[Federal Register Volume 71, Number 195 (Tuesday, October 10, 2006)]
[Notices]
[Pages 59588-59589]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-16665]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Submission to OMB for 
Review; 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.'' The OCC also gives notice that this collection of information has 
been sent to OMB for review.

DATES: Comments must be received by November 9, 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 
[email protected]. 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

[[Page 59589]]

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.
    Estimated Total Annual Burden: 685.
    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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: October 4, 2006.
Stuart Feldstein,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. E6-16665 Filed 10-6-06; 8:45 am]
BILLING CODE 4810-33-P