[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: 12CFR261.22]

[Page 712-713]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261--RULES REGARDING AVAILABILITY OF INFORMATION--Table of Contents
 
    Subpart C--Confidential Information Made Available to Supervised 
     Institutions, Financial Institution Supervisory Agencies, Law 
        Enforcement Agencies, and Others in Certain Circumstances
 
Sec. 261.22  Other disclosure of confidential supervisory information.

    (a) Board policy. It is the Board's policy regarding confidential 
supervisory information that such information is confidential and 
privileged. Accordingly, the Board will not normally disclose this 
information to the public. The Board, when considering a request for 
disclosure of confidential supervisory information under this section, 
will not authorize disclosure unless the person requesting disclosure is 
able to show a substantial need for such information that outweighs the 
need to maintain confidentiality.
    (b) Requests for disclosure--(1) Requests from litigants for 
information or testimony. Any person (except agencies identified in 
Secs. 261.20 and 261.21 of this regulation) seeking access to 
confidential supervisory information or seeking to obtain the testimony 
of present or former Board or Reserve Bank employees on matters 
involving confidential supervisory information of the Board, whether by 
deposition or otherwise, for use in litigation before a court, board, 
commission, or agency, shall file a written request with the General 
Counsel of the Board. The request shall describe:
    (i) The particular information, kinds of information, and where 
possible, the particular documents to which access is sought;
    (ii) The judicial or administrative action for which the 
confidential supervisory information is sought;
    (iii) The relationship of the confidential supervisory information 
to the issues or matters raised by the judicial or administrative 
action;
    (iv) The requesting person's need for the information;

[[Page 713]]

    (v) The reason why the requesting person cannot obtain the 
information sought from any other source; and
    (vi) A commitment to obtain a protective order acceptable to the 
Board from the judicial or administrative tribunal hearing the action 
preserving the confidentiality of any information that is provided.
    (2) All other requests. Any other person (except agencies identified 
in Secs. 261.20 and 261.21 of this regulation) seeking access to 
confidential supervisory information for any other purpose shall file a 
written request with the General Counsel of the Board. A request under 
this paragraph (b)(2) shall describe the purpose for which such 
disclosure is sought.
    (c) Action on request--(1) Determination of approval. The General 
Counsel of the Board may approve a request made under this section 
provided that he or she determines that:
    (i) The person making the request has shown a substantial need for 
confidential supervisory information that outweighs the need to maintain 
confidentiality; and
    (ii) Disclosure is consistent with the supervisory and regulatory 
responsibilities and policies of the Board.
    (2) Conditions or limitations. The General Counsel of the Board may, 
in approving a request, impose such conditions or limitations on use of 
any information disclosed as is deemed necessary to protect the 
confidentiality of the Board's information.
    (d) Exhaustion of administrative remedies for discovery purposes in 
civil, criminal, or administrative action. Action on a request under 
this section by the General Counsel of the Board shall exhaust 
administrative remedies for discovery purposes in any civil, criminal, 
or administrative proceeding. A request made pursuant to Sec. 261.12 of 
this regulation does not exhaust administrative remedies for discovery 
purposes. Therefore, it is not necessary to file a request pursuant to 
Sec. 261.12 to exhaust administrative remedies under this section.
    (e) Other disclosure prohibited. All confidential supervisory 
information made available under this section shall remain the property 
of the Board. Any person in possession of such information shall not use 
or disclose such information for any purpose other than that authorized 
by the General Counsel of the Board without his or her prior written 
approval.

[53 FR 20815, June 7, 1988. Redesignated at 62 FR 54359, Oct. 20, 1997; 
corrected at 62 FR 62508, Nov. 24, 1997]