Circular
Regulation M - Consumer Leasing
February 28, 1997
Circular No. 10929

Proposed Revision to the Official Staff Commentary

Comments Requested by March 13

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

The following is from a statement by the Board of Governors of the Federal Reserve System:

The Federal Reserve Board has requested comment on 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.

Comment is requested by March 13, 1997.

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.

The first proposal to revise the commentary was published in September 1995. This second 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.

The text of the Board's proposal, as printed in the Federal Register of February 19, 1997 is available as a (pdf) file. Comments thereon should be submitted by March 13, 1997 and may be sent to the Board, as specified in the notice, or to this Bank's Compliance Examinations Department.