Federal Reserve Board

The board of governors confers with the Consumer Advisory Council on the responsibilities of the board in the field of CONSUMER CREDIT protection. Congress established the council in 1976 when it restructured the Advisory Committee on Truth in Lending, initially established under the TRUTH IN LENDING ACT (15 U.S.C.A. § 1601 et seq. [1968]). The council is composed of approximately 30 members from across the country. It represents consumer and creditor interests and advises the board on its responsibilities under laws such as Truth in Lending, Equal Credit Opportunity (88 Stat. 1521, 15 U.S.C.A. 1691 et seq.), and Home Mortgage Disclosure (89 Stat. 1125, 12 U.S.C.A. 2801 et seq.).