[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: 12CFR267.5]

[Page 798-799]
 
                       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. 267.5  Meetings.

    (a) Time. Meetings of the Council shall be held at least once each 
year and may be held more frequently at the call of the Board.
    (b) Agenda. Each meeting of the Council shall be conducted in 
accordance with an agenda formulated or approved by the Board.
    (c) Board representation. Each meeting of the Council shall be 
attended by a representative of the Board who is either a member of the 
Board or of the Board's staff. The Board representative shall have 
authority to and shall adjourn any meeting of the Council when such 
representative considers adjournment to be in the public interest.
    (d) Public nature. (1) Each meeting of the Council shall, to the 
extent of reasonably available facilities, be open to public observation 
unless the Board, in accordance with paragraph (d)(6), of this section, 
determines that the meeting shall be closed.
    (2) Notice of the time, place and purpose of each meeting, as well 
as a summary of the proposed agenda, shall be published in the Federal 
Register not more than 45 or less than 15 days prior to the scheduled 
meeting date. Insofar as is practicable, a list of persons and 
organizations interested in the Council shall be maintained, and a 
notice of each meeting shall be mailed to such persons and organizations 
at least 15 days in advance of the scheduled meeting date. Shorter 
notice may be given when the Board determines that its business so 
requires; in such event, the public, including persons and organizations 
described in the preceding sentence, will be given notice at the 
earliest practicable time.
    (3) Members of the public may file written statements with the 
Council prior to the meeting concerning matters on the Council's agenda. 
The person presiding at the Council meeting may permit members of the 
public to submit written statements on such matters within a specified 
time after

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the Council meeting. All such submissions shall be circulated to the 
Council members as soon as is practicable.
    (4) Oral presentations at the Council meetings by members of the 
public shall not be permitted except upon invitation of the Council. 
However, if the Council and the Board determine that public hearings 
regarding a matter or matters of concern to the Council are warranted, 
members of the public may make presentations at such hearings in 
accordance with procedures established therefor.
    (5) Minutes of meetings, records, reports, studies, and agenda of 
the Council shall be available to the public for copying at the Board's 
offices in Washington, DC, in accordance with the provisions of 12 CFR 
part 261 Rules Regarding Availability of Information. Requests for 
copies of such documents should be addressed to the Secretary, Board of 
Governors of the Federal Reserve System, Washington, DC 20551.
    (6) The Board may close to the public any meeting, or any portion of 
any meeting, of the Council if it determines that such meeting or 
portion thereof is likely to:
    (i) Disclose matters that relate solely to internal personnel rules 
and practices of the Council;
    (ii) Disclose trade secrets and commercial or financial information 
obtained from a person and privileged or confidential;
    (iii) Involve accusing any person of a crime, or formally censuring 
any person;
    (iv) Disclose information of a personal nature where disclosure 
would constitute a clearly unwarranted invasion of personal privacy;
    (v) Disclose information contained in or related to examination, 
operating or condition reports prepared by, on behalf of, or for the use 
of an agency responsible for the regulation or supervision of financial 
institutions;
    (vi) Disclose information the premature disclosure of which would be 
likely to lead to significant financial speculation in currencies, 
securities, or commodities or significantly endanger the stability of 
any financial institution;
    (vii) Disclose information the premature disclosure of which would 
be likely to frustrate significantly implementation of a proposed Board 
action, unless the Board has already disclosed to the public the content 
or nature of its proposed action, or where the Board is required by law 
to make such disclosure on its own initiative prior to taking final 
action on the proposal; or
    (viii) Which relate to any legal proceedings, agency adjudicatory 
proceeding or arbitration involving the Board or the Council.
    (e) If the Board closes a meeting or any portion of a meeting, the 
Council will issue, at least annually, a report containing a summary, 
consistent with 5 U.S.C. 552(b) (1970), of the Council's activities 
during such closed meetings or portions of meetings.