[Federal Register Volume 73, Number 189 (Monday, September 29, 2008)]
[Notices]
[Page 56586]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-22773]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

SUMMARY: 

Background

    Notice is hereby given of the final approval of proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). 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 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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer --Michelle Shore--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Kimberly P. Nelson--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

Final Approval Under OMB Delegated Authority of 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, 533 hours; and advertising, 40 
hours.
    Estimated average hours per response: Disclosures, 6.5 minutes; and 
advertising, 25 minutes.
    Number of respondents: 24.
    General description of report: This information collection is 
mandatory (sections 105(a) and 187 of TILA (15 U.S.C. 1604(a) and 
1667f)) and 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.
    Current actions: On July 14, 2008, the Federal Reserve published a 
notice in the Federal Register (73 FR 40349) requesting public comment 
for 60 days on the extension, without revision, of this information 
collection. The comment period for this notice expired on September 12, 
2008. The Federal Reserve did not receive any comments.

Board of Governors of the Federal Reserve System.

    Dated: September 24, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-22773 Filed 9-26-08; 8:45 am]
BILLING CODE 6210-01-P