[Federal Register Volume 63, Number 235 (Tuesday, December 8, 1998)]
[Notices]
[Pages 67694-67695]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-32462]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

SUMMARY
    Background. Notice is hereby given of the final approval of 
proposed information collections by the Board of Governors of the 
Federal Reserve System (Board) under OMB delegated authority, as per 5 
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the OMB 83-Is and supporting statements and 
approved collection of information instruments are placed into OMB's 
public docket files. The Federal Reserve may not conduct or sponsor, 
and the respondent is not required to respond to, an information 
collection that has been extended, revised, or implemented on or after 
October 1, 1995, unless it displays a currently valid OMB control 
number.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. McLaughlin--Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829)
OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860)
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
1. Report title: Recordkeeping and Disclosure Requirements Associated 
with Securities Transactions Pursuant to Regulation H
    OMB control number: 7100-0196
    Frequency:
    development of policy statement: one-time
    trust company report: quarterly
    transactions recordkeeping: on occasion
    disclosure: on occasion
    Reporters: state member banks and trust companies
    Annual reporting hours: 168,141
    Estimated average hours per response:
    development of policy statement: .50 hours;
    trust company report: .25 hours;
    transactions recordkeeping: .05 hours;
    disclosure: .05 hours
    Number of respondents:
    development of policy statement: 77
    trust company report: 376
    transactions recordkeeping: 1,193
    disclosure: 1,193
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 325). If the records maintained by state member 
banks come into the possession of the Federal Reserve, they are given 
confidential treatment (5 U.S.C. 552(b)(4), (b)(6), and (b)(8)).
    Abstract: State-chartered member banks and trust companies 
effecting securities transactions for customers must establish and 
maintain a system of records, furnish confirmations to customers, and 
establish written policies and procedures relating to securities 
trading. They are required to maintain records for three years 
following the transaction. These requirements are necessary for 
customer protection, to avoid or settle customer disputes, and to 
protect the bank against potential liability arising under the anti-
fraud and insider trading provisions of the Securities Exchange Act of 
1934.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following report:
    2. Report title: Application for Employment with the Board of 
Governors of the Federal Reserve System
    Agency form number: FR 28
    OMB control number: 7100-0181
    Frequency: on occasion
    Reporters: employment applicants
    Annual reporting hours: 8,500 hours
    Estimated average hours per response: 1 hour
    Number of respondents: 8,500
Small businesses are not affected.
    General description of report: This information collection is 
required to obtain a benefit (12 U.S.C. 244 and 248(1)). Individual 
respondent data are regarded as confidential and are given confidential 
treatment under (5 U.S.C. 552(b)(2) and (b)(6)).
    Abstract: The Application collects information to determine the 
qualifications, suitability, and availability of applicants for 
employment with the Board. The Application asks about education, 
training, employment, and other information covering the period since 
the applicant left high school. Due to the nature of the Board's 
business the Board has added a question on whether the applicant owns 
debt (bonds) or equity (stocks) interests in certain financial 
institutions, including banks and primary government securities 
dealers. This is to inform prospective employees that divestiture may 
be required upon employment with the Board. The Board also added a 
question regarding how the applicant learned about the position so that 
the staff can enhance the efficiency of its recruiting efforts.
    Final approval under OMB delegated authority the implementation of 
the following report:
3. Report titles: Annual Salary Survey, ad hoc surveys, and 
Compensation Trend Survey
    Agency form numbers: FR 29a, b, c
    OMB control number: 7100-0291
    Frequency:
    FR 29a - once each year
    FR 29b - on occasion
    FR 29c - once each year
    Reporters: employers who are competitors with the Federal Reserve
    Annual reporting hours:
    FR 29a - 280 hours
    FR 29b - 20 hours
    FR 29c - 1,000 hours
    Estimated average hours per response:
    FR 29a - 8 hours
    FR 29b - 1 hour
    FR 29c - 2 hours
    Number of respondents:
    FR 29a - 35 businesses
    FR 29b - 20 businesses
    FR 29c - 500 businesses
Small businesses are affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 244 and 248(1)) and is given confidential 
treatment (5 U.S.C. 552(b)(4) and (b)(6)).
    Abstract: The surveys collect information on salaries, employee 
compensation policies, and other employee programs from employers that 
are considered competitors for Federal Reserve employees. The data from 
the surveys primarily are used to determine

[[Page 67695]]

the appropriate salary structure and salary adjustments for Federal 
Reserve employees.
    Board of Governors of the Federal Reserve System, December 1, 
1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-32462 Filed 12-7-98; 8:45AM]
Billing Code 6210-01-F