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Can you summarize 12 CFR Part 261?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > RULES REGARDING AVAILABILITY OF INFORMATION
Short Summary
This legal document governs the disclosure, production, or withholding of information by the Board of Governors of the Federal Reserve System. It establishes mechanisms for carrying out the Board’s responsibilities regarding the availability of information to financial institutions and the public. The document defines various terms such as ‘affiliate’, ‘confidential supervisory information’, ’nonpublic information’, ‘records of the Board or Board records’, ‘search’, ‘supervised financial institution’, and ‘working day’. It specifies that confidential supervisory information includes reports of examination, inspection, and visitation; confidential operating and condition reports; supervisory assessments; investigative requests for documents or other information; and supervisory correspondence or other supervisory communications. However, it does not include documents prepared by or for a supervised financial institution for its own business purposes or final orders, amendments, or modifications of final orders that are required to be published or made available to the public. The document also clarifies that records of the Board or Board records do not include personal files or notes of Board members, employees, or contractors, records located at Reserve Banks, or records that belong to or are under the control of another entity or agency. The document applies to supervised financial institutions and provides a definition for this term. It also defines ‘working day’ as any day except Saturday, Sunday, or a legal Federal holiday. No specific penalties are mentioned in this document.
Whom does it apply to?
Board of Governors of the Federal Reserve System, financial institutions, and the public
What does it govern?
Disclosure, production, or withholding of information by the Board of Governors of the Federal Reserve System
What are exemptions?
Documents prepared by or for a supervised financial institution for its own business purposes or final orders, amendments, or modifications of final orders that are required to be published or made available to the public
What are the Penalties?
No specific penalties mentioned
Jurisdiction
U.S. Federal Government