[Federal Register Volume 83, Number 66 (Thursday, April 5, 2018)]
[Notices]
[Pages 14639-14640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06947]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on 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).

DATES: Comments must be submitted on or before June 4, 2018.

ADDRESSES: You may submit comments, identified by FR M, by any of the 
following methods:
     Agency website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, 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 website at http://www.federalreserve.gov/apps/foia/proposedregs.aspx 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 form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays. For security 
reasons, the Board requires that visitors make an appointment to 
inspect comments. You may do so by calling (202) 452-3684. Upon 
arrival, visitors will be required to present valid government-issued 
photo identification and to submit to security screening in order to 
inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
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.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.

[[Page 14640]]

    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.

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. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. 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;
    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; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposal prior to giving final approval.

Proposal To Approve Under OMB Delegated Authority 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 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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    Proposed revisions: 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.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that sections 105(a) and 187 of TILA (15 U.S.C. 1604(a) 
and 1667f respectively, 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)).

    Board of Governors of the Federal Reserve System, April 2, 2018.
Ann Misback,
Secretary of the Board.
[FR Doc. 2018-06947 Filed 4-4-18; 8:45 am]
 BILLING CODE 6210-01-P