Federal and state enforcement and
private litigants use the records to ascertain whether accurate and
complete disclosures of the cost of leases have been provided to
consumers prior to consummation of the lease. This information
provides the primary evidence of law violations in CLA enforcement
actions brought by federal agencies. Without Regulation M's
recordkeeping requirement, the agencies'ability to enforce the CLA
would be significantly impaired. As noted above, consumers rely
upon the disclosures required by the CLA and Regulation M for
information to comparison shop among leases, as well as to
ascertain the true costs and terms of lease offers. Enforcement
agencies and private litigants need the information in these
disclosures and other requirements to enforce the CLA and
Regulation M.
The Bureau of Consumer
Financial Protection (CFPB) respectfully requests emergency
processing and approval of the collection of information discussed
below because the use of normal clearance procedures is reasonably
likely to prevent and disrupt an existing collection of
information. Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act), rulemaking authority for the
Consumer Leasing Act (CLA), 15 U.S.C. 1667 et seq., transferred
from the Board of Governors of the Federal Reserve System (Board)
to the CFPB on July 21, 2011. In addition to the transfer of
rulemaking authority under the Dodd-Frank Act, the CFPB received
certain enforcement authorities with respect to the CLA. The CFPB
is in the process of publishing for public comment an interim final
rule establishing a new regulation in 12 CFR Part 1013 (Regulation
M). This interim final rule substantially replicates the Boards
CLA rule and will not impose any new substantive obligations on
regulated entities or any new information collection requirements.
As the CFPB now has enforcement authority over certain populations
that have been under the jurisdiction of other agencies, the CFPB
is requesting approval of a new OMB control number for its
collection activities under Regulation M. To prevent a disruption
of an approved information collection, the CFPB is requesting
emergency processing and approval of the following information
collection request. Upon receipt of emergency approval from the
Office of Management and Budget, the CFPB will begin a standard
approval process for this collection and will seek public input at
that time.
None
PL: Pub.L. 111 - 203 X Name of Law: Wall
Street Reform and Consumer Protection Act
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:
(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;
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.
Supporting Statement for Regulation M 20111019 v1.docx
Consumer Leasing Act Recordkeeping