For immediate release

The Federal Reserve Board announced today that the Consumer Advisory Council will hold its next meeting on Thursday, March 19. For this meeting, the location has been changed to the Board Room of the Eccles 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: Simplification of the Mortgage Lending Disclosures Bank Regulatory Issues Electronic Communication Issues Related to the Year 2000 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, March 19. The meeting, which will be open to public observation, will take place at the Federal Reserve Board's offices in Washington, D.C. For this meeting, the location has been changed to the Board Room of the Eccles Building. The meeting will begin at 9:00 a.m. and is expected to continue until 4:00 p.m., with a lunch break approximately between 1:00 p.m. and 2:00 p.m. The Eccles 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. Recommendations to Simplify Mortgage Lending Disclosures The Consumer Credit Committee will lead a discussion of issues related to legislative recommendations being developed to simplify, consolidate, and streamline the provisions of the Board's Regulation Z (Truth in Lending) and HUD's Regulation X (Real Estate Settlement Procedures) affecting home mortgage lending. In particular, attention will focus on the feasibility of providing consumers with firm costs for shopping purposes, and the possibility/desirability of adding new consumer protections against abusive lending and foreclosure practices. Bank Regulatory Issues The Bank Regulation Committee will lead a discussion regarding the ongoing implementation of the revised Community Reinvestment Act regulations; in particular, attention will focus on interagency efforts to enhance uniformity in CRA examinations conducted by the four banking agencies. Electronic Communication The Depository and Delivery Systems Committee will lead a discussion regarding an upcoming Board proposal to permit electronic notices, disclosures, and documentation to substitute for paper communications under Board regulations that implement the Electronic Fund Transfer Act, Truth in Lending Act, the Consumer Leasing Act, the Truth in Savings Act, and the Equal Credit Opportunity Act. Issues Related to the Year 2000 The Council will discuss issues related to encouraging public awareness of preventive measures being taken by financial institutions and other entities to prepare for the century date change, and of error resolution and other rights that consumers will have in the event problems occur. Governor's Report Reserve Board Member Laurence H. Meyer will report on economic conditions, recent Board initiatives, and issues of concern, with an opportunity for questions from Council members. Members Forum Individual Council members' will present views on the economic conditions present within their industries or local economies. Committee Reports Council committees will report on their work plans for 1998. 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, February 25, 1998. (signed) William W. Wiles William W. Wiles Secretary of the Board

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