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[Federal Register Volume 70, Number 166 (Monday, August 29, 2005)]
[Notices]
[Page 51064]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-17134]

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FEDERAL RESERVE SYSTEM

Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY

Background

    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act, as 
per 5 CFR 1320.16, to approve of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the OMB 83-Is and supporting 
statements and approved collection of information instruments are 
placed into OMB's public docket files. The Federal Reserve 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.

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. 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; and
    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.

DATES: Comments must be submitted on or before October 28, 2005.

ADDRESSES: You may submit comments, identified by unnum Regulation M, 
by any of the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include docket 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, 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 Web site at 
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm 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 in Room MP-500 of the Board's Martin Building (20th and C 
Streets, NW.), between 9 a.m. and 5 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.
    Michelle Long, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
    Report title: The Recordkeeping and Disclosure Requirements in 
Connection with Regulation M (Consumer Leasing).
    Agency form number: Reg M.
    OMB control number: 7100-0202.
    Frequency: On occasion.
    Reporters: Consumer lessors.
    Annual reporting hours: Disclosures, 3,509 hours; and advertising, 
25 hours.
    Estimated average hours per response: Disclosures, 6.5 minutes; and 
advertising, 25 minutes.
    Number of respondents: 270.
    General description of report: This information collection is 
mandatory sections 105(a) and 187 of TILA (15 U.S.C. 1604(a) and 
1667(f)) is not given confidential treatment.
    Abstract: The Consumer Leasing Act 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 act and regulation also contain rules about 
advertising consumer leases and limit the size of balloon payments in 
consumer lease transactions. The information collection pursuant to 
Regulation M is triggered by specific events. All disclosures must be 
provided to the lessee prior to the consummation of the lease and when 
the availability of consumer leases on particular terms is advertised.

    Board of Governors of the Federal Reserve System, August 24, 
2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-17134 Filed 8-26-05; 8:45 am]
BILLING CODE 6210-01-P
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