Thrift Institutions Advisory Council,

Definition of Thrift Institutions Advisory Council:

1. A council which provides information and advice on the needs of thrift institutions. The council is established by the Board of Governors and is composed of representatives from savings and loan institutions, mutual saving banks, credit unions and other savings and loans institutions. The Council meets with the Federal Reserve Board three times a year in Washington, D.C.

2. The Thrift Institutions Advisory Council (TIAC) provides advice and professional opinions to the Federal Reserve regarding thrift institutions, primarily mutual savings banks, but also credit unions and savings and loan associations. It was created in 1980 by the Board of Governors of the U.S. Federal Reserve in response to a perceived lack of accurate advice and information on thrift institutions and other establishments which derive the majority of their funds from the savings of the public. The TIAC does not make laws or regulations, but can recommend actions to the Federal Reserve Board.

3. The Thrift Institutions Advisory Council (TIAC) was established by the Board of Governors of the Federal Reserve through the Monetary Control Act of 1980. It was created to facilitate communication between the Federal Reserve Board and the savings industry and to guide the Federal Reserve in taking actions related to the savings industry.