The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF NEW YORK [ Circular No. 1 0 8 2 1 ~| December 29, 1995 J REGULATION M — CO N SUM ER LEA SIN G Comment Period Extended to February 15 on Proposed Amendments To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District: Follow ing is the text o f a statem ent issued by the Board o f G overnors o f the Federal R eserve System : The Federal Reserve Board has extended to February 15, 1996, the comment period on proposed amendments to its Regulation M which carries out provisions of the Consumer Leasing Act. Purpose of the extension is to obtain views on the proposals from consumers who have experience in leasing or are interested in leasing by inviting individuals to take part in focus groups. Other public comment is also invited during this period. The extension is not expected to delay implementation of the final rule which is anticipated in the second quarter of 1996. Printed on the reverse side is the text o f the B o ard ’s notice, w hich has been published in the F e d e r a l R e g is t e r . C om m ents may now be submitted through February 15, 1 9 96, and may be sent to the Board, as indicated in the notice, or to our C om pliance Exam inations D epartm ent. W i l l ia m J. M cD onough, P re sid e n t. Federal Register / Vol. 60, No. 234 / Wednesday, December 6, 1995 / Proposed Rules FOR FURTHER INFORMATION CONTACT: FEDERAL RESERVE SYSTEM 12CFR Part 213 62349 T h e B o a r d is e x t e n d i n g t h e c o m m e n t K y u n g H . C h o - M i ll e r , O b r e a O . P o in d e x te r, o r W . K u rt S c h u m a c h e r, p e rio d u n til F e b ru a ry 1 5 , 1 9 9 6 , in o rd e r S ta f f A t t o r n e y s , D i v is io n o f C o n s u m e r a n d C o m m u n i t y A f f a ir s , B o a r d o f c o n s u m e r s w h o h a v e e x p e r i e n c e in l e a s in g o r a r e i n t e r e s t e d i n l e a s i n g , b y G o v e rn o rs o f th e F e d e ra l R e se rv e i n v i ti n g c e r t a i n i n d i v i d u a l s to S y s te m , W a s h in g to n , D C 2 0 5 5 1 , at (2 0 2 ) 4 5 2 - 2 4 1 2 or 4 5 2 - 3 6 6 7 . F o r u se rs of p a r t i c i p a t e in f o c u s g r o u p s . T h e f o c u s g r o u p p a r t i c i p a n t s w i l l b e a s k e d to T e l e c o m m u n i c a t i o n s D e v i c e f o r th e D e a f a d d r e s s k e y e l e m e n t s o f t h e B o a r d ’s (T D D ), p l e a s e c o n t a c t D o r o th e a T h o m p so n at (2 0 2 ) 4 5 2 -3 5 4 4 . p ro p o s e d a m e n d m e n ts to R e g u la tio n M a n d to p ro v id e c o m m e n ts o n th e SUPPLEMENTARY INFORMATION: T h e p r o p o s e d c o n s u m e r l e a s in g f o r m s . E h irin g t h e e x t e n s i o n p e r i o d , t h e to o b ta in v ie w s o n th e p r o p o s a ls fro m [Regulation M; Docket No. R-0892 and Docket No. R-0893] C o n s u m e r L e a s i n g A c t ( C L A ) , 1 5 U .S .C . Consumer Leasing; Extension of Comment Period L e n d i n g A c t ( T I L A ) , 1 5 U .S .C . 