[Federal Register Volume 83, Number 66 (Thursday, April 5, 2018)]
[Notices]
[Pages 14639-14640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06947]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Recordkeeping and Disclosure Requirements Associated with Consumer
Financial Protection Bureau's (CFPB) Regulation M (Consumer Leasing)
(FR M; OMB No. 7100-0202).
DATES: Comments must be submitted on or before June 4, 2018.
ADDRESSES: You may submit comments, identified by FR M, by any of the
following methods:
Agency website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
Email: [email protected]. Include OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless
modified for technical reasons. Accordingly, your comments will not be
edited to remove any identifying or contact information. Public
comments may also be viewed electronically or in paper form in Room
3515, 1801 K Street (between 18th and 19th Streets NW) Washington, DC
20006 between 9:00 a.m. and 5:00 p.m. on weekdays. For security
reasons, the Board requires that visitors make an appointment to
inspect comments. You may do so by calling (202) 452-3684. Upon
arrival, visitors will be required to present valid government-issued
photo identification and to submit to security screening in order to
inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
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.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
[[Page 14640]]
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. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC, 20551.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve of and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve's estimate of the burden of
the proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Federal
Reserve should modify the proposal prior to giving final approval.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Report
Report title: Recordkeeping and Disclosure Requirements Associated
with Consumer Financial Protection Bureau's (CFPB) Regulation M
(Consumer Leasing).
Agency form number: FR M.
OMB control number: 7100-0202.
Frequency: Disclosures, 461 times per year; and Advertising,
quarterly.
Respondents: 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.
Estimated number of respondents: 5.
Estimated average hours per response: Disclosures, 6.5 minutes; and
advertising, 25 minutes.
Estimated annual burden hours: Disclosures, 250 hours; and
advertising, 8 hours.
General description of report: The CLA and Regulation M require
lessors uniformly to disclose to consumers the costs, liabilities, and
terms of consumer lease transactions. 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 regulation generally applies to consumer leases
of personal property in which the contractual obligation does not
exceed $50,000, adjusted annually for inflation, and has a term of more
than four months.\1\ The CLA does not provide exemptions for small
entities.
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\1\ For 2018, the Regulation M threshold is $55,800.
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Proposed revisions: The Board proposes to revise the methodology
for estimating burden for disclosures to provide additional clarity and
transparency into the calculation. Specifically, the Board proposes to
estimate disclosure burden using the estimated average number of lease
contracts each Board-supervised institution initiates annually,
assuming it takes approximately 6.5 minutes to populate and provide
each disclosure.
Legal authorization and confidentiality: The Board's Legal Division
has determined that sections 105(a) and 187 of TILA (15 U.S.C. 1604(a)
and 1667f respectively, authorize the CFPB to issue regulations to
carry out the provisions of the CLA. The CFPB's Regulation M, 12 CFR
part 1013, implements these statutory provisions. An institution's
recordkeeping and disclosure obligations under Regulation M are
mandatory. Because the Board does not collect any information pursuant
to the CFPB's Regulation M, no issue of confidentiality normally
arises. In the event the Board were to retain information regarding
consumer leases during the course of an examination, the information
regarding the consumer and the lease would be kept confidential
pursuant to section (b)(8) of the Freedom of Information Act (5 U.S.C.
522 (b)(8)).
Board of Governors of the Federal Reserve System, April 2, 2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-06947 Filed 4-4-18; 8:45 am]
BILLING CODE 6210-01-P