By Jason Keller
The Federal Reserve Board of Governors (the Board) announced on April 4, 2017, that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council (CAC). Community Development and Policies Studies (CDPS) – 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 Seventh 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 Board and aligns with the Federal Reserve’s mission and current responsibilities. The CAC is made up of a diverse group of experts and representatives of consumer and community development organizations and interests, including affordable housing, community and workforce development, small business, and asset and wealth building.
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.
The Board is interested in candidates with knowledge of fields such as affordable housing, community and economic development, labor and workforce development, financial technology, small business, and asset and wealth building, 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 areas of expertise but is keenly interested in gaining perspectives on local labor and workforce development that could speak to opportunities and challenges of low-wage workers to complement the national and regional representation on the Council.
The Board will select four members in the fall of 2017 to replace current members whose terms will expire on December 31, 2017. The newly appointed members will serve three-year terms that will begin on January 1, 2018. 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:
- Online: www.federalreserve.gov/secure/CAC/Application
- Email: CCA-CAC@frb.gov
- Postal mail: If electronic submission is not feasible, submissions may be mailed to the Board of Governors of the Federal Reserve System, Attn: Community Advisory Council, Mail Stop N-805, 20th Street and Constitution Ave. NW, Washington, DC 20551
Additional information about the selection process, including instructions for submitting an application, can be found in the Federal Register notice.
For Further Information, Contact:
Jennifer Fernandez (for questions nationally)
Community Development Analyst
Federal Reserve Board of Governors
Jason Keller (for questions from Illinois, Iowa, Indiana, Michigan, and Wisconsin)
Economic Development Director
Federal Reserve Bank of Chicago
Federal Reserve Board of Governors
The Board will accept applications through 11:59 PM EDT on June 5, 2017.
 CDPS promotes fair access to credit and financial services and researches issues that impact low- and moderate-income communities.
 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.
 See https://www.federalregister.gov/documents/2017/04/04/2017-06021/solicitation-of-applications-for-membership-on-the-community-advisory-council.