Sec. 1205. CREDIT STANDARDS ADVISORY COMMITTEE
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## SEC. 1205 CREDIT STANDARDS ADVISORY COMMITTEE **[**[12 U.S.C. 1818](/us/usc/t12/s1818) nt.**]** ###
(a)Establishment There is hereby established the Credit Standards Advisory Committee (in this section referred to as the “Committee”). ###
(b)Membership ####
(1)Appointment The Committee shall consist of 11 members, as follows: #####
(A)The Chairman of the Board of Governors of the Federal Reserve System, or the Chairman's designee. #####
(B)The Chairperson of the Federal Deposit Insurance Corporation, or the Chairperson's designee. #####
(C)The Comptroller of the Currency, or the Comptroller's designee. #####
(D)The Chairman of the National Credit Union Administration, or the Chairman's designee. #####
(E)6 members of the public appointed by the President who are knowledgeable with the credit standards and lending practices of insured depository institutions, no more than 3 of whom shall be from the same political party. ####
(2)Terms Each member appointed under paragraph (1)(E) shall serve for the life of the Committee. ####
(3)Chairperson The Chairperson of the Committee shall be designated by the President from among the members appointed under paragraph (1)(F). ####
(4)Vacancies Any vacancy on the Committee shall be filled in the manner in which the original appointment was made. ####
(5)Pay and expenses Members of the Committee shall serve without pay but each member of the Committee shall be reimbursed for expenses incurred in connection with attendance of such members at meetings of the Committee. All expenses of the Committee shall be shared on a pro rata basis, based upon each agency's total budget for the preceding year by the Federal financial regulators specified in subparagraphs
(A)through
(E)of paragraph (1). ####
(6)Meetings The Committee shall meet, not less frequently than quarterly, at the call of the chairperson or a majority of the members. ###
(c)Duties of the Committee The Committee shall do the following: ####
(1)Review credit standards, lending practices, and supervision by federal regulators Review the credit standards and lending practices of insured depository institutions and the supervision of such standards and practices by the Federal financial regulators. ####
(2)Prepare recommendations Prepare written comments and recommendations for the Federal financial regulators to ensure that insured depository institutions adhere to prudential credit standards and lending practices that are consistent for all insured depository institutions, to the maximum extent possible. ####
(3)Monitor credit standards, lending practices, and supervision by federal regulators Monitor the credit standards and lending practices of insured depository institutions, and the supervision of such standards and practices by the Federal financial regulators, to ensure that insured depository institutions can meet the demands of a modern and globally competitive financial world. ###
(d)Annual Report ####
(1)Required Not later than January 30 of each year, the Committee shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. ####
(2)Contents The report required by paragraph
(1)shall describe the activities of the Committee during the preceding year and the reports and recommendations made by the Committee to the Federal financial regulators. ###
(e)Conflict of Interest Guidelines The Committee shall prescribe such guidelines as the Committee determines to be appropriate to avoid conflicts of interest with respect to the disclosure to and use by members of the Committee of information relating to insured depository institutions and the Federal financial regulators. ###
(f)Chapter 10 of Title 5, United States Code Does not Apply Chapter 10 of title 5, United States Code, shall not apply with respect to the Committee.
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Sec. 1205
CREDIT STANDARDS ADVISORY COMMITTEE
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