Coming Issues

The Consumer Advisory Council advises the Federal Reserve Board on issues of concern to consumers. As the CAC completed its last meeting of 2003, it identified issues for consideration in 2004. These issues include predatory lending, identity theft, and banking services for the unbanked. Also on the table are industry concerns such as regulatory burden, CRA assessment issues such as tax credits, and HMDA data collection (a concern shared by consumer advocates for different reasons). There are several issues related to e-sign and other electronic transactions.

The CAC met before FACTA was enacted so that was not included on the specific list of issues. However, it is likely to get close attention from the group when they hold their first meeting in 2004.

The fact that the CAC identifies issues means two things. First, the issues raised are already of concern to consumers and consumer advocacy groups are working on them. Second, the issues will come to the attention of the FRB. Although it may take several years, many of these discussions result in action. They are also topics that should be actively watched on your radar.

Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 15, 1/04