[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Page 38089]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15287]


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FEDERAL RESERVE SYSTEM


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

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting 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).

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.
    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.

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. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve Board's public website at 
https://www.federalreserve.gov/apps/reportforms/review.aspx or may be 
requested from the agency clearance officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Disclosure Requirements Associated with the Consumer 
Financial Protection 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 
may 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.\1\
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    \1\ 5 U.S.C. 552(b)(8).
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    Current actions: On April 16, 2021, the Board published an initial 
notice in the Federal Register (86 FR 20155) requesting public comment 
for 60 days on the extension, without revision, of the FR M. The 
comment period for this notice expired on June 15, 2021. The Board did 
not receive any comments.

    Board of Governors of the Federal Reserve System, July 13, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-15287 Filed 7-16-21; 8:45 am]
BILLING CODE 6210-01-P