Consumer Advisory Council - CAC


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.

  1. Equal Credit Opportunity Act - ...

    A regulation created by the U.S. government that states that ...
  2. Fair Credit Reporting Act - FCRA

    The act that regulates the collection of credit information and ...
  3. Consumer Financial Protection Bureau ...

    A regulatory agency charged with overseeing financial products ...
  4. Federal Advisory Council

    A group of 12 banking executives - one from each Federal Reserve ...
  5. Fair Credit Billing Act - FCBA

    A federal law designed to protect consumers from unfair credit ...
  6. Truth In Lending Act - TILA

    A federal law enacted in 1968 with the intention of protecting ...
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