Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)

Forms and Documents

Document Name	Status
11noticejuly27no2.pdf Supplementary Document	2011-07-27
11noticeApril28no1.pdf Supplementary Document	2011-07-27
2011 Supporting Statement 3064-0083.doc Supporting Statement A	2011-07-27

IC Document Collections

IC ID	Document Title	Status
31830	Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)	Unchanged
198665	Consumer Lease Threshold	New

ICR Details

OMB Control No: 3064-0083	ICR Reference No: 201104-3064-006
Status: Historical Active	Previous ICR Reference No: 200803-3064-002
Agency/Subagency: FDIC	Agency Tracking No:
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/29/2011
	Date Received in OIRA: 07/27/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2014	36 Months From Approved	08/31/2011
Responses	202,000	0	200,000
Time Burden (Hours)	230,000	0	150,000
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation M (issued by the Federal Reserve Board of Governors) implements the consumer leasing provisions of the Truth in Lending Act and provides consumers with disclosures about the costs and terms of leases for personal property.

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Authorizing Statute(s): US Code: 15 USC 1667-1667f Name of Law: Consumer Leasing Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1100E Name of Law: Dodd Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 23814	04/28/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 44913	07/27/2011
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)
Consumer Lease Threshold

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	202,000	200,000	2,000	0	0	0
Annual Time Burden (Hours)	230,000	150,000	80,000	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Dodd-Frank Act raises the Consumer Leasing Act's $25,000 exemption threshold to $50,000. The burden increase of 80,000 hours (40 hours per respondent) represents a one-time burden respondents will assume to make systems changes to reflect the new threshold.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/27/2011

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