[Federal Register Volume 89, Number 146 (Tuesday, July 30, 2024)]
[Notices]
[Pages 61117-61118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16676]


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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

[[Page 61118]]

adopting a proposal to extend for three years, without revision, the 
Recordkeeping and Disclosure Requirements Associated with the Consumer 
Financial Protection Bureau's (CFPB) 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, [email protected], (202) 
452-3884.
    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.

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. 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 (which contain more detailed 
information about the information collections and burden estimates than 
this notice), 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/reportingforms/home/review or may 
be requested from the agency clearance officer, whose name appears 
above. On the page displayed at the link above, you can find the 
supporting information by referencing the collection identifier, FR M.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of 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 Consumer Financial Protection 
Bureau (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 into 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 CFPB, 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.
    Current actions: On March 7, 2024, the Board published a notice in 
the Federal Register (89 FR 16567) requesting public comment for 60 
days on the extension, without revision, of the FR M. The comment 
period for this notice expired on May 6, 2024. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, July 23, 2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-16676 Filed 7-29-24; 8:45 am]
BILLING CODE 6210-01-P