New Members on the CAC

The Federal Reserve Board has announced the new members appointed to the Consumer Advisory Council. The ten new members include two bankers and a state supervisor. Both of the bankers are CRA officers. The new bankers are Marta Ramos, VP of Banco Popular de Puerto Rico, and Gary Washington, SVP of ABN AMRO North America, Inc.

The Council advises the Board of Governors on issues in consumer credit protection, community reinvestment, and other issues related to consumer financial services. Historically, the CAC has provided extensive input on CRA. The Board also seeks CAC input when developing or revising a compliance regulation.

In designating members, the FRB attempts to balance industry interests with consumer and research interests. The Council usually has between thirty and thirty-three members of which one third are industry members. Industry includes commercial banks, mutuals and thrifts, credit card issuers, finance companies, retailers, and credit unions.

Copyright © 1999 Compliance Action. Originally appeared in Compliance Action, Vol. 4, No. 2, 2/99