For immediate release

The Federal Reserve Board announced today that the Consumer Advisory Council will hold its next meeting on Thursday, July 17. The meeting will be held in Terrace Room E of the Martin Building. The session will begin at 9 a.m. and is open to the public. The Council's function is to advise the Board on the exercise of the Board's responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks its advice. Time permitting, the Council will discuss the following topics: Home Ownership Equity Protection Act CRA Implementation and Service Test Issues Treasury's "EFT 99" Effect of Appraisals on Community Development Governor's Report Committee Reports Reports by committees and other matters previously considered by the Council or initiated by the Council members may also be discussed. The Board invites comment from the public on any of these matters. The Board's notice is attached.

FEDERAL RESERVE SYSTEM Consumer Advisory Council Notice of Meeting of Consumer Advisory Council The Consumer Advisory Council will meet on Thursday, July 17. The meeting, which will be open to public observation, will take place at the Federal Reserve Board's offices in Washington, D.C., in Terrace Room E of the Martin Building. The meeting will begin at 9:00 a.m. and is expected to continue until 4:00 p.m., with a lunch break from 1:00 p.m. until 2:00 p.m. The Martin Building is located on C Street, Northwest, between 20th and 21st Streets in Washington, D.C. The Council's function is to advise the Board on the exercise of the Board's responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks its advice. Time permitting, the Council will discuss the following topics: Home Ownership Equity Protection Act The Consumer Credit Committee will discuss issues raised at recent public hearings on the adequacy of Truth in Lending's home equity lending rules. The Board held hearings in Los Angeles, Atlanta, and Washington, D.C. in June concerning the home-equity credit market targeted by the Act, in which it sought the views of creditors, consumer representatives, and other interested parties. CRA Implementation and Service Test Issues The Bank Regulation Committee will continue its review of large-bank Community Reinvestment Act examination issues. The focus of the discussion will be on the new lending and service tests for large banks and any potential impact on community investments, banking services, and the types of funded community projects. Treasury's "EFT '99" The Depository and Delivery Systems Committee will explore issues that may fall under the domain of the Board's responsibilities as government, industry, and others work to build an infrastructure to deliver all federal payments electronically by January 1, 1999. Effect of Appraisals on Community Development The Community Affairs and Housing Committee will present a report on their review of the effect of appraisals on community development lending. Governor's Report Presentation by Federal Reserve Board Member Laurence H. Meyer on economic conditions, recent Board initiatives, and issues of concern, with an opportunity for questions from Council members. Committee Reports Committees will report on their work. Open Forum-Emerging Issues Presentation of Council members' views on emerging issues or trends in consumer financial services that may have potential impact on the Board's role in providing consumer protection. Other matters previously considered by the Council or initiated by Council members also may be discussed. Persons wishing to submit views to the Council regarding any of the above topics may do so by sending written statements to Deanna Aday-Keller, Secretary, Consumer Advisory Council, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Information about this meeting may be obtained from Ms. Aday-Keller, 202-452-6470. Telecommunications Device for the Deaf (TDD) users may contact Diane Jenkins, 202-452-3544. Board of Governors of the Federal Reserve System, June 19, 1997. (signed) William W. Wiles William W. Wiles Secretary of the Board

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