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

Forms and Documents

Document Name	Status
FR2 Nov 85 FR 76571 Nov 30 2020.pdf Supplementary Document	2020-11-29
FR1 Nov 85 FR 59797 Sept 23 2020.pdf Supplementary Document	2020-11-29
SPST-0083 Renewal (2020) Final.pdf Supporting Statement A	2020-11-27

IC Document Collections

IC ID	Document Title	Status
31830	Recordkeeping Requirements in Connection with Regulation M (Consumer Leasing)	Modified
244614	Third Party Disclosure Requirements - Reg M (Consumer Leasing)	New

ICR Details

OMB Control No: 3064-0083	ICR Reference No: 202011-3064-002
Status: Received in OIRA	Previous ICR Reference No: 201706-3064-003
Agency/Subagency: FDIC	Agency Tracking No: 3064-0083
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/30/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2021
Responses	3,800	5,200
Time Burden (Hours)	1,426	3,900
Cost Burden (Dollars)	0	0

---

Abstract: Regulation M (issued by the Bureau of Consumer Financial Protection) 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.

---

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

Citations for New Statutory Requirements: US Code: 12 USC 5301 et seq. Name of Law: Dodd-Frank Wall Street Reform And Consumer Protection Act

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 59597	09/23/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 76571	11/30/2020
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Recordkeeping Requirements in Connection with Regulation M (Consumer Leasing)
Third Party Disclosure Requirements - Reg M (Consumer Leasing)

---

ICR Summary of Burden

	Total Request	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	3,800	5,200	0	400	-1,800	0
Annual Time Burden (Hours)	1,426	3,900	0	0	-2,474	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:

---

Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

---

Common Form ICR:  No

---

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: 11/30/2020

---