[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