For immediate release

The Federal Reserve Board announced today that the Consumer Advisory Council will hold its next meeting on Thursday, June 25. The meeting will take place in Dining Room E, Terrace level, in the Board's 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: Possible Revisions to Regulation B (Equal Credit Opportunity) and Regulation C (Home Mortgage Disclosure) CRA Assessment Area Issues TILA/RESPA Proposals Electronic Communication 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, June 25. The meeting, which will be open to public observation, will take place at the Federal Reserve Board's offices in Washington, D.C., in Dining Room E of the Martin Building (Terrace level). The meeting will begin at 9:00 a.m. and is expected to continue until 4:00 p.m., with a lunch break between approximately 1:00 and 2:00 p.m. The Martin Building is located on C Street, Northwest, between 20th and 21st Streets. 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: Possible Revisions to Regulation B (Equal Credit Opportunity) and Regulation C (Home Mortgage Disclosure) The Bank Regulations Committee and Community Affairs and Housing Committee will lead a joint discussion about members' recommendations for revising Regulations B and C, in connection with the Board's review of the regulations under its Regulatory Improvement Program. CRA Assessment Area Issues The Bank Regulations Committee will lead a discussion of issues related to the implementation of the Community Reinvestment Act, focusing in particular on the delivery of banking products and CRA regulations' treatment of the "assessment area"�the primary geographic area in which an institution's record is evaluated. TILA/RESPA Proposals The Consumer Credit Committee will lead a discussion on legislative proposals to simplify, consolidate, and streamline the provisions of the Boards Regulation Z (Truth in Lending) and HUD's Regulation X (Real Estate Settlement Procedures) affecting the mortgage lending process. Electronic Communication The Depository and Delivery Systems Committee and the Consumer Credit Committee will jointly lead a discussion of members' recommendations regarding Board proposals to permit electronic delivery of notices and disclosures in substitution for paper communications under regulations that implement the Electronic Fund Transfer, Truth in Lending, Consumer Leasing, Truth in Savings, and Equal Credit Opportunity statutes. Governor's Report Federal Reserve Board Member Edward M. Gramlich 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 economic conditions present within their industries or local economies. Reports Council committees will report on their work. 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, May 28, 1998. (signed) William W. Wiles William W. Wiles Secretary of the Board

1998 Other announcements