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The Board of Governors of the Federal Reserve System (Board) proposed revising its Regulation M, which was issued to implement the Consumer Leasing Act (CLA). Title X of the Dodd-Frank Wall Street and Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including the CLA, from the Board to the Consumer Financial Protection Bureau (CFPB). Under section 1029 of the Dodd-Frank Act, however, the Board retains authority to issue rules for motor vehicle dealers that are predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both, and are otherwise not subject to the CFPB's regulatory authority. The Board proposed to revise its Regulation M and the accompanying Official Staff Commentary to reflect this change in the Board's Regulation M.