We sponsor consumer and industry surveys, hold public hearings, discuss issues with our Consumer Advisory Council, and conduct consumer focus groups and other types of consumer testing, in addition to considering the public comments on proposed rules. Recently, the Federal Reserve has engaged in outreach to a broad group of interested parties regarding nontraditional mortgages.
Our Consumer Advisory Council, which includes consumer advocates and industry representatives, provided us with valuable information about nontraditional mortgage products during development of the interagency guidance. In addition, the Federal Reserve held a series of four public hearings on home-equity lending during the summer of 2006.