NOMINATIONS SOUGHT FOR CONSUMER ADVISORY COUNCIL
The Federal Reserve Board announced on June 4, 2003, that it is seeking nominations for appointments to its Consumer Advisory Council. The Council advises the Board on the exercise of its responsibilities under various consumer financial services laws and on other matters on which the Board seeks its advice. The group meets in Washington, D.C., three times a year.
Nine new members will be appointed to serve three-year terms beginning in January 2004. Nominations should include a resume and the following information about nominees:
* complete name, title, address, telephone, e-mail address, and fax numbers;
* organization's name, brief description of organization, address, telephone and fax numbers, past and present positions;
* knowledge, interests, or experience related to community reinvestment, consumer protection regulations, consumer credit, or other consumer financial services; and
* positions held in community and banking associations, councils, and boards.
Nominations should also include the complete name, organization name, title, address, telephone, e-mail address, and fax numbers for the nominator.
Letters of nomination with complete information, including a resume for each nominee, must be received by August 15, 2003. Nominations not received by August 15 may not be considered.
Electronic nominations are preferred. The appropriate form can be accessed at: www.federalreserve.gov/forms/cacnominationform.cfm
If electronic submission is not feasible, the nominations can be mailed (not sent by facsimile) to Sandra F. Braunstein, Senior Associate Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
AMENDMENT TO REGULATION CC
The Federal Reserve Board on May 20, 2003, announced a series of amendments to Appendix A of Regulation CC (Availability of Funds and Collection of Checks) that the Board will make later in 2003 through the end of 2004 to reflect the restructuring of the Federal Reserve's check processing operations. Appendix A provides a routing number guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks.
Collectively, the amendments will reduce the number of check processing regions listed in Appendix A from 44 to 32, resulting in some nonlocal checks in the affected regions becoming local checks that are subject to faster availability schedules. The Board will publish each amendment in the Federal Register at least sixty days before the effective date to allow ample time for depository institutions to make necessary changes.
The Board on May 20, 2003, also approved a final rule that deletes obsolete numbers from and adds new numbers to the list of routing numbers in Appendix A for checks drawn on Federal Reserve Banks and Federal Home Loan Banks.
PUBLICATION OF TRANSITION RULES FOR COLLECTING AND REPORTING INFORMATION
The Federal Reserve Board on May 23, 2003, announced the publication of transition rules to provide lenders with guidance on collecting and reporting information when an application for a home mortgage loan is received before--and final action is taken after--January 1, 2004. The rules were published as an amendment to the official staff commentary that applies and interprets the requirements of Regulation C (Home Mortgage Disclosure Act).
In 2002, the Board substantially revised Regulation C, effective January 1, 2004. The revisions require lenders to report new data items, including information about loan pricing. To minimize the reporting burden, the transition rules generally will not require lenders to collect--pre-January 1, 2004--information that typically is obtained when an application is submitted. More specifically, the transition rules provide the following. …