OCC Proposes Sweeping Overhaul Of Public Access To Bank Supervisory Information
By CU Today Staff —
WASHINGTON—The Office of the Comptroller of the Currency is proposing a broad overhaul of its rules governing the release of agency information, including changes designed to make it easier for banks to share certain confidential supervisory information while speeding public access to records through the Freedom of Information Act.
The proposal, announced by the OCC, is intended to better balance the need to protect sensitive supervisory information with greater transparency and operational flexibility for supervised institutions.
Among the key changes, the OCC would formally define "confidential supervisory information" as a subset of its non-public information and permit banks to disclose that information without prior OCC approval in several specified circumstances, including certain business transactions, due diligence efforts, and limited information-sharing arrangements. The proposal would also establish clearer procedures for disclosures to other federal agencies, remove references to criminal penalties from the existing rule, and create expedited processing procedures for Freedom of Information Act requests.
The proposal would also establish a 25-year limit after which certain information would no longer receive heightened confidentiality protections, a move the OCC said is intended to improve public access while preserving safeguards for information that could harm banks or the supervisory process if disclosed prematurely. Comments on the proposal will be accepted for 60 days following publication in the Federal Register.
"The public's understanding of, and confidence in, our supervision and banks are essential to the proper functioning of our financial system and good government," Comptroller Jonathan Gould said in announcing the proposal. "I look forward to commenters' views on how today's proposal would seek to effect these goals while still protecting against disclosures that could harm banks or the supervisory process."
Originally reported by CU Today.