[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]
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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
