NewsBlaze

Federal Reserve Board Names Phyllis Salowe-Kaye As Consumer Advisor

NewsBlaze — Monday, December 28, 2009

The Federal Reserve Board has named Phyllis Salowe-Kaye, as one of ten new members appointed to its Consumer Advisory Council for a three-year term. The Council advises the Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. The Council meets three times a year in Washington, D.C.

For nearly 25 years, Ms. Salowe-Kaye has been the Executive Director of New Jersey Citizen Action, the state's largest multi-issue consumer watchdog organization. She has negotiated 32 CRA agreements with New Jersey banks, totaling more than $17 billion in below-market rate mortgages, discounted home improvement loans, and construction and permanent financing for nonprofits targeted to women and minorities.

As the executive director of the largest statewide HUD certified counseling agency providing no cost homeownership preparation programs and foreclosure crisis counseling, NJCA has counseled 28,000 Low-and-moderate income consumers, 12,000 of whom have purchased their own homes. Working closely with the Housing Mortgage Finance Agency and the state's Attorney General this year, Ms. Salowe-Kaye helped to develop the statewide foreclosure mediation program which attempts to negotiate foreclosure remedies through the office of the courts.

She currently serves on the City of Newark/County of Essex Urban Foreclosure Task Force, is a co-founder of Shelterforce, a 27-year-old national housing publication, providing information on the law, community organizing, and public policy and has been a board member since 1975 for the National Housing Institute, a non-profit organization dedicated to increasing and maintaining affordable housing.

"I am honored to have been appointed to the Council. I can think of no other time when it has been more important to work with the Federal Reserve to increase consumer protections in financial services" stated Salowe-Kaye.

New Jersey Citizen Action is the state's largest citizen watchdog coalition working to protect and expand the rights of individuals and families and ensure that government officials respond to the needs of people rather than the interests of those with money and power.

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