The Federal Reserve Bank of New York has announced the implementation of a new common policy for bank records disclosure by the 12 federal reserve banks. The objective of this policy is to enhance transparency by simplifying and standardizing the process of information requests from the public and news media.
A jointly issued statement reveals that the new policy, known as "The Transparency and Accountability Policy," will come into effect on Jan. 1, 2024.
In a prior joint statement, it was disclosed that the reserve banks first agreed to adopt a common policy in March 2023. The statement highlighted that although each bank maintains its own process for providing information to the public, they saw a need for "further strengthening transparency and accountability" through the implementation of a common policy.
According to the newly adopted policy, it outlines which types of bank records can be requested and which are exempt; it also details the necessary steps for making a request, provides a fee schedule, and explains how to request reconsideration after an initial request is denied.
The policy stipulates that it applies to records created on or after Jan. 1, 2024 unless otherwise exempted. It includes categories of records that banks will provide through the request process such as those related to the bank’s organization like operations descriptions, procedures, substantive rules and policy statements. Additionally, members of the public and media may request records associated with published opinions and orders as well as public portions of applications filed under the Bank Holding Company Act, notices filed under the Change in Bank Control Act and other reports filed in relation with the bank’s supervision of depository institutions.
As per the policy's guidelines, several categories of records are exempt from requests. These exemptions range from records authorized to be kept secret via an executive order or specifically exempted by statute or regulation to records containing financial information obtained from an individual or organization deemed privileged or confidential along with files related to personnel and security procedures.