[Federal Register Volume 76, Number 110 (Wednesday, June 8, 2011)]
[Pages 33297-33298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-14065]



Consumer Advisory Council; Notice of Meeting of the Consumer 
Advisory Council

    The Consumer Advisory Council will meet on Thursday, June 16, 2011. 
The meeting, which will be open to public observation, will take place 
at the Federal Reserve Board's offices in Washington, DC, in Dining 
Room E on the Terrace Level of the Martin Building. For security 
purposes, anyone planning to attend the meeting should register no 
later than Tuesday, June 14, by completing the form found online at: 
    Attendees must present photo identification to enter the building 
and should allow sufficient time for security processing.
    The meeting will begin at 9 a.m. and is expected to conclude at 
12:15 p.m. The Martin Building is located on C Street, NW., between 
20th and 21st Streets.
    The Council's function is to advise the Board on the exercise of 
the Board's responsibilities under various consumer financial services 
laws and on other matters on which the Board seeks its advice. Time 
permitting, the Council will discuss the following topics:

 National Mortgage Servicing Standards

    Members will discuss national standards for residential mortgage 
loan servicing and provide their views on what principles, policies, 
and procedures such standards should include. They will also address 
other issues related to current servicing practices.

 REO Issues

    Members will discuss issues related to the disposition of real 
estate owned (REO) properties, such as financial institutions' REO 
management practices, ``first look'' programs, and the implementation 
of the regulation providing Community Reinvestment Act consideration 
for certain neighborhood stabilization activities.

 Proposed Rules Regarding Ability to Pay for Mortgage Loans

    Members will discuss the Board's proposed rules under Regulation Z 
(Truth in Lending Act) that would require creditors to determine a 
consumer's ability to repay a mortgage loan before extending the credit 
and establish minimum mortgage underwriting standards.

 Risk Retention Proposal and ``Qualified Residential 

    Members will provide their views on a proposed rule that would 
require sponsors of asset-backed securities to retain at least 5 
percent of the credit risk of the assets underlying the securities. 
They will address the proposed

[[Page 33298]]

definition of ``qualified residential mortgages,'' which would not be 
subject to the rule's requirements.

 Proposed Rules Regarding Remittance Transfers

    Members will discuss the Board's proposed rule under Regulation E 
(Electronic Fund Transfer Act) that would create new disclosures and 
protections for consumers who send remittance transfers to recipients 
in foreign countries.
    Reports by committees and other matters initiated by Council 
members also may be discussed.
    Persons wishing to submit views to the Council on any of the above 
topics may do so by sending written statements to Jennifer Kerslake, 
Secretary of the Consumer Advisory Council, Division of Consumer and 
Community Affairs, Board of Governors of the Federal Reserve System, 
Washington, DC 20551. Information about this meeting may be obtained 
from Ms. Kerslake at 202-452-6470.

    Board of Governors of the Federal Reserve System, June 3, 2011.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011-14065 Filed 6-7-11; 8:45 am]