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

20 home insurance companies ranked highest for customer satisfaction

The J.D. Power 2016 U.S. Home Insurance Study provides a comprehensive look at customer satisfaction with homeowners' insurance coverage.

Top Story

7 ways to prevent Halloween-related claims

Fire, distracted driving, vandalism and theft are some of the top risks on Halloween. Here are some safety tips for insureds from Travelers.

More Resources


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.