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Federal Register / Vol. 70, No.

114 / Wednesday, June 15, 2005 / Notices 34815

DEPARTMENT OF TRANSPORTATION By the Board, David M. Konschnik, change to the regulation or the
Director, Office of Proceedings. information collection. The OCC
Surface Transportation Board Vernon A. Williams, requests only that OMB renew its
Secretary. approval of the information collection.
[STB Finance Docket No. 34689] [FR Doc. 05–11733 Filed 6–14–05; 8:45 am] The regulation requires national
BILLING CODE 4915–01–P
banks to disclose information about a
Florida Northern Railroad Company, Debt Cancellation Contract (DCC) or
Inc.—Lease Exemption—Line of CSX Debt Suspension Agreement (DSA). The
Transportation, Inc. DEPARTMENT OF THE TREASURY short form disclosure is usually made
orally and is issued at the time the bank
Florida Northern Railroad Company, Office of the Comptroller of the first solicits the purchase of a contract.
Inc. (FNOR), a Class III rail carrier, has Currency The long form disclosure is usually
filed a verified notice of exemption made in writing and is issued before the
under 49 CFR 1150.41 to lease and Proposed Information Collection; customer completes the purchase of the
operate, pursuant to an agreement 1 Comment Request contract. There are special rules for
entered into with CSX Transportation, transactions by telephone, solicitations
Inc. (CSXT), CSXT’s line of railroad (the AGENCY: Office of the Comptroller of the using written mail inserts or ‘‘take one’’
Newberry Line) extending from Currency (OCC), Treasury. applications, and electronic
milepost AR 716.88 at High Springs, FL, ACTION: Notice and request for comment. transactions. Part 37 provides two forms
through Newberry, FL, to milepost AR of disclosure that serve as models for
777.76 at Dunnellon, FL, and from SUMMARY: The OCC, as part of its
satisfying the requirements of the rule.
milepost ARD 777.36 at Dunnellon 2 to continuing effort to reduce paperwork
Use of the forms is not mandatory. A
milepost ARD 785.71 at Citronelle, FL. and respondent burden, invites the
bank may adjust the form and wording
FNOR also will lease and operate a short general public and other Federal
of its disclosures so long as the
segment of connecting CSXT track at agencies to take this opportunity to
requirements of the regulation are met.
Newberry, extending from milepost SN comment on a continuing information 12 U.S.C. 24 (Seventh) authorizes
717.22 to milepost SN 718.73. The total collection, as required by the Paperwork national banks to enter into DCCs and
distance of rail line to be leased and Reduction Act of 1995. Currently, the DSAs. The requirements of part 37
operated by FNOR is approximately OCC is soliciting comment concerning enhance consumer protections for
70.74 miles. its extension, without change, of an customers who buy DCCs and DSAs
information collection titled ‘‘Debt from national banks and ensure that
Based on projected revenues for the
Cancellation Contracts and Debt national banks do so on a safe and
Newberry Line, FNOR expects to remain
Suspension Agreements ‘‘12 CFR 37.’’ sound basis by requiring them to
a Class III rail carrier after
consummation of the proposed DATES: You should submit written effectively manage their risk exposure.
transaction. It certifies that the projected comments by: August 15, 2005.
