FEDERAL RESERVE SYSTEM 12 CFR Part 213 [Regulation M; Docket No. R-0961] Consumer Leasing AGENCY: Board of Governors of the Federal Reserve System. ACTION: Proposed official staff interpretation. SUMMARY: The Board is publishing for comment a second proposal revising the official staff commentary to Regulation M, which implements the Consumer Leasing Act. The act requires lessors to provide uniform cost and other disclosures about consumer lease transactions. Regulation M was revised in September 1996 under the Board's Regulatory Planning and Review program, which calls for the periodic review of Board regulations. The commentary applies and interprets the requirements of Regulation M. A proposal to revise the commentary was published in September 1995. This proposal includes material that was published for comment in September 1995, incorporates guidance on the final rule issued in September 1996, and addresses certain questions raised following public review of the final rule. DATES: Comments must be received March 13, 1997. ADDRESSES: Comments should refer to Docket No. R-0961, and may be mailed to Mr. William W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551. They may also be delivered to the Board's mail room between 8:45 a.m. and 5:15 p.m. weekdays, and to the security control room at all other times. The mail room and the security control room are accessible from the courtyard entrance on 20th Street, N.W. (between Constitution Avenue and C Street). Comments will be available for inspection and copying by members of the public in the Freedom of Information Office, Room MP-500 of the Martin Building between 9:00 a.m. and 5:00 p.m. weekdays, except as provided in Section 261.8 of the Board's rules regarding the availability of information. FOR FURTHER INFORMATION CONTACT: Kyung H. Cho-Miller or Obrea Otey Poindexter, Staff Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, at (202) 452-2412 or 452-3667. For users of Telecommunications Devices for the Deaf (TDD) only, contact Dorothea Thompson, at (202) 452-3544.
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Summary and proposed regulation (141 KB PDF)
1997 Banking and consumer regulatory policy