On July 24, 2020, the Federal Reserve Board finalized a rule that, among other things, implements changes to its rules for the disclosure of confidential supervisory information (CSI). According to the Fed, the final rule is generally similar to its proposal from June 2019, with a few changes in response to public comments.

By way of background, the Fed regulations (12 CFR § 261.2) define CSI as (i) information consisting of reports of examination, inspection, and visitation; confidential operating and condition reports; and any information derived from, related to, or contained in such reports; (ii) information gathered by the Fed in the course of any investigations; suspicious activity reports; cease-and-desist orders; civil money penalty enforcement orders; suspension, removal, or prohibition orders; or other orders or actions under applicable banking laws; and (iii) any documents prepared by, on behalf of, or for the use of the Fed, a Federal Reserve Bank, a federal or state financial institution’s supervisory agency, or a bank or bank holding company or other supervised financial institution. CSI does not include final orders, amendments, or modifications of final orders, or other actions or documents that are specifically required to be published or made available to the public pursuant to applicable law, including the record of litigated proceedings and the public section of Community Reinvestment Act examination reports. Continue reading >