Notice2024-16676
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 30, 2024
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 Recordkeeping and Disclosure Requirements Associated with the Consumer Financial Protection Bureau's (CFPB) Regulation M (FR M; OMB No. 7100- 0202).
Full Text
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<title>Federal Register, Volume 89 Issue 146 (Tuesday, July 30, 2024)</title>
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[Federal Register Volume 89, Number 146 (Tuesday, July 30, 2024)]
[Notices]
[Pages 61117-61118]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-16676]
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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
[[Page 61118]]
adopting a proposal to extend for three years, without revision, the
Recordkeeping and Disclosure Requirements Associated with the Consumer
Financial Protection Bureau's (CFPB) 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, <a href="/cdn-cgi/l/email-protection#533d263b327d363f3e32343b2132313a133521317d343c25"><span class="__cf_email__" data-cfemail="cca2b9a4ade2a9a0a1adaba4beadaea58caabeaee2aba3ba">[email protected]</span></a>, (202)
452-3884.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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 Paperwork Reduction Act (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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may
be requested from the agency clearance officer, whose name appears
above. On the page displayed at the link above, you can find the
supporting information by referencing the collection identifier, FR M.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Recordkeeping and Disclosure Requirements
Associated with the CFPB's Regulation M.
Collection identifier: FR M.
OMB control number: 7100-0202.
General description of collection: The Consumer Leasing Act (CLA)
and Regulation M require lessors uniformly to disclose to consumers the
costs, liabilities, and terms of consumer lease transactions. The Dodd-
Frank Wall Street Reform and Consumer Protection Act transferred
rulemaking authority for the CLA to the Consumer Financial Protection
Bureau (CFPB) except for certain motor vehicle dealers that are
excluded from the CFPB's authority, which remain subject to the Board's
Regulation M. The FR M is the Board's information collection associated
with Regulation M. These disclosures are provided to consumers before
they enter into lease transactions and in advertisements that state the
availability of consumer leases on particular terms. The disclosures
are intended to provide consumers with meaningful disclosures about the
costs and terms of leases for personal property and 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.
Frequency: Event generated.
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 CFPB, 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).
Total estimated number of respondents: 3.
Total estimated annual burden hours: 17.
Current actions: On March 7, 2024, the Board published a notice in
the Federal Register (89 FR 16567) requesting public comment for 60
days on the extension, without revision, of the FR M. The comment
period for this notice expired on May 6, 2024. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, July 23, 2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-16676 Filed 7-29-24; 8:45 am]
BILLING CODE 6210-01-P
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