[Federal Register Volume 65, Number 131 (Friday, July 7, 2000)]
[Notices]
[Pages 42062-42063]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-17232]


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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 (OCC), Treasury.

ACTION: Submission for OMB review; comment request.

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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. The OCC may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented unless it displays a currently valid 
Office of Management and Budget (OMB) control number. Currently, the 
OCC is soliciting comments concerning an extension, without change, of 
an information collection titled Leasing--12 CFR part 23. The OCC also 
gives notice that it has sent the information collection to OMB for 
review.

DATES: You should submit your written comments to both OCC and the OMB 
Reviewer by August 7, 2000.

ADDRESSES: You should send your 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 can send comments by facsimile transmission to (202) 874-5274, or 
by electronic mail to [email protected].

FOR FURTHER INFORMATION CONTACT: You may request additional 
information, a copy of the collection, or a copy of the supporting 
documentation submitted to OMB by contacting 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.

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.
    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 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. 
As a result, this requirement confers a benefit on national banks and 
may result in cost savings.
    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 pursuant to the foregoing authority. 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: 580.
    Estimated Total Annual Responses: 625.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 1,610 burden hours.
    OCC Contact: Jessie Dunaway or Camille Dixon, (202) 874-5090, 
Legislative and Regulatory Activities Division, OMB No. 1557-0206, 
Office of the Comptroller of the Currency, 250 E Street SW, Washington, 
DC 20219.
    OMB Reviewer: Alexander Hunt, (202) 395-7340, Paperwork Reduction 
Project 1557-0206, Office of Management and Budget, Room 10226, New 
Executive Office Building, Washington, DC 20503.
    Comments: Your comment will become a matter of public record. You 
are invited to comment 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) Whether the OCC's burden estimate is accurate;
    (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

[[Page 42063]]

techniques or other forms of information technology; and
    (e) Whether the OCC's estimates of the capital or startup costs and 
costs of operation, maintenance, and purchase of services to provide 
information are accurate.

    Dated: June 30, 2000.
Mark J. Tenhundfeld,
Assistant Director,, Legislative & Regulatory Activities Division.
[FR Doc. 00-17232 Filed 7-6-00; 8:45 am]
BILLING CODE 4810-33-P