Agency Information Collection Activities: Submission for OMB Review; Comment Request, 1305-1306 [2013-00091]

Download as PDF Federal Register / Vol. 78, No. 5 / Tuesday, January 8, 2013 / Notices BILLING CODE C DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Submission for OMB Review; Comment Request Office of the Comptroller of the Currency, Treasury. ACTION: Notice and request for comment. AGENCY: 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 srobinson on DSK4SPTVN1PROD with SUMMARY: VerDate Mar<15>2010 19:11 Jan 07, 2013 Jkt 229001 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. 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. FOR FURTHER INFORMATION CONTACT: SUPPLEMENTARY INFORMATION: PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 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- E:\FR\FM\08JAN1.SGM 08JAN1 EN08JA13.004</GPH> [FR Doc. 2013–00167 Filed 1–7–13; 8:45 am] 1305 1306 Federal Register / Vol. 78, No. 5 / Tuesday, January 8, 2013 / Notices srobinson on DSK4SPTVN1PROD with 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; VerDate Mar<15>2010 19:11 Jan 07, 2013 Jkt 229001 (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 DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [Docket ID OCC–2013–0001] Transition Period Under Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act Office of the Comptroller of the Currency, Department of the Treasury. ACTION: Notice of guidance. AGENCY: The Office of the Comptroller of the Currency (OCC) is notifying insured Federal depository institutions 1 that are or may become swap dealers that the OCC is prepared to consider favorably requests for a transition period pursuant to section 716(f) of the DoddFrank Act, provided that such requests conform to the procedures and conditions established in this notice. DATES: This guidance is effective immediately. Written requests for transition periods should be submitted to the OCC by January 31, 2013. FOR FURTHER INFORMATION CONTACT: Roman Goldstein, Senior Attorney, Ted Dowd, Assistant Director, or Ellen Broadman, Director, Securities and Corporate Practices Division, (202) 649– 5510, 400 7th St. SW., Washington, DC 20219. SUPPLEMENTARY INFORMATION: SUMMARY: 1 Insured Federal depository institution means an entity that is a Federal depository institution and an insured depository institution under the Federal Deposit Insurance Act. See 12 U.S.C. 1813(c)(2) and (4). National banks, Federal savings associations and insured Federal Branches are insured Federal depository institutions. PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 A. Background Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) prohibits providing Federal assistance to swaps entities, a term that includes Federal depository institutions 2 that are swap dealers.3 The prohibition does not apply to insured depository institutions that limit their swap activities to those activities specified in section 716(d) (conforming swap activities). The OCC, Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) jointly issued guidance that section 716’s effective date is July 16, 2013.4 Section 716(f) provides that the appropriate Federal banking agency shall permit a transition period, as appropriate, for insured depository institution swap entities to divest or cease nonconforming swap activities.5 The prohibition on Federal assistance does not apply during this transition period. The transition period, which begins on the effective date, initially may be up to 24 months, as determined by the insured depository institution’s appropriate Federal banking agency 6 in consultation with the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The appropriate Federal banking agency, after consulting with the CFTC and SEC, may extend the transition period for up to one additional year. In establishing the length of a transition period for an insured depository institution, the appropriate Federal banking agency must take into account and make written findings regarding the potential impact of the divestiture or cessation of nonconforming swap activities on the institution’s (1) mortgage lending, (2) small business lending, (3) job creation, and (4) capital formation versus the potential negative impact on insured depositors and the FDIC’s Deposit Insurance Fund (DIF). The appropriate Federal banking agency may consider such other factors as it deems appropriate. 2 12 U.S.C. 1813(c)(4). as otherwise specified, this notice refers to both swaps and security-based swaps as swaps, and both swap dealers and security-based swap dealers as swap dealers. 4 Guidance on the Effective Date of Section 716, 77 FR 27465 (May 10, 2012). 5 See Dodd-Frank Act section 716(f), 15 U.S.C. 8305(f). 6 The OCC is the appropriate Federal banking agency of Federal depository institutions. 12 U.S.C. 1813(q)(1). 3 Except E:\FR\FM\08JAN1.SGM 08JAN1

Agencies

[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]


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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, 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