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Can you summarize 12 CFR Part 219?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > REIMBURSEMENT FOR PROVIDING FINANCIAL RECORDS; RECORDKEEPING REQUIREMENTS FOR CERTAIN FINANCIAL RECORDS (REGULATION S)
Short Summary
This subpart of Regulation S, issued by the Board of Governors of the Federal Reserve System, governs the reimbursement for providing financial records and the recordkeeping requirements for certain financial records. It applies to customers and financial institutions. A customer is defined as any person or authorized representative who uses any service of a financial institution or for whom a financial institution acts or has acted as a fiduciary. However, corporations or partnerships comprised of more than five persons are not considered customers. A financial institution refers to various types of institutions located in any state or territory of the United States, the District of Columbia, Puerto Rico, Guam, American Samoa, or the Virgin Islands. A financial record is defined as any record held by a financial institution pertaining to a customer’s relationship with the financial institution. The regulation requires government authorities to reimburse financial institutions for the costs directly incurred in assembling or providing customer financial records. The reimbursement schedule and rates for search and processing, reproduction costs, and transportation or delivery costs are provided in appendix A to this section. The regulation also outlines the recalculation process for search and processing rates every three years. Exemptions to reimbursement are provided for various circumstances, including security interests, bankruptcy claims, debt collection, government loan programs, nonidentifiable information, financial supervisory agencies, internal revenue summons, federally required reports, government civil or criminal litigation, administrative agency subpoenas, investigation of financial institution or its noncustomer, General Accounting Office requests, Federal Housing Finance Board requests, and Department of Veterans Affairs. The document does not mention any specific penalties for non-compliance or violation.
Whom does it apply to?
Customers and financial institutions
What does it govern?
Reimbursement for providing financial records; recordkeeping requirements for certain financial records
What are exemptions?
Security interests, bankruptcy claims, debt collection, government loan programs, nonidentifiable information, financial supervisory agencies, internal revenue summons, federally required reports, government civil or criminal litigation, administrative agency subpoenas, investigation of financial institution or its noncustomer, General Accounting Office requests, Federal Housing Finance Board requests, and Department of Veterans Affairs
What are the Penalties?
No specific penalties mentioned
Jurisdiction
U.S. Federal Government