; and (ii) an independent member appointed by the Secretary of the Treasury, having State-banking regulatory expertise. (B) Compensation All members of the Advisory Council who are officers or employees of the United States shall serve without compensation in addition to that received for their services as officers or employees of the United States. (2) Purpose The purpose of the Advisory Council is to provide each Federal financial regulator with advice on its rules, regulations, and policies with regard to how financial innovation is reshaping the regulatory landscape of the financial services marketplace and whether there is any duplication in supervision or material failure in supervision of eligible FinTech startups that is limiting responsible innovation for eligible FinTech startups. (3) Duties The Advisory Council shall function solely as an advisory body. Its duties shall extend only to providing advice, including advice in the form of recommendations, to each Federal financial regulator. Each Federal financial regulator shall retain full authority to determine actions to be taken and policies to be expressed with respect to matters within its jurisdiction upon which the Council may provide advice. (4) Reports (A) Annual report The Advisory Council shall annually report to Congress on the activities of the Council and any significant financial market and regulatory developments that might impact eligible FinTech startups. (B) Advice The Advisory Council shall provide its advice to the Federal financial regulators through the Secretary of the Treasury. The Advisory Council need not reach consensus on every issue, and may choose to provide the Federal financial regulators with differing views or a range of view. (5) Meetings The Advisory Council of FinTech Directors shall meet at the call of the Secretary of the Treasury or a majority of the members then serving, but not less frequently than annually. (6) Recordkeeping The official records generated by or for the Advisory Council shall be handled in