[Federal Register Volume 78, Number 5 (Tuesday, January 8, 2013)]
[Notices]
[Pages 1305-1306]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-00091]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
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.'' The OCC is
also giving notice that it has sent the collection to OMB for review.
DATES: Comments must be received by February 7, 2013.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Public Information Room, Mail Stop 6W-11, Attention: 1557-
0206, Washington, DC 20219. In addition, comments may be sent by fax to
(202) 649-5709 or by electronic mail to regs.comments@occ.treas.gov.
You can inspect and photocopy the comments at the OCC, 400 7th Street
SW., Washington, DC 20219. For security reasons, the OCC requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 649-6700. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
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
electronic mail to oira submission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the collection from Johnny Vilela or Mary H. Gottlieb, OCC
Clearance Officers, (202) 8649-5490, 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)
Under 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 date of 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 may result in cost savings to national
banks. It also provides flexibility for a bank that experiences unusual
or unforeseen conditions which would make it imprudent to dispose of
the off-lease property. Section 23.4(c) requires a bank seeking an
extension 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-
[[Page 1306]]
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
principles (GAAP).
Section 23.5
Under 12 CFR 23.5, leases are subject to the lending limits
prescribed by 12 U.S.C. 84, as implemented by 12 CFR part 32, 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.
See 12 CFR 23.6. 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) authorizes leases of
personal property (Section 24(Seventh) (Leases) if the lease serves as
the functional equivalent of a loan. See 12 CFR 23.20. 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). 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 prove that the national bank is complying with the
limitations and requirements applicable to the two types of leases.
National banks use the information to ensure their compliance with
applicable Federal banking law and regulations and accounting
principles. The OCC uses the information in conducting bank
examinations and as an auditing tool to verify bank compliance with
laws and regulations. In addition, the OCC uses national bank requests
for permission to extend the holding period for off-lease property to
ensure national bank compliance with relevant laws and regulations and
to ensure bank safety and soundness.
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.
Estimated Total Annual Burden: 685.
The OCC published this collection for 60 days of comment on October
5, 2012 (77 FR 61050). No comments were received. Comments continue to
be 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 start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: January 2, 2013.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2013-00091 Filed 1-7-13; 8:45 am]
BILLING CODE 4810-33-P