Filed Under:Carrier Innovations, Regulation/Legislation

Fed Seeking Council Members To Help Implement Fin. Svcs. Reform

NU Online News Service, July 28, 3:05 p.m. EDT

The Federal Reserve Board is seeking nominations for appointments to a council that may influence how the Fed sets up the Consumer Financial Protection Bureau.

The new Dodd-Frank Wall Street Reform and Consumer Protection Act, the law that President Obama created when he signed H.R. 4173, requires the Fed to set up the new bureau.

The new bureau will have no jurisdiction over the business of insurance, but it will operate an Office of Financial Literacy and an Office of Financial Protection for Older Americans, and those offices will address topics such as retirement planning education and producers' use of professional certifications and designations.

The Fed wants to fill 10 openings on its 30-member Consumer Advisory Council, a body that "advises the [Fed] on the exercise of its responsibilities under various consumer financial services laws and on other matters."

The council will give the Fed advice and expertise when the Fed is implementing the Dodd-Frank act, officials say.

The council typically meets in Washington three times a year.

Appointments usually last 3 years.

"However, the duration of members' terms may be subject to change pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act," officials say.

Nominations are due Sept. 10.

Featured Video

Most Recent Videos

Video Library ››

Top Story

6 things to know about white collar crime

Small businesses with less than 150 employees are 10 times more likely to be victimized by fraud than those companies with 250-500 employees.

Top Story

10 tips for lifting safely on the job

Musculoskeletal injuries result in pain, disability and financial stress for injured workers, and employers end up paying for them either directly or through workers' compensation.

More Resources

Comments

eNewsletter Sign Up

Carrier Innovations eNewsletter

Critical news on the latest tech solutions, information security, analytics and data tools and regulatory changes to help decision-makers at insurance carriers keep their business thriving – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.