[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: 12CFR261.14]

[Page 704-706]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261--RULES REGARDING AVAILABILITY OF INFORMATION--Table of Contents
 
   Subpart B--Published Information and Records Available to Public; 
                         Procedures for Requests
 
Sec. 261.14  Exemptions from disclosure.

    (a) Types of records exempt from disclosure. Pursuant to 5 U.S.C. 
552(b), the following records of the Board are exempt from disclosure 
under this part:
    (1) National defense. Any information that is specifically 
authorized under criteria established by an Executive Order to be kept 
secret in the interest of national defense or foreign policy and is in 
fact properly classified pursuant to the Executive Order.
    (2) Internal personnel rules and practices. Any information related 
solely to the internal personnel rules and practices of the Board.

[[Page 705]]

    (3) Statutory exemption. Any information specifically exempted from 
disclosure by statute (other than 5 U.S.C. 552b), if the statute:
    (i) Requires that the matters be withheld from the public in such a 
manner as to leave no discretion on the issue; or
    (ii) Establishes particular criteria for withholding or refers to 
particular types of matters to be withheld.
    (4) Trade secrets; commercial or financial information. Any matter 
that is a trade secret or that constitutes commercial or financial 
information obtained from a person and that is privileged or 
confidential.
    (5) Inter- or intra-agency memorandums. Information contained in 
inter- or intra-agency memorandums or letters that would not be 
available by law to a party (other than an agency) in litigation with an 
agency, including, but not limited to:
    (i) Memorandums;
    (ii) Reports;
    (iii) Other documents prepared by the staffs of the Board or Federal 
Reserve Banks; and
    (iv) Records of deliberations of the Board and of discussions at 
meetings of the Board, any Board committee, or Board staff, that are not 
subject to 5 U.S.C. 552b (the Government in the Sunshine Act).
    (6) Personnel and medical files. Any information contained in 
personnel and medical files and similar files the disclosure of which 
would constitute a clearly unwarranted invasion of personal privacy.
    (7) Information compiled for law enforcement purposes. Any records 
or information compiled for law enforcement purposes, to the extent 
permitted under 5 U.S.C. 552(b)(7); including information relating to 
administrative enforcement proceedings of the Board.
    (8) Examination, inspection, operating, or condition reports, and 
confidential supervisory information. Any matter that is contained in or 
related to examination, operating, or condition reports prepared by, on 
behalf of, or for the use of an agency responsible for the regulation or 
supervision of financial institutions, including a state financial 
institution supervisory agency.
    (b) Segregation of nonexempt information. The Board shall provide 
any reasonably segregable portion of a record that is requested after 
deleting those portions that are exempt under this section.
    (c) Discretionary release. (1) Except where disclosure is expressly 
prohibited by statute, regulation, or order, the Board may release 
records that are exempt from mandatory disclosure whenever the Board or 
designated Board members, the Secretary of the Board, the General 
Counsel of the Board, the Director of the Division of Banking 
Supervision and Regulation, or the appropriate Federal Reserve Bank, 
acting pursuant to this part or 12 CFR part 265, determines that such 
disclosure would be in the public interest.
    (2) The Board may make any exempt information furnished in 
connection with an application for Board approval of a transaction 
available to the public in accordance with Sec. 261.12, and without 
prior notice and to the extent it deems necessary, may comment on such 
information in any opinion or statement issued to the public in 
connection with a Board action to which such information pertains.
    (d) Delayed release. Publication in the Federal Register or 
availability to the public of certain information may be delayed if 
immediate disclosure would likely:
    (1) Interfere with accomplishing the objectives of the Board in the 
discharge of its statutory functions;
    (2) Interfere with the orderly conduct of the foreign affairs of the 
United States;
    (3) Permit speculators or others to gain unfair profits or other 
unfair advantages by speculative trading in securities or otherwise;
    (4) Result in unnecessary or unwarranted disturbances in the 
securities markets;
    (5) Interfere with the orderly execution of the objectives or 
policies of other government agencies; or
    (6) Impair the ability to negotiate any contract or otherwise harm 
the commercial or financial interest of the United States, the Board, 
any Federal Reserve Bank, or any department or agency of the United 
States.

[[Page 706]]

    (e) Prohibition against disclosure. Except as provided in this part, 
no officer, employee, or agent of the Board or any Federal Reserve Bank 
shall disclose or permit the disclosure of any unpublished information 
of the Board to any person (other than Board or Reserve Bank officers, 
employees, or agents properly entitled to such information for the 
performance of official duties).