Section 37.6
annual operating revenue of FNOR does ADDRESSES: You should direct all
not exceed $5 million. written comments to the Section 37.6 requires a bank to
The transaction was scheduled to be Communications Division, Attention: provide the following disclosures, as
consummated on or shortly after May 1557–0224, Third Floor, Office of the appropriate:
Comptroller of the Currency, 250 E • Anti-tying—A bank must inform the
27, 2005, the effective date of the
Street, SW. Washington, DC 20219. In customer that neither its decision
exemption (7 days after the exemption
addition, comments may be sent by whether to approve a loan nor the terms
was filed).
facsimile transmission to (202)874– and conditions of the loan are
If the verified notice contains false or conditioned on the purchase of a DCC
misleading information, the exemption 4448, or by electronic mail to
regs.comments@occ.treas.gov. or DSA.
is void ab initio. Petitions to revoke the • Explanation of debt suspension
exemption under 49 U.S.C. 10502(d) FOR FURTHER INFORMATION CONTACT: You agreement—A bank must disclose that if
may be filed at any time. The filing of can request additional information or a a customer activates the agreement, the
a petition to revoke will not copy of the collection from Mary customer’s duty to pay the loan
automatically stay the transaction. Gottlieb or Camille Dixon, (202) 874– principal and interest is only suspended
An original and 10 copies of all 5090, Legislative and Regulatory and the customer must fully repay the
pleadings, referring to STB Finance Activities Division (1557–0202), Office loan after the period of suspension has
Docket No. 34689, must be filed with of the Comptroller of the Currency, 250 expired.
the Surface Transportation Board, 1925 E Street, SW., Washington, DC 20219. • Amount of the fee—A bank must
K Street, NW., Washington, DC 20423– You can inspect and photocopy the make disclosures regarding the amount
0001. In addition, a copy of each comments at the OCC’s Public Reference of the fee. The disclosure must differ
pleading must be served on William C. Room, 250 E Street, SW., Washington, depending on whether the credit is
Sippel, Fletcher & Sippel LLC, 29 North DC, between 9 a.m. and 5 p.m. on open-end or closed-end. In the case of
Wacker Drive, Suite 920, Chicago, IL business days. You can make an closed-end credit, the bank must
60606–2832. appointment to inspect the comments disclose the total fee. In the case of
Board decisions and notices are by calling (202) 874–5043. open-end credit, the bank must either
available on our Web site at http:// SUPPLEMENTARY INFORMATION: The OCC disclose that the periodic fee is based on
www.stb.dot.gov. is proposing to extend OMB approval of the account balance multiplied by a unit
Decided: June 7, 2005. the following information collection: cost and provide the unit cost, or
Title: Debt Cancellation Contracts and disclose the formula used to compute
1 FNOR indicated that FNOR and CSXT expect to
Debt Suspension Agreements. the fee.
execute a Land and Track Lease Agreement shortly. OMB Number: 1557–0224. • Lump sum payment of fee—A bank
2 Milepost AR 777.76 and milepost ARD 777.36 Description: This submission covers must disclose, where appropriate, that a
designate the same location at Dunnellon. an existing regulation and involves no customer has the option to pay the fee

