[Federal Register Volume 65, Number 59 (Monday, March 27, 2000)]
[Notices]
[Page 16242]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-7444]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Proposed Renewal of Information Collection; Comment Request

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. Currently, the OCC is soliciting comment concerning its 
extension, without change, of an information collection titled, 
``Leasing--12 CFR 23.''

DATES: You should submit written comments by May 26, 2000.

ADDRESSES: You should direct all written comments to the Communications 
Division, Attention: 1557-0206, Third Floor, Office of the Comptroller 
of the Currency, 250 E Street, SW, Washington, DC 20219. In addition, 
you may send comments by facsimile transmission to (202) 874-5274, or 
by electronic mail to [email protected].

FOR FURTHER INFORMATION CONTACT: You can request additional information 
from Jacqueline Lussier, Senior Attorney, (202) 874-5090; or a copy of 
the collection from Jessie Dunaway or Camille Dixon, (202) 874-5090, 
Legislative and Regulatory Activities Division (1557-0206), Office of 
the Comptroller of the Currency, 250 E Street, SW, Washington, DC 
20219. You can inspect and photocopy the comments at the OCC's Public 
Reference Room, 250 E Street, SW, Washington, DC, between 9:00 a.m. and 
5:00 p.m. on business days. You can make an appointment to inspect the 
comments by calling (202) 874-5043.

SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval 
of the following information collection:
    Title: Leasing--12 CFR 23.
    OMB Number: 1557-0206.
    Form Number: None.
    Abstract: This submission covers an existing regulation and 
involves no change to the regulation or to the information collections 
embodied in the regulation. The OCC requests only that OMB renew its 
approval of the information collections in the current regulation.
    The information requirements in 12 CFR part 23 are located as 
follows:
    12 CFR 23.4(c)--Reporting: A national bank must liquidate or re-
lease property that is no longer subject to lease (off-lease property) 
as soon as practicable, but no later than five years from the lease 
expiration. A bank wishing to extend that five-year holding period for 
up to an additional five years must obtain OCC approval. To ensure that 
a bank is not holding property for speculative reasons, the OCC 
requires the bank to provide a clearly convincing demonstration why an 
additional holding period is necessary. This requirement confers a 
benefit on national banks and may result in cost savings. This 
requirement provides flexibility for a bank when it faces unusual and 
unforeseen conditions under which it would be imprudent to dispose of 
the off-lease property.
    12 CFR 23.4(c)--Recordkeeping: 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.
    12 CFR 23.5--Recordkeeping: A national bank may engage in two types 
of lease financing. First, a national bank may acquire tangible or 
intangible personal property for purposes of lease financing if the 
lease serves as the functional equivalent of a loan. There is no 
aggregate volume limitation on a bank's investment in personal property 
that it leases. Second, a national bank may acquire tangible personal 
property for purposes of lease financing up to 10 percent of the assets 
of the bank. Section 23.5 requires that if a bank enters into both 
types of leases, its records must distinguish between the two types of 
leases.
    National banks need these information collections to ensure that 
they conduct their operations in a safe and sound manner and in 
accordance with Federal banking statutes and regulations. These 
information collections also provide needed information for examiners 
and protections for banks. The OCC uses this information to verify 
compliance.
    Type of Review: Extension, without change, of a currently approved 
collection.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 660.
    Estimated Total Annual Responses: 710.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 1,820 burden hours.

COMMENTS: Comments submitted in response to this notice will be 
summarized and included in the request for OMB approval. All comments 
will 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: March 21, 2000.
Mark Tenhundfeld,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 00-7444 Filed 3-24-00; 8:45 am]
BILLING CODE 4810-33-P