Regulation M (Consumer Leasing)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2021 Reg M Supporting Statement.pdf	Supporting Statement A	Uploaded 2021-09-13	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
32262	Recordkeeping		Unchanged
188292	Advertising: transaction-related		Unchanged
188291	Other leases transaction-related		Unchanged
188290	Motor vehicle leases transaction-related		Unchanged
188287	Setup/monitoring for advertising		Unchanged
188286	Setup/monitoring for other leases		Unchanged
188285	Setup/monitoring for motor vehicle lease disclosures		Unchanged

ICR Details

OMB Control No: 3084-0086	ICR Reference No: 202106-3084-003
Status: Historical Active	Previous ICR Reference No: 201803-3084-003
Agency/Subagency: FTC	Agency Tracking No:
Title: 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
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/24/2021
Retrieve Notice of Action (NOA)	Date Received in OIRA: 09/15/2021
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2024	36 Months From Approved	11/30/2021
Responses	4,713,981	0	4,713,981
Time Burden (Hours)	101,953	0	101,953
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Trade Commission (FTC) seeks renewed clearance for the the information collection requirements associated with this enforcement of the Consumer Financial Protection Bureau's (CFPB) Regulation M. Regulation M requires accurate disclosures of the costs and terms of leases to consumers. It also requires lessors and lease advertisers to keep records sufficient to show compliance with the Regulation. Given their generally shared enforcement jurisdiction for Regulation M under the Dodd-Frank Act, the CFPB and the FTC have divided the FTC’s previously cleared PRA burden between them, except that the FTC has wholly assumed all of the burden estimates associated with motor vehicle dealers and is also doing so, when appropriate, regarding estimated burden for state-chartered credit unions.

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Authorizing Statute(s): US Code: 15 USC 1667 et seq. Name of Law: Consumer Leasing Act
   PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100A Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1024, 1029, 1061, 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:
	86 FR 26725	05/17/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 51355	09/15/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

table that charts list of burden

IC Title	Form No.	Form Name
Advertising: transaction-related
Motor vehicle leases transaction-related
Other leases transaction-related
Recordkeeping
Setup/monitoring for advertising
Setup/monitoring for motor vehicle lease disclosures
Setup/monitoring for other leases

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ICR Summary of Burden

table that charts list 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	4,713,981	4,713,981	0	0	0	0
Annual Time Burden (Hours)	101,953	101,953	0	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:

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Annual Cost to Federal Government: $649,737

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

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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: 09/15/2021

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