DEFINITION of 'Consumer Advisory Council - CAC'
A legislative body established by Congress in 1976. The Consumer Advisory Council consists of 30 members who advise the Federal Reserve Board on issues involving consumer financial services such as the availability of credit and other financial issues that affect consumers. Members of the council serve a three-year term that is spread out over time. The CAC's responsibility is to advise the board on issues relating to the Consumer Credit Protection Act. Council meetings are held three times a year in Washington, D.C., and are open to the public.
BREAKING DOWN 'Consumer Advisory Council - CAC'
The Consumer Credit Protection Act was initiated in 1969 and includes the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act and the Truth in Lending Act. The main goal of the Consumer Credit Protection Act is to protect consumers in various financial matters such as prohibiting discrimination in credit transactions, requiring credit card companies to promptly post payments and correct billing errors, and requiring lenders to inform borrowers of the terms and cost of credit in detail.