[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20155-20156]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07790]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

-----------------------------------------------------------------------

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Disclosure Requirements Associated with the Consumer 
Financial Protection Bureau's (Bureau) Regulation M (FR M; OMB No. 
7100-0202).

DATES: Comments must be submitted on or before June 15, 2021.

ADDRESSES: You may submit comments, identified by FR M, by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the 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 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue 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 
Office of Management and Budget (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: 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information 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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made 
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be

[[Page 20156]]

requested from the agency clearance officer, whose name appears above.

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 Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board'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 Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Disclosure Requirements Associated with Bureau's 
Regulation M.
    Agency form number: FR M.
    OMB control number: 7100-0202.
    Frequency: On occasion.
    Respondents: The FR M panel comprises 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. Notwithstanding 
the foregoing, the Bureau, and not the Board, has supervisory authority 
for Regulation M with respect to automobile leasing over non-banks 
defined as ``larger participants'' in the automobile finance market 
pursuant to 12 U.S.C. 5514 (implemented by 12 CFR 1090.108).
    Estimated number of respondents: 4.
    Estimated average hours per response: Lease disclosures, 0.11; 
Advertising rules, 0.42.
    Estimated annual burden hours: Lease disclosures, 252; Advertising 
rules,7.
    General description of report: The Consumer Leasing Act (CLA) 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 CLA and Regulation 
M also contain rules about advertising consumer leases and limit the 
size of balloon payments in consumer lease transactions.
    The Bureau's Regulation M applies to all types of lessors of 
personal property (except motor vehicle dealers excluded from the 
Bureau's authority under Dodd-Frank Act section 1029, which are covered 
by the Board's Regulation M). The CLA and Regulation M require lessors 
uniformly to disclose to consumers the costs, liabilities, and terms of 
consumer lease transactions.
    Legal authorization and confidentiality: The FR M is authorized 
pursuant to sections 105(a) and 187 of the Truth in Lending Act (TILA), 
which require that the Bureau prescribe regulations regarding the 
disclosure requirements relating to consumer lease transactions. The FR 
M is mandatory.
    Because the disclosures and records comprising the FR M are 
maintained at each banking organization, the Freedom of Information Act 
(FOIA) would only be implicated if the Board obtained such records as 
part of the examination or supervision of a banking organization. In 
the event the records are obtained by the Board as part of an 
examination or supervision of a financial institution, this information 
would be considered confidential pursuant to exemption 8 of the FOIA, 
which protects information contained in ``examination, operating, or 
condition reports'' obtained in the bank supervisory process.

    Board of Governors of the Federal Reserve System, April 12, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-07790 Filed 4-15-21; 8:45 am]
BILLING CODE 6210-01-P