[Federal Register: July 17, 2006 (Volume 71, Number 136)]
[Notices]
[Page 40581-40582]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17jy06-132]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Proposed Information
Collection; Comment Request
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection, as required by the Paperwork Reduction Act of
1995. An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid OMB control number. The OCC is soliciting comment
concerning its information collection titled, ``Leasing--12 CFR Part
23.''
DATES: Comments must be received by September 15, 2006.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Public Information Room, Mailstop 1-5, Attention: 1557-0206,
250 E Street, SW., Washington, DC 20219. In addition, comments may be
sent by fax to (202) 874-4448, or by electronic mail to
regs.comments@occ.treas.gov. You can inspect and photocopy the comments
at the OCC's Public Information Room, 250 E Street, SW., Washington, DC
20219. You can make an appointment to inspect the comments by calling
(202) 874-5043.
Additionally, you should send a copy of your comments to OCC Desk
Officer, 1557-0206, by mail to U.S. Office of Management and Budget,
725, 17th Street, NW., 10235, Washington, DC 20503, or by fax
to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the collection from Mary Gottlieb, OCC Clearance Officer,
or Camille Dickerson, (202) 874-5090, Legislative and Regulatory
Activities Division, Office of the Comptroller of the Currency, 250 E
Street, SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval
of the following information collection:
Title: Leasing (12 CFR Part 23).
OMB Number: 1557-0206.
Description: This submission covers an existing regulation and
involves no change to the regulation or to the information collection
requirements. The OCC requests only that OMB extend the expiration
date.
Information Collection Requirements Found in 12 CFR Part 23
12 CFR 23.4(c)--National banks must liquidate or re-lease personal
property that is no longer subject to lease (off-lease property) within
five years from the lease expiration. If a bank wishes to extend the
five-year holding period for up to an additional five years, it must
obtain OCC approval. Permitting a bank to extend the holding period
confers a benefit on national banks and may result in cost savings. It
also provides flexibility for a bank that experiences unusual or
unforeseen conditions under which it would be imprudent to dispose of
the off-lease property. Section 23.4(c) requires a bank to provide a
clearly convincing demonstration as to why an additional holding period
is necessary. In addition, a bank must value off-lease property at the
lower of current fair market value or book value promptly after the
property comes off-lease. These requirements enable the OCC to ensure
that a bank is not holding the property for speculative reasons and
that the value of the property is recorded in accordance with generally
accepted accounting procedures (GAAP).
Section 23.5--Twelve U.S.C. 24 contains two separate provisions
authorizing a national bank to acquire personal property for purposes
of lease financing. Twelve U.S.C. 24 (Seventh) applies if the lease
serves as the functional equivalent of a loan. Such leases are subject
to the lending limits prescribed by 12 U.S.C. 84 or, if the lessee is
an affiliate of the bank, to the restrictions on transactions with
affiliates prescribed by 12 U.S.C. 371c and 371c-1. A national bank may
also acquire personal property for purposes of lease financing under
the authority of 12 U.S.C. 24 (Tenth) (CEBA Leases). This provision
authorizes a national bank to invest in CEBA Leases up to 10 percent of
its assets. Section 23.5 requires that if a bank enters into both types
of leases, its records must distinguish between the two types of
leases. This information is required to evidence compliance with the
statutory limitation on the aggregate amount a national bank may invest
in CEBA Leases.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals; Businesses or other for-profit.
Estimated Number of Respondents: 370.
Estimated Total Annual Responses: 370.
Frequency of Response: On occasion.
[[Page 40582]]
Estimated Total Annual Burden: 685.
Comments submitted in response to this notice will be summarized,
included in the request for OMB approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information has practical utility;
(b) The accuracy of the agency's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: July 11, 2006.
Stuart Feldstein,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. E6-11156 Filed 7-14-06; 8:45 am]
BILLING CODE 4810-33-P