[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]
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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, 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