Notice2021-15287
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 19, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Disclosure Requirements Associated with the Consumer Financial Protection Bureau's (Bureau) Regulation M (FR M; OMB No. 7100-0202).
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 135 (Monday, July 19, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Page 38089]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-15287]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, the
Disclosure Requirements Associated with the Consumer Financial
Protection Bureau's (Bureau) Regulation M (FR M; OMB No. 7100-0202).
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
Office of Management and Budget (OMB) Desk Officer--Shagufta
Ahmed--Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA Submission, supporting
statements, and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be
requested from the agency clearance officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Report title: Disclosure Requirements Associated with the Consumer
Financial Protection Bureau's Regulation M.
Agency form number: FR M.
OMB control number: 7100-0202.
Frequency: On occasion.
Respondents: The FR M panel comprises state member banks with
assets of $10 billion or less that are not affiliated with an insured
depository institution with assets over $10 billion (irrespective of
the consolidated assets of any holding company); non-depository
affiliates of such state member banks; and non-depository affiliates of
bank holding companies that are not affiliated with an insured
depository institution with assets over $10 billion. Notwithstanding
the foregoing, the Bureau, and not the Board, has supervisory authority
for Regulation M with respect to automobile leasing over non-banks
defined as ``larger participants'' in the automobile finance market
pursuant to 12 U.S.C. 5514 (implemented by 12 CFR 1090.108).
Estimated number of respondents: 4.
Estimated average hours per response: Lease disclosures, 0.11;
Advertising rules, 0.42.
Estimated annual burden hours: Lease disclosures, 252; Advertising
rules, 7.
General description of report: The Consumer Leasing Act (CLA) and
Regulation M are intended to provide consumers with meaningful
disclosures about the costs and terms of leases for personal property.
The disclosures enable consumers to compare the terms for a particular
lease with those for other leases and, when appropriate, to compare
lease terms with those for credit transactions. The CLA and Regulation
M also contain rules about advertising consumer leases and limit the
size of balloon payments in consumer lease transactions.
The Bureau's Regulation M applies to all types of lessors of
personal property (except motor vehicle dealers excluded from the
Bureau's authority under Dodd-Frank Act section 1029, which are covered
by the Board's Regulation M). The CLA and Regulation M require lessors
uniformly to disclose to consumers the costs, liabilities, and terms of
consumer lease transactions.
Legal authorization and confidentiality: The FR M is authorized
pursuant to sections 105(a) and 187 of the Truth in Lending Act (TILA),
which require that the Bureau prescribe regulations regarding the
disclosure requirements relating to consumer lease transactions. The FR
M is mandatory.
Because the disclosures and records comprising the FR M are
maintained at each banking organization, the Freedom of Information Act
(FOIA) would only be implicated if the Board obtained such records as
part of the examination or supervision of a banking organization. In
the event the records are obtained by the Board as part of an
examination or supervision of a financial institution, this information
may be considered confidential pursuant to exemption 8 of the FOIA,
which protects information contained in ``examination, operating, or
condition reports'' obtained in the bank supervisory process.\1\
---------------------------------------------------------------------------
\1\ 5 U.S.C. 552(b)(8).
---------------------------------------------------------------------------
Current actions: On April 16, 2021, the Board published an initial
notice in the Federal Register (86 FR 20155) requesting public comment
for 60 days on the extension, without revision, of the FR M. The
comment period for this notice expired on June 15, 2021. The Board did
not receive any comments.
Board of Governors of the Federal Reserve System, July 13, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-15287 Filed 7-16-21; 8:45 am]
BILLING CODE 6210-01-P
</pre></body>
</html>Indexed from Federal Register on July 19, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.