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Federal R
eserve
Bank
DALLAS, TEXAS
o f
Dallas
75222
Circular No. 67-155
August 4, 1967
RU LES REGARDING AVAILABILITY O F INFORM ATIO N
T o All M em ber B anks a n d O th ers C oncerned
in th e E leventh F e d e ra l R eserve D istrict:
Effective July 4, 1967, the Board of Governors of the Federal
Reserve System adopted revisions of its Rules relating to the avail
ability of information to the public. The revised Rules are designed
to carry out the purposes of the Public Information section of the
former Administrative Procedure Act, as revised last year and now
codified in section 552 of Title 5 of the United States Code.
Attached is a copy of the revised Rules Regarding Availability
of Information for insertion in the ring binder containing the Regu
lations of the Board of Governors and the Bulletins of this Bank.
Yours very truly,
W atrous H. Irons
President
Enclosure (1)
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
BOARD O F GOV ERN ORS
OF THE
FED ER A L R E SE R V E SYSTEM
RULES REGARDING
AVAILABILITY OF INFORMATION
( 1 2 C FR 2 6 1 )
As r ev ised e ffe c tiv e J u ly 4 , 1 9 6 7
INQUIRIES W ITH RESPECT TO THESE RULES
Any inquiry relating to these rules should he addressed to the
Federal Reserve Bank o f the district in which the inquiry arises.
STATU TO RY AU TH O RITY
These rules are issued pursuant to the provisions o f section
552, Title 5, United States Code, which is published in the
Appendix hereto.
CONTENTS
P age
S e c . 2 6 1 .1 - B a s is
an d
S
cope
1
..............................................
S e c . 2 6 1 . 2 - D e f i n i t i o n s ..................................................
( а ) “Inform ation o f the B oard”
( б ) “ Records o f the B oard” . . .
S e c . 2 6 1 .3 - P u b l is h e d I n f o r m a t io n
( а ) F ederal R egister
upon
R eq u est
( a ) General rule ...........................................................................
( b ) Opinions, orders, statem en ts o f policy, in terp reta
( a)
(b)
of
A v a il a b il it y
of
C e r t a i n I n f o r m a t i o n ------
D eferm en t o f a v ailab ility ................................................
R easons fo r deferm ent o f a v a ila b ilit y .........................
Inform ation available to supervised in stitu tion s and
other Government a g e n c ie s ...........................................
( c ) P rohibition a g a in st d is c lo s u r e .........................................
( d ) A ppeal from denial o f access to in fo r m a tio n ............
lO la
S e c . 2 6 1 . 6 - E x e m p t i o n s fr o m D i s c l o s u r e ...............................................................
( a ) General rule
....................................................................
LT5 lO U3
S e c . 2 6 1 .5 - D e f e r m e n t
Tf T#
tions, and staff m anuals and in s tr u c tio n s ..............
(c) Other records .........................................................................
( d ) O btaining access to record s................................................
COCO
S e c . 2 6 1 .4 -R e c o r d s A v a i l a b l e t o t h e P u b lic
<M<NCOCO
( б)
(c)
( d)
(e )
.....................
............................
A nnual R e p o r t ................................
F ederal R eserve B u l l e t i n ............
O ther published inform ation . . .
O btaining published inform ation
(b)
A
pp e n d ix
oooooo
(a ) A dvice by person served . . . .
( b ) A ppearance by person served
t-t-00
S e c . 2 6 1 . 7 - S u b p o e n a s .........................................................
9
RULES REGARDING
AVAILABILITY OF INFORMATION *
(12 C FR 261)
A s revised effective J u ly 4 ,1 9 6 7
SE C T IO N 261.1— B A S IS A N D SCO PE
This Part is issued by the Board o f Governors o f the Federal
Reserve System (the “ Board” ) pursuant to the requirement o f
section 552 o f Title 5 o f the United States Code that every Federal
agency shall publish in the Federal Register, for the guidance o f
the public, descriptions o f the established places at which, the
officers from whom, and the methods whereby, the public may
obtain information, make submittals or requests, or obtain de
cisions.
SE C T IO N 261.2— D E F IN IT IO N S
{ a) “ Inform ation o f the B oard” .— For purposes o f this Part,
the term “ information o f the Board” means all information
coming into the possession o f the Board or o f any member
thereof, or of any Federal Reserve Bank, or o f any officer, em
ployee, or agent o f the Board or of any Federal Reserve Bank,
in the performance o f functions fo r or on behalf o f the Board,
including functions delegated by the Board pursuant to Part 265
o f this Chapter.
(b)
“ Records o f the B oard” .— For purposes o f this Part, the
term “ records o f the Board” means rules, statements, opinions,
orders, memoranda, letters, reports, accounts, and other papers
containing information o f the Board that constitute part o f the
Board’s official files.
