Council Members to Help Fed Implement Dodd-Frank

The Federal Reserve Board is seeking nominations for appointments to a council that may influence how the Fed sets up the Consumer Financial Protection Bureau.

The new Dodd-Frank Wall Street Reform and Consumer Protection Act, the law that President Obama created when he signed H.R. 4173, requires the Fed to set up the new bureau.

The new bureau will have no jurisdiction over the business of insurance, but it will operate an Office of Financial Literacy and an Office of Financial Protection for Older Americans, and those offices will address topics such as retirement planning education and producers’ use of professional certifications and designations.

The Fed wants to fill 10 openings on its 30-member Consumer Advisory Council, a body that “advises the [Fed] on the exercise of its responsibilities under various consumer financial services laws and on other matters.”

The council will give the Fed advice and expertise when the Fed is implementing the Dodd-Frank act, officials say.