[Federal Register Volume 89, Number 46 (Thursday, March 7, 2024)]
[Notices]
[Pages 16567-16568]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04892]


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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 Recordkeeping and Disclosure Requirements Associated with 
the CFPB's Regulation M (FR M; OMB No. 7100-0202).

DATES: Comments must be submitted on or before May 6, 2024.

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 or FR number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback,

[[Page 16568]]

Secretary of the Board, Mailstop M-4775, 2001 C St. 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 confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St. NW, Washington, DC 20551, between 9:00 a.m. and 
5:00 p.m. on weekdays, except for Federal holidays. 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 for the Federal 
Reserve Board, 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, [email protected], (202) 
452-3884.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (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.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose 
name appears above. Final versions of these documents will be made 
available at https://www.reginfo.gov/public/do/PRAMain, if approved.

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

    Collection title: Recordkeeping and Disclosure Requirements 
Associated with the CFPB's Regulation M.
    Collection identifier: FR M.
    OMB control number: 7100-0202.
    General description of collection: The Consumer Leasing Act (CLA) 
and Regulation M require lessors uniformly to disclose to consumers the 
costs, liabilities, and terms of consumer lease transactions. The Dodd-
Frank Wall Street Reform and Consumer Protection Act transferred 
rulemaking authority for the CLA to the CFPB except for certain motor 
vehicle dealers that are excluded from the CFPB's authority, which 
remain subject to the Board's Regulation M. The FR M is the Board's 
information collection associated with Regulation M. These disclosures 
are provided to consumers before they enter lease transactions and in 
advertisements that state the availability of consumer leases on 
particular terms. The disclosures are intended to provide consumers 
with meaningful disclosures about the costs and terms of leases for 
personal property and 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.
    Frequency: Event generated.
    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 Consumer Financial Protection 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).
    Total estimated number of respondents: 3.
    Total estimated annual burden hours: 17.\1\
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    \1\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR M.

    Board of Governors of the Federal Reserve System, March 4, 2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-04892 Filed 3-6-24; 8:45 am]
BILLING CODE 6210-01-P