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FRS RIN: 7100-AD60 Publication ID: Spring 2011 
Title: ●Regulation M--Consumer Leasing (Docket No R-1400) 
Abstract: The Federal Reserve Board (Board) published in the Federal Register on December 16, 2010, proposed regulations to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which amends the Consumer Leasing Act (CLA). The CLA requires lessors to provide consumers with disclosures regarding the cost and other terms of personal property leases. Currently, a lease is exempt from the CLA if the consumer's total obligation exceeds $25,000. Effective July 21, 2011, the Dodd-Frank Act requires that the protections of the CLA apply to consumer leases up to $50,000, compared with $25,000 currently. In addition, the Dodd-Frank Act requires that this amount be adjusted annually to reflect any increase in the Consumer Price Index. The proposed rule would amend Regulation M, which implements the CLA, for consistency with the amendments made by the Dodd-Frank Act. The proposed rule also would impose certain requirements on advertisements for consumer leases. In particular, the proposed rule would clarify that if a lessor promotes multiple consumer leases in a single advertisement, the entire advertisement must comply with Regulation M unless all the advertised leases are exempt. In addition, because the Dodd-Frank Act makes similar amendments to the exemption threshold in the Truth in Lending Act, the Board also published in the Federal Register on December 16, 2010, proposed amendments to Regulation Z, which implements the Truth in Lending Act. The comment period on the proposed rule closed on February 1, 2011. A final rule with be issued shortly thereafter. 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 213.2    12 CFR 213.7   
Legal Authority: 15 USC 1376    15 USC 1667    15 USC 1604   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Requested Comment  12/16/2010  75 FR 78636   
Board Expects Further Action   06/00/2011    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Stephen Shin
Attorney
Federal Reserve System
Division of Consumer and Community Affairs,
Phone:202 452-3667