Bank Leasing Paperwork Gets Routine Renewal from OCC
Published Date: 3/31/2025
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is renewing its paperwork collection about leasing and wants your feedback by May 30, 2025. This update helps keep leasing rules clear and reduces unnecessary paperwork for banks and businesses. No big cost changes are expected, but your comments can shape how smooth the process stays!
Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
OCC renewing leasing information collection
The Office of the Comptroller of the Currency (OCC) is renewing its information collection titled "Leasing" (OMB Control No. 1557-0206) and is asking for public comments. Comments must be received by May 30, 2025, and submissions become part of the public record.
Five-year limit to hold off-lease property
Under 12 CFR 23.4(c), a national bank must liquidate or re-lease property that becomes "off-lease" as soon as practicable and no later than five years after it acquires the right to possess the property. A bank may extend that five-year holding period for up to an additional five years only with OCC approval and a "clearly convincing demonstration" explaining why the extra time is necessary.
Valuing off-lease property at lower of two measures
When property becomes off-lease, a national bank must promptly value that property at the lower of current fair market value or its book value. This valuation requirement is mandated by 12 CFR 23.4(c).
Separate rules and recordkeeping for two lease types
National banks may acquire personal property for lease financing under two statutory authorities: 12 U.S.C. 24(Seventh) (Section 24(Seventh) leases) and 12 U.S.C. 24(Tenth) (CEBA leases). CEBA leases (Section 24(Tenth)) may only be used if the aggregate book value of the property does not exceed 10 percent of the bank's consolidated assets, and 12 CFR 23.5 requires banks that enter into both types of leases to keep records distinguishing between them.
Estimated paperwork burden for respondents
The OCC estimates the information collection will affect 30 respondents, with an estimated burden of 10 hours per respondent and a total estimated annual burden of 300 hours. The OCC invites comment on the accuracy of these burden estimates and ways to reduce the burden.
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