1 6 0 1 et seq. T h e B o a r d w a s g iv e n r u l e w r i t i n g AGENCY: B o a r d o f G o v e r n o r s o f th e a u t h o r i t y , a n d i ts R e g u l a ti o n M ( 1 2 C F R p a rt 2 1 3 ) im p le m e n ts th e C L A . A n p u rp o s e o f c o n d u c tin g th e s e fo c u s g ro u p i n t e r v i e w s . O th e r m e m b e r s o f t h e p u b l i c o f f ic ia l s t a f f c o m m e n t a r y t h a t i n t e r p r e t s t h e r e g u la t i o n h a s a l s o b e e n p u b li s h e d (S u p p le m e n t I - C L - 1 to 1 2 C F R 2 1 3 ). m a y su b m it c o m m e n ts d u rin g th is p e r i o d , b u t t h e y a r e e n c o u r a g e d to s u b m it t h e m a s s o o n a s p o s s i b l e . T h e T h e C L A g e n e ra lly g o v e rn s c o n s u m e r l e a s e s o f p e r s o n a l p r o p e r t y i n v o lv i n g $ 2 5 , 0 0 0 o r le s s a n d a t e r m o f m o r e t h a n B o a r d d o e s n o t e x p e c t t h i s e x t e n s i o n to d e la y t h e i m p l e m e n t a t i o n o f t h e fin a l ru le . T h e B o a rd a n tic ip a te s th a t r e v i s i o n s t o R e g u l a ti o n M a n d t h e o f f ic ia l s t a f f c o m m e n t a r y w i l l b e F e d e r a l R e s e r v e S y s te m . ACTION: P r o p o s e d r u l e a n d o f f ic ia l s ta ff in te rp re ta tio n : e x te n s io n o f c o m m e n t p e rio d . SUMMARY: O n S e p t e m b e r 2 0 , 1 9 9 5 , th e B o a r d p u b li s h e d a r e q u e s t fo r c o m m e n t o n p r o p o s e d a m e n d m e n t s t o R e g u la tio n M , w h ic h im p le m e n ts th e C o n s u m e r L e a s i n g A c t ( 6 0 F R 4 8 7 5 2 ) . A t t h a t t im e , t h e B o a r d a ls o p r o p o s e d r e v i s i o n s to th e o f f ic ia l s ta f f c o m m e n t a r y t o R e g u la tio n M , w h i c h w e r e p u b li s h e d in t h e s a m e i s s u e o f th e F e d e r a l R e g i s t e r ( 6 0 F R 4 8 7 6 9 ) . T h e C o n s u m e r L e a sin g A c t an d R e g u l a ti o n M r e q u ir e l e s s o r s t o p r o v id e u n i f o r m c o s t a n d o th e r d i s c l o s u r e s a b o u t c o n s u m e r le a se tra n s a c tio n s . T h e B o a r d ’s p r o p o s a l c o n t a i n s s e v e r a l s u b s ta n tiv e a m e n d m e n ts to th e r e g u la t i o n a n d w o u l d a l s o s i m p li f y a n d c l a r i f y i ts p r o v is i o n s . In o r d e r t o o b ta in 1 6 6 7 - 1 6 6 7 e , w a s e n a c t e d i n t o l a w in 1 9 7 6 a s a n a m e n d m e n t t o t h e T r u t h in fo u r m o n t h s . A n a u t o m o b i l e l e a s e i s th e m o s t c o m m o n ty p e o f c o n s u m e r le a se c o v e r e d b y t h e C L A . L ik e t h e c r e d i t p ro v is io n s o f th e T IL A , th e C L A re q u ire s le s s o rs to p ro v id e u n ifo rm c o s t a n d o t h e r d i s c l o s u r e s in c o n s u m e r l e a s e tr a n s a c tio n s a n d le a se a d v e rtis in g . P rio r t o e n t e r i n g in t o a l e a s e a g r e e m e n t , l e s s o r s m u s t g iv e c o n s u m e r s f if te e n to t w e n t y d i s c l o s u r e s , i n c l u d i n g th e a m o u n t o f in i ti a l c h a r g e s t o b e p a id , a n id e n tific a tio n o f le a s e d p ro p e rty , a p a y m e n t s c h e d u le , th e re s p o n s ib ilitie s fo r m a in ta in in g th e le a s e d p ro p e r ty , a n d t h e l i a b il i ty fo r t e r m i n a t i n g a l e a s e e a r l y . D o ck et N o. R - 0 8 9 2 an d D o ck et N o. R 0 8 9 3 , a n d b e m a i l e d to W i l l i a m W . T h e B o a r d ’s R e g u l a to r y P l a n n i n g a n d R e v ie w P r o g r a m c a l l s fo r t h e p e r i o d i c r e v i e w o f B o a r d r e g u l a t i o n s w it h fo u r g o a ls in