WASHINGTON (6/4/10)-The Federal Reserve Board announced Thursday that its Consumer Advisory Council (CAC) intends to take up foreclosure issues at its next meeting, on June 17. A Fed announcement said CAC members will discuss loss-mitigation efforts, including the Administration’s Making Home Affordable program, neighborhood stabilization initiatives and challenges, and other issues related to foreclosures. Also on the agenda:
* The Home Mortgage Disclosure Act: In the context of the Fed board’s review of Regulation C, which implements HMDA, CAC members will consider whether revisions to HMDA rules in 2002, which required lenders to report mortgage pricing data, have helped generate useful and accurate information about the mortgage market; the need for additional data and other improvements; and what emerging issues in the mortgage market may warrant additional research; and * The Community Reinvestment Act (CRA): There will be discussion regarding the future of CRA, including possible changes in light of developments in the financial services industry and issues associated with the foreclosure crisis.
The CAC advises the Fed on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. The group meets three times a year in Washington, D.C. and meetings are open to the public. Alan Cameron, president/CEO of the Idaho Credit Union League, is a representative on the council. His term runs through 2010.