[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