For immediate release

The Federal Reserve Board today announced revisions to Regulation M to implement amendments to the Consumer Leasing Act. The act requires lessors to provide uniform cost and other disclosures for car leasing and other types of consumer lease transactions. The revisions are effective April 1, 1997, but compliance is optional until October 1, 1997. The revisions primarily implement amendments to the act contained in the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which streamline the advertising disclosures for lease transactions. The revisions make the disclosure of upfront costs in connection with a specific lease agreement parallel to statutory changes to the advertising rules. In addition, the revisions contain several technical amendments to the regulation. The Board's notice is attached.

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1997 Banking and consumer regulatory policy