For immediate release

The Federal Reserve Board announced today that the Consumer Advisory Council will hold its next meeting on Thursday, October 22. 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 its 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: Community Development Lending on Indian Reservations Debit Cards with Stored-Value Characteristics Community Reinvestment Act Credit Scoring 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, October 22. 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 Rooms E and F 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 from approximately 1:00 p.m. until 2:15 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: Community Development Lending on Indian Reservations The Community Affairs and Housing Committee will lead a Council discussion on ways to overcome potential barriers to community reinvestment and community development lending on Indian Reservations. Debit Cards with Stored-Value Characteristics The Depository and Delivery Systems Committee will lead a discussion of possible treatment under Regulation E (Electronic Fund Transfers) of certain debit-card products with stored-value characteristics. Community Reinvestment Act The Bank Regulations Committee will lead a discussion on several issues related to the implementation of Regulation BB (Community Reinvestment Act), such as the scope of the limited-purpose bank designation, the primacy of the lending test, bank performance under the services and investments tests, and the use of the strategic plan option. Credit Scoring An ad hoc committee representing the Bank Regulations, Consumer Credit, and Community Affairs and Housing Committees will lead a discussion on issues related to the increased use and possible impact of credit scores on mortgage and small business loan providers and consumers. Governor's Report Federal Reserve Board Member Edward M. Gramlich will report on recent Board initiatives and issues of concern. Members Forum Individual Council members will present views on economic conditions present within their industries or local economies. Committee 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, September 17, 1998. (signed) Jennifer J. Johnson Jennifer J. Johnson, Secretary of the Board

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