[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR261.1]

[Page 697-698]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261--RULES REGARDING AVAILABILITY OF INFORMATION--Table of Contents
 
                      Subpart A--General Provisions
 
Sec. 261.1  Authority, purpose, and scope.

    Source: 62 FR 54359, Oct. 20, 1997, unless otherwise noted.


    (a) Authority. (1) This part is issued by the Board of Governors of 
the Federal Reserve System (the Board) pursuant to the Freedom of 
Information Act, 5 U.S.C. 552; Sections 9, 11, and 25A of the Federal 
Reserve Act, 12 U.S.C. 248(i) and (k), 321 et seq., (including 326), 611 
et seq.; Section 22 of the Federal Home Loan Bank Act, 12 U.S.C 1442; 
the Federal Deposit Insurance Act, 12 U.S.C. 1817(a)(2)(A), 1817(a)(8), 
1818(u) and (v), 1821(o); section 5 of the Bank Holding Company Act, 12 
U.S.C. 1844; the Bank Secrecy Act, 12 U.S.C. 1951 et seq., and Chapter 
53 of Title 31; the Home Mortgage Disclosure Act, 12 U.S.C. 2801 et 
seq.; the Community Reinvestment Act, 12 U.S.C. 2901 et seq.; the 
International Banking Act, 12 U.S.C. 3101 et seq.; the Right to 
Financial Privacy Act, 12 U.S.C. 3401 et seq.; the Securities and 
Exchange Commission Authorization Act, 15 U.S.C. 77uuu(b), 78q(c)(3); 
the Employee Retirement Income Security Act, 29 U.S.C. 1204; the Money 
Laundering Suppression Act, 31 U.S.C. 5301, the Fair Housing Act, 42 
U.S.C. 3601; the Paperwork Reduction Act, 44 U.S.C. 3510; and any other 
applicable law that establishes a basis for the exercise of governmental 
authority by the Board.
    (2) This part establishes mechanisms for carrying out the Board's 
statutory responsibilities under statutes in paragraph (a)(1) of this 
section to the extent those responsibilities require the disclosure, 
production, or withholding of information. In this regard, the Board has 
determined that the Board, or its delegees, may disclose exempt 
information of the Board, in accordance with the procedures set forth in 
this part, whenever it is necessary or appropriate to do so in the 
exercise of any of the Board's supervisory or regulatory authorities, 
including but not limited to, authority granted to the Board in the 
Federal Reserve Act, 12 U.S.C. 221 et seq., the Bank Holding Company 
Act, 12 U.S.C. 1841 et seq., and the International Banking Act, 12 
U.S.C. 3101 et seq. The Board has determined that all such disclosures, 
made in accordance with the rules and procedures specified in this part, 
are authorized by law.
    (3) The Board has also determined that it is authorized by law to 
disclose

[[Page 698]]

information to a law enforcement or other federal or state government 
agency that has the authority to request and receive such information in 
carrying out its own statutory responsibilities, or in response to a 
valid order of a court of competent jurisdiction or of a duly 
constituted administrative tribunal.
    (b) Purpose. This part sets forth the categories of information made 
available to the public, the procedures for obtaining documents and 
records, the procedures for limited release of exempt and confidential 
supervisory information, and the procedures for protecting confidential 
business information.
    (c) Scope. (1) This subpart A contains general provisions and 
definitions of terms used in this part.
    (2) Subpart B of this part implements the Freedom of Information Act 
(FOIA) (5 U.S.C. 552).
    (3) Subpart C of this part sets forth:
    (i) The kinds of exempt information made available to supervised 
institutions, supervisory agencies, law enforcement agencies, and others 
in certain circumstances;
    (ii) The procedures for disclosure; and
    (iii) The procedures with respect to subpoenas, orders compelling 
production, and other process.

[62 FR 54359, Oct. 20, 1997; 62 FR 62508, Nov. 24, 1997]