[Federal Register Volume 77, Number 194 (Friday, October 5, 2012)]
[Notices]
[Pages 61050-61051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-24593]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities; Proposed Information
Collection; Comment Request; Leasing
AGENCY: Office of the Comptroller of the Currency (OCC), 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.
Under the Paperwork Reduction Act of 1995 (the PRA), Federal
Agencies are required to publish notice in the Federal Register
concerning each proposed collection of information, including each
proposed extension of an existing collection of information and to
allow 60 days for public comment in response to the notice.
In accordance with the requirements of the Paperwork Reduction Act
of 1995 (44 U.S.C. chapter 35), the OCC may not conduct or sponsor, and
the respondent is not required to respond to, an information collection
unless it displays a currently valid Office of Management and Budget
(OMB) control number. The OCC is soliciting comment concerning its
information collection titled, ``Leasing.''
DATES: Comments must be received by December 4, 2012.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Public Information Room, Mailstop 2-3, Attention: 1557-0206,
250 E Street SW., Washington, DC 20219. In addition, comments may be
sent by fax to (202) 874-5274, or by electronic mail to
[email protected]. You can inspect and photocopy the comments
at the OCC, 250 E 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) 874-4700. 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 fax to
(202) 395-6974.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the information collection from Mary H. Gottlieb or Johnny
Vilela, OCC Clearance Officers, (202) 874-5090, Legislative and
Regulatory Activities Division, Office of the Comptroller of the
Currency, 250 E Street SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from the Office of Management and Budget
(OMB) for each collection of information they conduct or sponsor.
``Collection of information'' is defined in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include Agency requests or requirements that members of
the public submit reports, keep records, or provide information to a
third party. Section 3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A))
requires Federal agencies to provide a 60-day notice in the Federal
Register concerning each proposed collection of information, including
each proposed extension of an existing collection of information,
before submitting the collection to OMB for approval. To comply with
this requirement, the OCC is publishing notice of the proposed
collection of information set forth in this document.
With respect to the following collection of information, the OCC
invites comments on these topics:
(a) Whether the information collections are necessary for the
proper performance of the agencies' functions, including whether the
information has practical utility;
(b) The accuracy of the agencies' estimates of the burden of the
information collections, including the validity of the methodology and
assumptions used;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of information collections 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.
Comments submitted in response to this notice will be shared among
the agencies. All comments will become a matter of public record.
Written comments should address the accuracy of the burden estimates
and ways to minimize burden including the use of automated collection
techniques or the use of other forms of information technology as well
as other relevant aspects of the information collection request.
Leasing--12 CFR 23.4(c) and 12 CFR 23.5 (OMB Control Number 1557-
0206)--Extension
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
[[Page 61051]]
lease (off-lease property) within five years from the date of the lease
expiration. If a national bank wishes to extend the five-year holding
period for up to an additional five years, it must obtain OCC approval.
Permitting a national bank to extend the holding period may result in
cost savings. It also provides flexibility for a national bank that
experiences unusual or unforeseen conditions which would make it
imprudent to dispose of the off-lease property prior to the expiration
of the five year holding period. Section 23.4(c) requires a national
bank seeking an extension to provide a clearly convincing demonstration
as to why any additional holding period is necessary. In addition, a
national 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 national 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 national 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
also may 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 national bank enters into both types of leases, its
records must distinguish between the two types of leases. This
information is required to establish 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 examinations and
as an auditing tool to verify 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.
Dated: September 28, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-24593 Filed 10-4-12; 8:45 am]
BILLING CODE 4810-33-P