To All Depository Institutions and OthersConcerned in the Second Federal Reserve District:
The following is from a statement issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has named eight new members to its Consumer Advisory Council to replace members whose terms have expired, and designated a new Chairman and Vice Chairman of the Council for 1997.
The Consumer Advisory Council was established by the Congress in 1976, at the suggestion of the Board, to advise the Board on the exercise of its duties under the Consumer Credit Protection Act and on other consumer-related matters. The 30-member Council, with three-year terms that are staggered to ensure continuity, meets three times a year at the Board's offices in Washington, D.C.
Julia W. Seward, Vice President and Corporate Community Reinvestment Officer for Signet Banking Corporation in Richmond, Virginia, was designated Chairman. Her term will run through December 1997. William L. Lund, Director of the Office of Consumer Credit Regulation for the State of Maine, was designated Vice Chairman. His term on the Council ends in December 1998.
Brief biographical sketches of the eight new members, along with a current list of Council members, are available from the Board of Governors. Among the new members is Carol Parry of the Chase Manhattan Community Development Corporation, New York, N.Y.