m i n d : T o c l a r i f y a n d s i m p li f y r e g u l a t o r y la n g u a g e ; to d e t e r m i n e w h e t h e r r e g u la t o r y a m e n d m e n t s a re n e e d e d to a d d r e s s t e c h n o l o g i c a l a n d o t h e r d e v e l o p m e n t s ; to r e d u c e u n d u e re g u la to ry b u rd e n o n th e in d u s try ; an d t o d e l e t e o b s o l e t e p r o v is io n s ^ O n S e p te m b e r 2 0 , 1 9 9 5 , th e B o a rd p u b li s h e d p r o p o s e d r e v i s i o n s to W ile s , S e c re ta ry , B o a rd o f G o v e rn o rs o f R e g u l a ti o n M fo r c o m m e n t ( 6 0 F R th e F e d e r a l R e s e r v e S y s t e m , 2 0 t h S tr e e t 4 8 7 5 2 ) . T h e p ro p o s a l c o n ta in s se v e ra l a n d C o n s ti tu t io n A v e n u e N W ., s u b s t a n t i v e r e v i s i o n s t o t h e r e g u la t i o n , W a s h in g to n , D C 2 0 5 5 1 . C o m m e n t s a ls o m a y b e d e li v e r e d to r o o m B - 2 2 2 2 o f th e fo r e x a m p l e : a d d i t i o n a l d i s c l o s u r e re q u ire m e n ts a b o u t e a rly te rm in a tio n E c c l e s B u i ld in g b e tw e e n 8 : 4 5 a .m . a n d c h a r g e s , t h e g r o s s c o s t o f l e a s e s , th e a d d i t i o n a l v ie w s o n t h e p r o p o s a l fro m in d iv id u a l c o n s u m e rs , th e B o a rd h as e x t e n d e d t h e p u b li c c o m m e n t p e r io d fo r 9 0 d a y s . T h e c o m m e n t p e r i o d fo r th e p r o p o s e d r e v i s i o n s to t h e c o m m e n t a r y is s i m i l a r l y e x t e n d e d fo r 9 0 d a y s . DATES: C o m m e n t s m u s t b e r e c e i v e d by F e b ru a ry 1 5 , 1 9 9 6 . ADDRESSES: C o m m e n t s s h o u l d r e f e r to 5 :1 5 p .m . w e e k d a y s , o r t o t h e g u a r d r e s i d u a l v a lu e , a n d t h e e s t i m a t e d le a s e s t a ti o n in th e E c c l e s B u i ld in g c o u r t y a r d c h a r g e ; a r e q u ir e m e n t t h a t c e r t a i n o n 2 0 t h S tr e e t N W ., ( b e tw e e n C o n s ti tu t io n A v e n u e a n d C S tr e e t) a n y o t h e r i n f o r m a t i o n ; a n d p u r s u a n t to a t im e . C o m m e n t s m a y b e i n s p e c t e d in r o o m M P - 5 0 0 o f t h e M a r tin B u i ld in g s t a t u t o r y c h a n g e , r e v i s i o n s to t h e a d v e r t i s i n g p r o v i s i o n s fo r r a d i o a n d b e tw e e n 9 a .m . a n d 5 p .m . w e e k d a y s , t e l e v i s i o n . T h e p r o p o s a l a l s o s i m p li f i e s e x c e p t a s p r o v id e d in 1 2 C F R 2 6 1 . 8 of t h e la n g u a g e a n d f o r m a t o f t h e th e B o a r d ’s r u le s r e g a r d in g th e r e g u la t i o n to s ta te th e r e q u i r e m e n t s m o re c le a rly . a v a il a b il it y o f i n f o r m a t i o n . l e a s in g d i s c l o s u r e s b e s e g r e g a t e d fro m B o a r d ’s s t a f f w i l l u n d e r t a k e i ts r e v i e w a n d a n a ly s is o f th e c o m m e n ts th a t h a v e a l r e a d y b e e n file d . T h e c o m m e n t p e r i o d is b e in g e x t e n d e d p r i m a r i l y f o r t h e a d o p t e d in fin a l f o r m in t h e s e c o n d q u a rte r o f 1 9 9 6 . Board of Governors of the Federal Reserve System, November 30,1995. W illiam W . Wiles, Secretary of the Board. [FR Doc. 95-29697 Filed 12-5-95; 8:45 am] BILUNG CODE 621<M)1-P
@FedFRASER