DEFINITION of 'Thrift Institutions Advisory Council'
A council that advises the Federal Reserve board of governors on the various needs and condition of savings institutions. The council is made up of representatives of all types of savings institutions, including banks, credit unions and savings and loans.
BREAKING DOWN 'Thrift Institutions Advisory Council'
The Thrift Institutions Advisory Council was established by the Monetary Control Act of 1980. It was created in order to foment communication between the Federal Reserve Board and the savings industry. The Fed is able to take action based on the reports that it receives from this council.