Federal Register / Vol. 60, No. 234 / Wednesday, December 6, 1995 / Proposed Rules 62349

Dated: November 28, 1995.

Federal Deposit Insurance Corporation.

Jerry L. Langley,

Executive Secretary.

[FR Doc. 95–29541 Filed 12–5–95; 8:45 am]

BILLING CODE 6714–01–M

FEDERAL RESERVE SYSTEM

12 CFR Part 213

[Regulation M; Docket No. R–0892 and

Docket No. R–0893]

Consumer Leasing; Extension of

Comment Period

AGENCY: Board of Governors of the

Federal Reserve System.

ACTION: Proposed rule and official staff

interpretation; extension of comment

period.

SUMMARY: On September 20, 1995, the

Board published a request for comment

on proposed amendments to Regulation

M, which implements the Consumer

Leasing Act (60 FR 48752). At that time,

the Board also proposed revisions to the

official staff commentary to Regulation

M, which were published in the same

issue of the Federal Register (60 FR

48769). The Consumer Leasing Act and

Regulation M require lessors to provide

uniform cost and other disclosures

about consumer lease transactions. The

Board’s proposal contains several

substantive amendments to the

regulation and would also simplify and

clarify its provisions. In order to obtain

additional views on the proposal from

individual consumers, the Board has

extended the public comment period for

90 days. The comment period for the

proposed revisions to the commentary is

similarly extended for 90 days.

DATES: Comments must be received by

February 15, 1996.

ADDRESSES: Comments should refer to

Docket No. R–0892 and Docket No. R–

0893, and be mailed to William W.

Wiles, Secretary, Board of Governors of

the Federal Reserve System, 20th Street

and Constitution Avenue NW.,

Washington, DC 20551. Comments also

may be delivered to room B–2222 of the

Eccles Building between 8:45 a.m. and

5:15 p.m. weekdays, or to the guard

station in the Eccles Building courtyard

on 20th Street NW., (between

Constitution Avenue and C Street) any

time. Comments may be inspected in

room MP–500 of the Martin Building

between 9 a.m. and 5 p.m. weekdays,

except as provided in 12 CFR 261.8 of

the Board’s rules regarding the

availability of information.

FOR FURTHER INFORMATION CONTACT:

Kyung H. Cho-Miller, Obrea O.

Poindexter, or W. Kurt Schumacher,

Staff Attorneys, Division of Consumer

and Community Affairs, Board of

Governors of the Federal Reserve

System, Washington, DC 20551, at (202)

452–2412 or 452–3667. For users of

Telecommunications Device for the Deaf

(TDD), please contact Dorothea

Thompson at (202) 452–3544.

SUPPLEMENTARY INFORMATION: The

Consumer Leasing Act (CLA), 15 U.S.C.

1667–1667e, was enacted into law in

1976 as an amendment to the Truth in

Lending Act (TILA), 15 U.S.C. 1601 et

seq. The Board was given rulewriting

authority, and its Regulation M (12 CFR

part 213) implements the CLA. An

official staff commentary that interprets

the regulation has also been published

(Supplement I–CL–1 to 12 CFR 213).

The CLA generally governs consumer

leases of personal property involving

$25,000 or less and a term of more than

four months. An automobile lease is the

most common type of consumer lease

covered by the CLA. Like the credit

provisions of the TILA, the CLA

requires lessors to provide uniform cost

and other disclosures in consumer lease

transactions and lease advertising. Prior

to entering into a lease agreement,

lessors must give consumers fifteen to

twenty disclosures, including the

amount of initial charges to be paid, an

identification of leased property, a

payment schedule, the responsibilities

for maintaining the leased property, and

the liability for terminating a lease early.

The Board’s Regulatory Planning and

Review Program calls for the periodic

review of Board regulations with four

goals in mind: To clarify and simplify

regulatory language; to determine

whether regulatory amendments are

needed to address technological and

other developments; to reduce undue

regulatory burden on the industry; and

to delete obsolete provisions. On

September 20, 1995, the Board

published proposed revisions to

Regulation M for comment (60 FR

48752). The proposal contains several

substantive revisions to the regulation,

for example: additional disclosure

requirements about early termination

charges, the gross cost of leases, the

residual value, and the estimated lease

charge; a requirement that certain

leasing disclosures be segregated from

other information; and pursuant to a

statutory change, revisions to the

advertising provisions for radio and

television. The proposal also simplifies

the language and format of the

regulation to state the requirements

more clearly.

The Board is extending the comment

period until February 15, 1996, in order

to obtain views on the proposals from

consumers who have experience in

leasing or are interested in leasing, by

inviting certain individuals to

participate in focus groups. The focus

group participants will be asked to

address key elements of the Board’s

proposed amendments to Regulation M

and to provide comments on the

proposed consumer leasing forms.

During the extension period, the

Board’s staff will undertake its review

and analysis of the comments that have

already been filed. The comment period

is being extended primarily for the

purpose of conducting these focus group

interviews. Other members of the public

may submit comments during this

period, but they are encouraged to

submit them as soon as possible. The

Board does not expect this extension to

delay the implementation of the final

rule. The Board anticipates that

revisions to Regulation M and the

official staff commentary will be

adopted in final form in the second

quarter of 1996.

Board of Governors of the Federal Reserve

System, November 30, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95–29697 Filed 12–5–95; 8:45 am]

BILLING CODE 6210–01–P

12 CFR Part 230

[Regulation DD; Docket No. R–0904]

Truth in Savings

AGENCY: Board of Governors of the

Federal Reserve System.

ACTION: Proposed rule; official staff

interpretation.

SUMMARY: The Board is publishing for

comment proposed revisions to the

official staff commentary to Regulation

DD (Truth in Savings). The commentary

applies and interprets the requirements

of Regulation DD. The proposed

revisions would clarify regulatory

provisions or provide further guidance

on issues of general interest, such as

when credited interest becomes part of

principal and how leap years affect the

calculation of the annual percentage

yield.

DATES: Comments must be received on

or before February 2, 1996.

ADDRESSES: Comments should refer to

Docket No. R–0904, and may be mailed

to William W. Wiles, Secretary, Board of

Governors of the Federal Reserve

System, 20th Street and Constitution

Avenue, NW., Washington, DC 20551.