The Board of Governors of the Federal Reserve System (FRS) 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.
This regulation applies only to those credit unions offering consumer lease transactions.
The revisions streamline the advertising disclosures for consumer lease transactions and provide revised model disclosure forms.
To obtain copies of this regulation or any regulations or official staff commentaries issued by the FRS, you may contact FRS Publications at (202) 452-3245.
Norman E. D'Amours