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34816 Federal Register / Vol. 70, No. 114 / Wednesday, June 15, 2005 / Notices

in a single payment or in periodic Section 37.7 UNITED STATES INSTITUTE OF


payments. This disclosure is not Section 37.7 requires a bank to obtain PEACE
appropriate in the case of a DCC or DSA a customer’s written affirmative election
provided in connection with a home to purchase a contract and written Announcement of the Fall 2005
mortgage loan since the option to pay acknowledgment of receipt of the Solicited Grant Competition Grant
the fee in a single payment is not disclosures required by § 37.6. If the sale Program
available in that case. Banks are also of the contract occurs by telephone, the AGENCY: United States Institute of Peace.
required to disclose that adding the fee customer’s affirmative election to ACTION: Notice
to the amount borrowed will increase purchase and acknowledgment of
the cost of the contract. receipt of the required short form may SUMMARY: The Agency Announces its
• Lump sum payment of fee with no be made orally, provided the bank Upcoming Fall 2005 Solicited Grant
refund—A bank must disclose that the maintains certain documentation. Competition. The Solicited Grant
customer has the option to choose a If the contract is solicited through competition is restricted to projects that
contract with or without a refund written materials such as mail inserts or fit specific themes and topics identified
provision. This disclosure also states ‘‘take one’’ applications and the bank in advance by the Institute of Peace.
that prices of refund and no-refund provides only the short form disclosures The themes and topics for the Fall
products are likely to differ. in the written materials, then the bank 2005 Solicited competition are:
• Refund of fee paid in lump sum— shall mail the acknowledgment, together • Solicitation A: Rule of Law in
If a bank permits a customer to pay the with the long form disclosures, to the African Countries Emerging from
fee in a single payment and to add the customer. The bank may not obligate the Violent Conflict.
fee to the amount borrowed, the bank customer to pay for the contract until • Solicitation B: Education and Islam.
must disclose the bank’s cancellation after the bank has received the Deadline: October 1, 2005.
policy. The disclosure informs the customer’s written acknowledgment of Application material available on
customer that the DCC or DSA may be receipt of disclosures unless the bank request and at http://www.usip.org/
canceled at any time for a refund, maintains certain documentation. The grants.
within a specified number of days for a affirmative election and DATES: Receipt of Application: October
full refund, or at any time with no acknowledgment may also be made 1, 2005. Notification Date: March 31,
refund. electronically. 2006.
• Whether use of credit line is Type of Review: Extension, without ADDRESSES: For more information and
restricted—A bank must inform a change, of a currently approved an application package: United States
customer if the customer’s activation of collection. Institute of Peace, Grant Program—
the contract would prohibit the Affected Public: Businesses or other Solicited Grants, 1200 17th Street, NW.,
customer from incurring additional for-profit. Suite 200, Washington, DC 20036–3011,
charges or using the credit line. Number of Respondents: 2,200. (202) 429–3842 (phone), (202) 833–1018
• Termination of a DCC or DSA—A Total Annual Responses: 2,200.
(fax), (202) 457–1719 (TTY), E-mail:
bank must explain the circumstances Frequency of Response: On occasion.
Total Annual Burden Hours: 52,800. grants@usip.org.
under which a customer or the bank
could terminate the contract if Comments submitted in response to FOR FURTHER INFORMATION CONTACT: The
termination is permitted during the life this notice will be summarized and Grant Program, phone (202) 429–3842,
of the loan. included in the request for OMB e-mail: grants@usip.org.
• Additional disclosures—A bank approval. All comments will become a Dated: June 10, 2005.
must inform consumers that it will matter of public record. Comments are Erin Singshinsuk,
provide additional information before invited on: Vice President for Management.
the customer is required to pay for the (a) Whether the collection of
[FR Doc. 05–11809 Filed 6–14–05; 8:45 am]
product. information is necessary for the proper
BILLING CODE 6820–AR–M
• Eligibility requirements, conditions, performance of the functions of the
and exclusions—A bank must describe agency, including whether the
any material limitations relating to the information shall have practical utility;
UNITED STATES INSTITUTE OF
(b) The accuracy of the agency’s
DCC or DSA. PEACE
estimate of the burden of the collection
The content of the short and long
of information; Announcement of the Fall 2005
form may vary, depending on whether (c) Ways to enhance the quality,
a bank elects to provide a summary of Unsolicited Grant Competition Grant
utility, and clarity of the information to Program
the conditions and exclusions in the be collected;
long form disclosures or refer the (d) Ways to minimize the burden of AGENCY: United States Institute of Peace.
customer to the pertinent paragraphs in the collection on respondents, including ACTION: Notice.
the contract. The short form requires a through the use of automated collection
bank to instruct the customer to read techniques or other forms of information SUMMARY: The Agency announces its
carefully both the long form disclosures technology; and Upcoming Unsolicited Grant Program,
and the contract for a full explanation (e) Estimates of capital or startup costs which offers support for research,
of the terms of the contract. The long and costs of operation, maintenance, education and training, and the
form gives a bank the option of either and purchase of services to provide dissemination of information on
separately summarizing the limitations information. international peace and conflict
or advising the customer that a complete resolution. The Unsolicited competition
explanation of the eligibility Stuart Feldstein, is open to any project that falls within
requirements, conditions, and Assistant Director, Legislative & Regulatory the Institute’s broad mandate of
exclusions is available in the contract Activities Division. international conflict resolution.
and identifying the paragraphs where a [FR Doc. 05–11782 Filed 6–14–05; 8:45 am] Deadline: October 1, 2005.
customer may find that information. BILLING CODE 4810–33–P Application Material Available on

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