Federal Reserve Names New Members to Consumer Advisory Council

The Federal Reserve Board announced ten new members to its Consumer Advisory Council and designated a new Chair and Vice Chair of the Council for 2011.

The Council advises the Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services.  The Council will hold its regular meetings in Washington, D.C., until the designated transfer date upon which certain consumer protection functions will be transferred from the Board to the new Bureau of Consumer Financial Protection, pursuant to the Dodd-Frank Act.

As of that date, the Board’s Consumer Advisory Council will be dissolved.  The Act authorizes the establishment of a Consumer Advisory Board to advise and consult with the Bureau on the exercise of its functions.

Jim Park was designated Chair of the Council.  Mr. Park is the chief executive officer (CEO) of New Vista Asset Management in San Diego, California, which provides community-focused real estate owned (REO) disposition services and works to turn foreclosures into affordable housing options for minority and low- and moderate-income families.

Mary Tingerthal was designated Vice Chair of the Council.  Ms. Tingerthal is the President of Capital Markets Companies for the Housing Partnership Network (HPN) in St. Paul, Minnesota.  HPN is a business collaborative of nonprofit organizations that build and finance affordable housing and provide economic development opportunities for lower-income and working families.

The council debated reverse mortgages earlier this year and was supportive of the Fed’s new reverse mortgage disclosures.

To view a list of the ten new members, see here.

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