CDPS Blog

2020 Community Advisory Council (CAC) Nominations are Now Open

April 29, 2019

The Federal Reserve Board of Governors (the Board) announced on April 5, 2019 that it is accepting applications from individuals for membership on the Community Advisory Council (CAC). Community Development and Policies Studies, a division of the Economic Research Department of the Federal Reserve Bank of Chicago, is working with the Board to source candidates for the CAC from the 7th District, which consists of Iowa as well as portions of Illinois, Indiana, Michigan, and Wisconsin.

Formed in 2015, the CAC advises the Board on issues affecting consumers and communities. The CAC serves as a mechanism to gather feedback and perspectives on a wide range of policy matters and emerging issues of interest to the Federal Reserve System.

The CAC is made up of a diverse group of experts and representatives of consumer and community development organizations and interests, from fields including affordable housing, community and economic development, small business, and asset and wealth building. The Board expects to announce the appointment of new CAC members in the fall of 2019.

The CAC meets semi-annually with members of the Board in Washington, DC, and consists of at least 15 members. Its purpose is to provide a range of perspectives on the economic circumstances and financial services needs of consumers and communities, with a focus on the concerns of low- and moderate-income individuals and areas. It complements two of the Board’s other advisory councils – the Federal Advisory Council and the Community Depository Institutions Advisory Council– whose members represent depository institutions.

For the CAC, the Board is interested in candidates with knowledge of the aforementioned fields of expertise with a particular focus on the concerns of low- and moderate-income consumers and communities. Candidates do not have to be experts on all topics related to consumer financial services or community development, but they should possess some basic knowledge of these areas and related issues. In appointing members to the CAC, the Board will consider a number of factors, including diversity in terms of subject matter expertise, geographic representation, and the representation of women and minority groups. In this application cycle, the Board welcomes applications from all geographies and areas of expertise but is keenly interested in candidates with knowledge of labor and workforce development, financial technology, housing and mortgage finance, and community development finance. Those who have applied in past years are encouraged to apply in 2019.

The newly appointed members will serve three-year terms that will begin on January 1, 2020. If a member vacates the CAC before the end of the three-year term, a replacement member will be appointed to fill the unexpired term. CAC members must be willing and able to make the necessary time commitment to participate in organizational conference calls and prepare for and attend meetings two times per year (usually for two days). The meetings will be held at the Board’s offices in Washington, DC. The Board will provide a nominal honorarium and will reimburse CAC members only for their actual travel expenses (subject to Board policy).

Candidates may submit applications by one of three options:

Required fields include: phone number; postal mail street address; postal mail city; postal zip code; organization; title; organization type; primary area of expertise; secondary area of expertise; resume; cover letter; and any additional information. The Board will accept applications through 11:59 PM EDT on May 31, 2019.

For further information, please contact:

Community Development and Policy Studies (for questions from Illinois, Iowa, Indiana, Michigan, and Wisconsin)
Federal Reserve Bank of Chicago
CDPSevents@chi.frb.org  

Jennifer Fernandez (for questions nationally)
Community Development Analyst Federal Reserve Board of Governors
CCA-CAC@frb.gov  

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