depository Institutions National Conference.

Ronald Phillips
Wiscasset, Maine

Mr. Phillips is President and founder of Coastal Enterprises, Inc. (CEI), a nonprofit community development corporation and community development financial institution (CDFI) based in Wiscasset, Maine.  He has had a significant role in shaping the community finance sector through his leadership of CEI and his former role as a board member of Opportunity Finance Network, the trade association for CDFIs.  As one of Maine's and the nation's major development organizations, CEI creates jobs, affordable housing, and social services for people and places left out of the economic mainstream, primarily in rural regions.  Some of CEI's major programs include workforce development; business counseling services and lending to small businesses and to minority- and women-owned businesses, as well as to new immigrants and refugee communities; affordable housing; and policy research and development.  Key CEI subsidiaries focus on venture capital initiatives and the New Markets Tax Credit program.  Mr. Phillips was involved in the crafting of Maine's recent anti-predatory lending legislation.  He has served on the Federal Reserve Bank of Boston's Community Development Advisory Council, as well as KeyBank's National Community Development Advisory Board and the Federal Home Loan Bank of Boston board.  He is also a founding member of the New Markets Tax Credit Coalition and serves on the Coalition's board and executive committee. 

Kevin A. Rhein
Minneapolis, Minnesota

Mr. Rhein, a thirty-year veteran of the financial services industry, serves as Division President and Business Manager of Wells Fargo Card Services.  He is responsible for Wells Fargo's consumer credit card, consumer and business debit card, prepaid card, consumer unsecured lines/loans, and consumer global remittance services. Under his leadership, the 3,000 team members in these units manage more than $19 billion in credit card and unsecured lines/loans held by more than 7 million customers, along with transactions completed by 19.5 million debit/ATM card customers and consumer remittances to seven countries.  Before joining Wells Fargo, Mr. Rhein spent fifteen years with Citibank/Citicorp in positions including director of retail banking, director of retail branch operations at Citibank Arizona, and regional director for Citicorp Mortgage.  Mr. Rhein is a member of the Wells Fargo Management Committee and Fair Lending Committee.  He actively promotes financial literacy and serves as an external board member for the Center for Financial Services Innovation, an organization based in Chicago that assists the financial services industry to identify, develop, and implement innovative ways to serve the underbanked market.

Shanna L. Smith
Washington, District of Columbia

Ms. Smith is President and CEO of the National Fair Housing Alliance (NFHA), overseeing NFHA's various programs:  enforcement, membership services, compliance and consulting, education and outreach, public policy, and resource development.  She led the creation of new, full-service fair housing centers in eight cities as well as several national, multi-media campaigns teaching people to recognize and report housing, lending, and insurance discrimination. Ms. Smith has designed and implemented investigations dealing with mortgage lending, private mortgage insurance, homeowners insurance, real estate sales, and sexual harassment in rental housing.  She was a founding member of NFHA in 1988.  Over the past eighteen years, she has testified before congressional banking committees about policies and practices that violate the Fair Housing Act involving lending, private mortgage insurance, and homeowners insurance.  Before joining NFHA, Ms. Smith was Executive Director of the Toledo Fair Housing Center for fifteen years.  During her tenure, the Center worked on ground-breaking investigations and litigation of mortgage lending discrimination cases.  Ms. Smith has written articles for the lending industry illustrating policies and practices that violate fair lending laws and regulations and has co-authored chapters in two books, one on mortgage lending discrimination issues and one on insurance redlining issues.

Jennifer Tescher
Chicago, Illinois

Ms. Tescher is the Director of the Center for Financial Services Innovation (CFSI), which was launched in 2004 to promote and enhance financial services access and services to the underbanked.  CFSI develops and distributes real world-tested research and strategy, provides funding to promising companies, and facilitates cross-sector business collaboration.  The Center is a nonprofit affiliate of ShoreBank Corporation, the nation's leading community development bank holding company.  Ms. Tescher has been part of the ShoreBank family since 1996 in a variety of capacities, focused primarily on the development and implementation of new financial products and services.  She has guided CFSI since its inception, launching the Innovators Roundtable and a $1 million equity fund as well as acquiring the Responsible Credit Roundtable. Ms. Tescher has already achieved notable success in raising the profile of underbanked access and asset-building as an objective for the industry.  She has become a nationally known expert on this topic, with a monthly column in American Banker, and major speaking engagements at a broad spectrum of industry events.  Ms. Tescher serves as a member of the board of directors for the Center for Economic Progress as well as the Credit Builders Alliance, and is a member of Bank of America's National Community Advisory Council. 

Council members whose terms continue through 2008 are:

Dorothy Bridges
Chief Executive Officer and President
Franklin National Bank of Minneapolis
Minneapolis, Minnesota

Sarah Ludwig
Executive Director
Neighborhood Economic Development Advocacy Project
New York, New York

Mark K. Metz
Senior Vice President and Deputy General Counsel
Wachovia Corporation
Charlotte, North Carolina

Lance Morgan
President
Ho-Chunk, Incorporated
Winnebago Tribe of Nebraska
Winnebago, Nebraska

Joshua Peirez
Chief Payment System Integrity Officer
MasterCard Worldwide
Purchase, New York 

Anna McDonald Rentschler
BSA Officer
Central Bancompany
Jefferson City, Missouri

Faith Arnold Schwartz
Executive Director
HOPE NOW Alliance
Washington, District of Columbia

Edward Sivak
Director of Policy and Evaluation
Enterprise Corporation of the Delta
Jackson, Mississippi

Alan White
Assistant Professor
Valparaiso University Law School
Valparaiso, Indiana

Council members whose terms continue through 2009 are:

Jason Engel
Vice President and Chief Regulatory Counsel
Experian
Costa Mesa, California

Joseph L. Falk
Consultant
Akerman Senterfitt
Miami, Florida

Louise J. Gissendaner
Senior Vice President, Director of Community Development
Fifth Third Bank
Cleveland, Ohio

Patricia Hasson
President
Consumer Credit Counseling Service of Delaware Valley, Inc.
Philadelphia, Pennsylvania

Thomas James
Senior Assistant Attorney General - Consumer Counsel
Office of the Illinois Attorney General
Consumer Fraud Bureau
Chicago, Illinois

H. Cooke Sunoo
Director
Asian Pacific Islander Small Business Program
Los Angeles, California

Stergios Theologides
Executive Vice President, General Counsel
Morgan Stanley Home Loans
Fort Worth, Texas

Linda Tinney
Vice President, Community Development
West Metro Region Manager
U.S. Bank
Denver, Colorado

Luz Urrutia
President and Chief Operating Officer
Banuestra Financial Corporation
Roswell, Georgia