Federal Reserve building in Washington (Photo: AP)

The Federal Reserve Board is seeking applications for six new members of its Community Advisory Council (CAC) and is interested in candidates from several fields, including financial services and technology, asset and wealth building and housing and mortgage finance.

All applicants should also have a particular focus on the concerns of low- and moderate-income consumers and communities, but they don’t have to be experts on all topics related to consumer financial services or community development.

The CAC, formed in 2015, advises the Fed Board on those issues and complements the work of two other Fed advisor councils representing depository institutions: the Federal Advisory Council and the Community Depository Institutions Advisory Council.

The council helps the Fed gather feedback and perspectives on a wide range of policy issues and responsibilities including banking supervision and regulatory compliance, systemic risk oversight and monetary policy decision-making and implementation of the Community Reinvestment Act (CRA).

The council consists of at least 15 members who participate in organizational conference calls and attend two meetings per year, which usually last two days, at the board’s Washington, D.C., office. Council members receive a nominal honorarium and are reimbursed for travel expenses.

The new members will replace the six members whose terms expire at the end of the year and will serve three-year terms beginning Jan. 1, 2019.

Advisors interested in serving on the council can apply online, via email sent to CCA-CAC@frb.gov or by postal mail sent to the Board of Governors of the Federal Reserve System, Attn: Community Advisory Council, Mail Stop I-305, 20th Street and Constitution Ave. NW., Washington, DC 20551.

The board will consider a number of factors, including diversity in terms of expertise, geographic representation and the representation of women and minority groups. Applications are due June 15, and the new counsel members will be announced this fall.