For immediate release

The Federal Reserve Board announced today that the Consumer Advisory Council will hold its next meeting on Thursday, April 17. The meeting will be held in Terrace Room E of the 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 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: Bank Regulatory Issues Electronic Banking and Electronic Disclosures Consumer Identifying Information Mortgage Lending Disclosures under the Truth in Lending and Real Estate Settlement Procedures Acts. Committee reports 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, April 17. The meeting, which will be open to public observation, will take place at the Federal Reserve Board's offices in Washington, D.C., in Terrace Room E of the Martin Building. The meeting will begin at 9:00 a.m. and is expected to continue until 4:00 p.m., with a lunch break from 1:00 p.m. until 2:00 p.m. The Martin Building is located on C Street, Northwest, between 20th and 21st Streets in Washington, D.C. 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: Bank Regulatory Issues The Bank Regulation Committee will discuss the potential effects of bank mergers and acquisitions on local communities; and will also discuss proposed interagency regulations to implement section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, which among other things provide guidance for determining whether a bank is reasonably helping to meet community credit needs served by interstate branches. Electronic Banking and Electronic Disclosures The Depository and Delivery Systems, Community Affairs and Housing, and Consumer Credit Committees will discuss recommendations for revisions to consumer regulations such as Regulations DD (Truth in Savings), E (Electronic Fund Transfers), B (Equal Credit Opportunity), and Z (Truth in Lending) to allow required disclosures and documentation to be provided to consumers electronically. The Depository and Delivery Systems Committee will also discuss industry and consumer issues involving electronic and home banking, and a Board report on the application of the Electronic Fund Transfer Act to electronic stored-value products. Consumer Identifying Information The Depository and Delivery Systems Committee will discuss findings in a Board report on the availability of consumer identifying information and financial fraud. Recommendations to Simplify Mortgage Lending Disclosures The Consumer Credit Committee will discuss possible recommendations for statutory amendments that may be required to simplify, consolidate, and streamline the provisions of Regulations Z (Truth in Lending Act) and X (RESPA) affecting home mortgage lending. Governor's Report Report by Federal Reserve Board Member Laurence H. Meyer on economic conditions, recent Board initiatives, and issues of concern, with an opportunity for questions from Council members. Members Forum Presentation by individual Council members on the economic conditions present within their industries or local economies. Committee Reports Committees will report on plans for 1997; in addition, the Consumer Credit Committee will discuss some issues to be addressed in Federal Reserve Board hearings on home equity lending (which will be held pursuant to the Home Ownership Equity Protection Act of 1994). Other matters previously considered by the Council or initiated by Council members also may be discussed. Persons wishing to submit to the Council their views 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 Dorothea Thompson, 202-452-3544. Board of Governors of the Federal Reserve System, March 28, 1997. (signed) Jennifer J. Johnson Jennifer J. Johnson Deputy Secretary

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