Federal Reserve Board requests public comment on technical updates to its Freedom

The Federal Reserve Board on Friday requested public comment on technical, clarifying updates regarding its Freedom of Information Act (FOIA) procedures and changes to improve the efficiency of its rules governing the disclosure of confidential supervisory information (CSI).

The proposal would update the Board’s FOIA regulation to be consistent with the Board’s current practices and to incorporate recent changes in law and guidance. Some of these changes include updating definitions for expedited processing and the different categories of requesters. The revisions would also clarify terms and help users more easily navigate the process of filing a FOIA request.

The proposed changes to the CSI rules would ease certain outdated and inefficient restrictions. The proposal would, among other things, expand the ability of a supervised financial institution to share CSI with its affiliates, auditors, and outside legal counsel as well as other federal and state banking agencies. The revision to the definition of CSI is for clarification purposes and would not expand or reduce the information that falls within the definition.

Comments are due within 60 days of publication in the Federal Register.

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