The Federal Reserve today finalized changes to its procedures for responding to Freedom of Information Act requests and its treatment of confidential supervisory information. The final rule—which reflects feedback from industry stakeholders including ABA—implements technical, clarifying updates to the Fed’s FOIA procedures and its disclosure of CSI.
Among other things, the final rule adopts a standard used by the OCC that permits supervised financial institutions to disclose CSI with directors, officers and employees, as well as outside legal counsel and auditors under certain circumstances. The Fed also removed an existing requirement for financial institutions to obtain prior Fed approval before disclosing CSI to other service providers such as consultants, contractors and contingent workers. The final rule takes effect 30 days after publication in the Federal Register.