Fed Refreshes Form for Community Voices Advisory Spot
Published Date: 2/7/2025
Notice
Summary
The Federal Reserve is updating and extending the application form for people who want to join its Community Advisory Council for the next three years. If you’re interested in sharing your community experience with the Fed, the new form starts with the 2025 application period. This update keeps things fresh and helps the Fed hear from a diverse group without adding extra costs or delays.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
CAC Application Extended Three Years
The Federal Reserve extended the Application Form for Membership on the Community Advisory Council (FR 1401; OMB No. 7100-0371) for three years, with the revisions taking effect as of the 2025 application period. The form is used annually by individuals seeking CAC membership; the Board estimates about 300 respondents and a total of 323 annual burden hours for the collection.
Application Form Adds Fields and Attestations
The Board will implement revisions to the FR 1401 application starting with the 2025 application period: it will modify the choices for organization type, add choices for areas of expertise, and add two attestations. The Board reports a total estimated change in burden of 23 (hours) associated with the revised collection.
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Key Dates
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