[Federal Register Volume 83, Number 119 (Wednesday, June 20, 2018)]
[Notices]
[Pages 28640-28641]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13173]
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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 28641]]
adopting 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).
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. Telecommunications Device for the Deaf (TDD) users may
contact (202) 263-4869, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
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, 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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. Copies of the Paperwork Reduction Act
Submission, supporting statements and approved collection of
information instrument(s) are placed into OMB's public docket files.
The Board may not conduct or sponsor, and the respondent is not
required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number.
Final approval under OMB delegated authority of 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 Consumer Leasing Act (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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Legal authorization and confidentiality: The Board's Legal Division
has determined that sections 105(a) and 187 of the Truth in Lending Act
(15 U.S.C. 1604(a) and 1667(f)), 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)).
Current actions: On April 5, 2018, the Board published a notice in
the Federal Register (83 FR 14639) requesting public comment for 60
days on the extension, with revision, of the Recordkeeping and
Disclosure Requirements Associated with the Consumer Financial
Protection Bureau's (CFPB) Regulation M (Consumer Leasing). 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. The
comment period for this notice expired on June 4, 2018. The Board did
not receive any comments. The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve System, June 14, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-13173 Filed 6-19-18; 8:45 am]
BILLING CODE 6210-01-P