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NATIONAL ASSOCIATION OF SECURITIES DEALERS: A stock market in which corporate stocks are exchanged by dealers across the country using a computerized system of stock price quotes. This is often referred to as the "over-the-counter" stock market, because, unlike the New York Stock Exchange, the American Stock Exchange, and others, the dealers don't conduct their business at a single location. They match up their buy and sell orders through a computer network rather than through the face-to-face contact. Transactions conducted by the NASD give rise to one of the more commonly publicized stock market price indicators, the NASDAQ (which stands for National Association of Securities Dealers Automated Quotation). The widely used NASDAQ composite index is based on the prices of 5,000 of these over-the-counter stocks.

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CONSUMER ADVISORY COUNCIL:

A support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with consumer credit. The Federal Advisory Council (FAC) is comprised of 30 members, representing a broad spectrum of consumer related interests. The CAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Thrift Institutions Advisory Council.
The Consumer Advisory Council (CAC) is an advisory support committee to the Board of Governors of the Federal Reserve System. It has no policy making authority but serves to provide feedback and advice on issues relevant to the Fed's oversight of consumer credit protection. The CAC was established in 1976 and contains members who represent consumers and financial groups, including both academicians and legal specialists with knowledge of consumer affairs. Members serve staggered 3 year terms. The council meets with the Federal Reserve Board three times a year.

The Consumer Advisory Council is designed to provide the Federal Reserve Board with advice and feedback on its role as a consumer credit regulator. Among its assorted duties, the Federal Reserve Board oversees the administration of several key consumer credit regulations set forth in the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the Truth in Savings Act. The CAC provides the Board with its studied opinion on consumer credit policies and regulations.

Two additional advisory councils provide the Federal Reserve Board with advice and feedback on Federal Reserve activity--Federal Advisory Council and Thrift Institutions Advisory Council.

  • Federal Advisory Council: This council is comprised of 12 members, one from each of the 12 Federal Reserve Districts. A council member, typically a commercial bank president operating in the district, is appointed by the Federal Reserve District Bank and serves three one-year terms. The Federal Advisory Council (FAC) meets with the Federal Reserve Board at least four times a year, generally the first Friday in February, May, September, and December, to discuss any and all issues relevant to the Federal Reserve System.

  • Thrift Institutions Advisory Council: This advisory council was established in 1980 when the Federal Reserve System extended regulatory oversight to thrift institutions (savings and loan associations, credit unions, and mutual savings banks). The Thrift Institutions Advisory Council (TIAC) contains 12 members, each serving for 2 years, who represent the interests of savings and loan associations, credit unions, and mutual savings banks. The council meets with the Federal Reserve Board 3 times a year to discuss the special needs and concerns of thrift institutions.

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Recommended Citation:

CONSUMER ADVISORY COUNCIL, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: February 25, 2018].


Check Out These Related Terms...

     | monetary economics | monetary policy | central banking | Federal Reserve pyramid | Federal Reserve System | Chairman of the Board of Governors, Federal Reserve System | Board of Governors, Federal Reserve System | Federal Reserve Banks | Federal Open Market Committee | Federal Advisory Council | Thrift Institutions Advisory Council | open market operations | discount rate | reserve requirements |


Or For A Little Background...

     | fractional-reserve banking | banks | money | bank reserves | bank panic | business cycles | check clearing | money creation | macroeconomics |


And For Further Study...

     | Federal Deposit Insurance Corporation | Comptroller of the Currency | monetary aggregates | barter | aggregate market | unemployment | inflation | bank balance sheet | gross domestic product | circular flow | goldsmith money creation | consumer demand theory |


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     | Federal Reserve System |


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