[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: 12CFR271.7]

[Page 855-856]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 271--RULES REGARDING AVAILABILITY OF INFORMATION--Table of Contents
 
Sec. 271.7  Exemptions from disclosure.

    (a) Types of records exempt from disclosure. Pursuant to 5 U.S.C. 
552(b), the following records of the Committee 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.
    (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 Committee, Board 
or Federal Reserve Banks; and
    (iv) Records of deliberations of the Committee and of discussions at 
meetings of the Committee or its staff.
    (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).
    (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 Committee 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. Except where disclosure is expressly 
prohibited by statute, regulation, or order, the Committee may authorize 
the release of records that are exempt from mandatory disclosure 
whenever the Committee or designated Committee members determines that 
such disclosure would be in the public interest.
    (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 Committee 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 
Committee, the Board, any Federal Reserve Bank, or any department or 
agency of the United States.

[[Page 856]]

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Bank shall disclose or permit the disclosure of any unpublished 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