The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.
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Consumer Resources
The Board is proposing to revise its Regulation M, 12 CFR part 213, which was issued to implement the Consumer Leasing Act (CLA). Title X of the Dodd-Frank Act transferred rulemaking authority for a number of consumer financial protection laws, including the CLA, from the Board to the Bureau of Consumer Financial Protection (Bureau). 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 Bureau's regulatory authority. The Board is proposing to revise its Regulation M and the accompanying Official Staff Commentary to reflect this change in the persons covered by the Board's Regulation M.
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