Consumer Advisory Council - CAC

A A A

DEFINITION

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.

INVESTOPEDIA EXPLAINS

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.


RELATED TERMS
  1. Fair Credit Reporting Act - FCRA

    The act that regulates the collection of credit information and access to your ...
  2. Consumer Financial Protection Bureau ...

    A regulatory agency charged with overseeing financial products and services ...
  3. Federal Advisory Council

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

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

    A federal law enacted in 1968 with the intention of protecting consumers in ...
  6. Equal Credit Opportunity Act - ...

    A regulation created by the U.S. government that aims to give all legal individuals ...
  7. EMV

    A standard relating to integrated circuit cards, point-of-sale terminals and ...
  8. Integrated Circuit Card

    A card that has an embedded circuit, such as a computer chip. They are most ...
  9. Gray Charges

    Fees consumers pay via credit card or debit card for unwanted subscription services ...
  10. Treasury Direct

    The online market where investors can purchase federal government securities ...
Related Articles
  1. What's On A Consumer Credit Report? ...
    Credit & Loans

    What's On A Consumer Credit Report? ...

  2. How To Read Loan And Credit Card Agreements
    Credit & Loans

    How To Read Loan And Credit Card Agreements

  3. The Importance Of Your Credit Rating
    Credit & Loans

    The Importance Of Your Credit Rating

  4. Understanding Credit Card Interest
    Retirement

    Understanding Credit Card Interest

  5. Payday Loans Don't Pay
    Options & Futures

    Payday Loans Don't Pay

  6. The History Of Consumer Credit Rights
    Credit & Loans

    The History Of Consumer Credit Rights

  7. Credit Cards For People With Bad Credit
    Credit & Loans

    Credit Cards For People With Bad Credit

  8. Secured Credit Cards
    Credit & Loans

    Secured Credit Cards

  9. A Day Without Spending, A Lifetime's ...
    Budgeting

    A Day Without Spending, A Lifetime's ...

  10. How To Reduce Holiday Debt
    Credit & Loans

    How To Reduce Holiday Debt

comments powered by Disqus
Hot Definitions
  1. Pension Risk Transfer

    When a defined benefit pension provider offloads some or all of the plan’s risk – e.g.: retirement payment liabilities to former employee beneficiaries. The plan sponsor can do this by offering vested plan participants a lump-sum payment to voluntarily leave the plan, or by negotiating with an insurance company to take on the responsibility for paying benefits.
  2. XW

    A symbol used to signify that a security is trading ex-warrant. XW is one of many alphabetic qualifiers that act as a shorthand to tell investors key information about a specific security in a stock quote. These qualifiers should not be confused with ticker symbols, some of which, like qualifiers, are just one or two letters.
  3. Quanto Swap

    A swap with varying combinations of interest rate, currency and equity swap features, where payments are based on the movement of two different countries' interest rates. This is also referred to as a differential or "diff" swap.
  4. Genuine Progress Indicator - GPI

    A metric used to measure the economic growth of a country. It is often considered as a replacement to the more well known gross domestic product (GDP) economic indicator. The GPI indicator takes everything the GDP uses into account, but also adds other figures that represent the cost of the negative effects related to economic activity (such as the cost of crime, cost of ozone depletion and cost of resource depletion, among others).
  5. Accelerated Share Repurchase - ASR

    A specific method by which corporations can repurchase outstanding shares of their stock. The accelerated share repurchase (ASR) is usually accomplished by the corporation purchasing shares of its stock from an investment bank. The investment bank borrows the shares from clients or share lenders and sells them to the company.
  6. Microeconomic Pricing Model

    A model of the way prices are set within a market for a given good. According to this model, prices are set based on the balance of supply and demand in the market. In general, profit incentives are said to resemble an "invisible hand" that guides competing participants to an equilibrium price. The demand curve in this model is determined by consumers attempting to maximize their utility, given their budget.
Trading Center