[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR267.1]

[Page 797]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 267--RULES OF ORGANIZATION AND PROCEDURE OF THE CONSUMER ADVISORY COUNCIL--Table of Contents
 
Sec. 267.1  Statutory authority.

    Section 703 of the Equal Credit Opportunity Act, as amended, 
provides:

    The Board [of Governors of the Federal Reserve System] shall 
establish a Consumer Advisory Council to advise and consult with it in 
the exercise of its functions under the Consumer Credit Protection Act 
and to advise and consult with it concerning other consumer related 
matters it may place before the Council. In appointing the members of 
the Council, the Board shall seek to achieve a fair representation of 
the interests of creditors and consumers. The Council shall meet from 
time to time at the call of the Board. Members of the Council who are 
not regular full-time employees of the United States shall, while 
attending meetings of such Council, be entitled to receive compensation 
at a rate fixed by the Board, but not exceeding $100 per day, including 
travel time. Such members may be allowed travel expenses, including 
transportation and subsistence, while away from their homes or regular 
place of business.

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