The Federal Reserve Board announced this week that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council (CAC). Formed in 2015, CAC advises the Federal Reserve Board on issues affecting consumers and communities. The Federal Reserve Board also has two other advisory councils with members represent depository institutions. They are the Federal Advisory Council (FAC) and the Community Depository Institutions Advisory Council (CDIAC).
The Federal Reserve Board is interested in candidates with knowledge in numerous fields including:
- affordable housing
- community and economic development, employment and labor,
- financial services and technology,
- small business,
- asset building
- wealth building
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CAC is made up of 15 members who are a diverse group of experts and representatives of consumer and community development organizations and interests. CAC members meet semiannually, often for two days, with members of the Board of Governors in Washington to provide a range of perspectives on the economic circumstances and financial services needs of consumers and communities. Those meetings have a particular focus on the concerns of low-income and moderate-income consumers and communities.
The Federal Reserve Board will announce the appointment of CAC members in the fall of 2021. The newly appointed members will serve three-year terms that will begin on January 1, 2022. Applied previously and did not make the Advisory Council? The Fed encourages applicants from previous years to re-apply this year.
Individuals may apply online at https://www.federalreserve.gov/secure/CAC/Application/
Applications may also be submitted via email to CCA-CAC@frb.gov