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Inactive Financial Institution Letters

Consumer Leasing Act

April 17, 1997


SUBJECT: Amendments to the Consumer Leasing Act

The Federal Reserve Board has revised Regulation M, which implements the Consumer Leasing Act. The revisions took effect on April 1, 1997; however, compliance is optional until October 1, 1997. Attached are the final rule and the official staff commentary published in the Federal Register.

The revisions, which implement amendments to the Consumer Leasing Act contained in the Economic Growth and Regulatory Paperwork Reduction Act of 1996, streamline the advertising disclosures for consumer lease transactions. In addition, the final rule makes the disclosure of up-front costs in connection with a specific lease agreement parallel statutory changes to the advertising rules disclosing up-front costs, which now include total amounts due by lease signing or delivery, if delivery occurs later.

For further information, please contact Louise Kotoshirodo, Review Examiner in the FDIC's Division of Compliance and Consumer Affairs, on (202) 942-3599.

Carmen J. Sullivan

Attachments: Available on the FDIC website,
   FR Vol. 62, No. 62, pp 15364-15372
   FR Vol. 62, No. 65, pp 16053-16064

Distribution: FDIC-Supervised Banks (Commercial and Savings)

Note: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200 or 800-276-6003).

Last Updated 07/16/1999

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