SE C T IO N 261.3— P U B L IS H E D IN F O R M A T IO N
(a )
Federal Register.— To the extent required by sections 552
and 553 o f Title 5 o f the United States Code, and subject to the
provisions o f §§ 261.5 and 261.6, the Board publishes in the
Federal Register fo r the guidance o f the public, in addition to
this Part,
(1) descriptions o f its central and field organization;
(2) statements o f the general course and method by
which its functions are channeled and determined, including
the nature and requirements o f all formal and informal
procedures available;
* T he te x t corresponds to the Code o f Federal Regulations, T itle 12, Chapter II, P art 261;
cited as 12 CFR 261. The words “this P a rt”, as used herein, m ean th ese rules.
1
2
RULES REGARDING INFORMATION
(3) rules o f procedure, descriptions of form s available
or the places at which forms may be obtained, and instruc
tions as to the scope and contents of all papers, reports, or
examinations;
(4) substantive rules of general applicability adopted as
authorized by law, and statements o f general policy or inter
pretations o f general applicability formulated and adopted
by the Board;
(5) every amendment, revision, or repeal of the fore
going; and
(6) general notices of proposed rule making.
The Board also publishes in the Federal Register notice of re
ceipt o f applications pursuant to the Bank Holding Company Act
o f 1956 (12 U.S.C. 1842), orders and supporting statements
issued by the Board with respect to such applications and applica
tions under the Bank Merger A ct (12 U.S.C. 1 8 2 8 (c )), and
notices o f formal hearings ordered by the Board.
(6 )
Annual Report.— The Board’s Annual Report to Congress
pursuant to section 10 o f the Federal Reserve Act (12 U.S.C.
247), which is made public immediately after its submission to
Congress, contains a full account o f the Board’s operations dur
ing the year, an economic review o f the year, and legislative
recommendations to Congress. As required by law, the Annual
Report includes (1) a complete record o f the policy actions taken
by the Board and the Federal Open Market Committee, showing
the votes taken thereon and the reasons underlying such actions
(12 U.S.C. 247a) ; (2) material pertaining to the administration
o f the Board’s functions under the Bank Holding Company Act
o f 1956 (12 U.S.C. 1844) ; and (3 ) material pertaining to bank
mergers approved by the Board under section 1 8 (c) o f the Fed
eral Deposit Insurance Act (12 U.S.C. 1 8 2 8 (c )).
(c ) Federal Reserve B ulletin.— In the Federal Reserve Bul
letin, which is issued monthly, the Board publishes economic and
statistical information; special articles on subjects o f economic
interest; regulations, statements of general policy, and inter
pretations o f laws and regulations o f general interest to the
public; notices o f actions by the Board on certain types o f applica
tions, such as applications fo r membership in the Federal Reserve
System; and orders and accompanying statements o f the Board
with respect to certain types o f adjudications. Some material that
is published in the Bulletin is released in advance of such publica
tion, examples being certain regulations, interpretations, orders
RULES REGARDING INFORMATION
3
and opinions, a monthly summary o f business conditions, the
Board’s index o f industrial production, and certain other statisti
cal series.
( d ) O ther published inform ation .— As required by section
1 1(a) o f the Federal Reserve A ct (12 U.S.C. 2 4 8 (a )), the Board
issues weekly (1) a statement of the condition o f the Federal
Reserve Banks; (2) a statement listing certain applications re
ceived by or on behalf of the Board and actions on such applica
tions by the Board, or on behalf o f the Board pursuant to author
ity delegated under Part 265 o f this Chapter; and (3) a statement
showing changes in the banking structure resulting from mergers
and the establishment o f branches. From time to time, the Board
issues statements to the press regarding particular monetary and
credit actions, regulatory actions, actions with respect to certain
types o f applications, and other matters. In addition, it issues
various publications, the more important o f which are listed in
the monthly Federal Reserve Bulletin. Am ong such publications
is a loose-leaf compilation o f Interpretations of the Board of
Governors of the Federal Reserve System.
(e) O btaining published inform ation.— Anyone may subscribe
to the Federal Reserve Bulletin at the rate therein indicated. A
copy o f each issue o f the Bulletin is sent without charge to each
member bank. Current or back issues o f the Bulletin, Annual
Reports, rules, regulations, and certain other published informa
tion may be examined at the offices o f the Board or any Federal
Reserve Bank, and copies, if in stock, are supplied by the Board
at prescribed charges or at no cost.
SE C T IO N 261.4— R EC O R DS A V A IL A B L E TO T H E P U B L IC
U PO N REQ UEST
(a )
General rule.— All records of the Board, whether or not
published under § 261.3, are made available to any person, upon
request, for inspection and copying in accordance with the pro
visions o f this section and subject to the limitations stated in
§§ 261.5 and 261.6. Records falling within the exemptions from
disclosure set forth in section 552(b) of Title 5 o f the United
States Code and in § 261.6 may nevertheless be made available in
accordance with this section to the fullest extent consistent, in
the Board’s judgment, with the effective performance o f the
Board’s statutory responsibilities and with the avoidance o f in
ju ry to a public or private interest intended to be protected by
such exemptions.
4
RULES REGARDING INFORMATION
( b ) O pinions, orders, statem ents o f policy, interpretations,
and staff m anuals and instructions.— Subject to the provisions
o f §§ 261.5 and 261.6, the Board makes available fo r inspection
and copying (1) all final opinions (including concurring and dis
senting opinions) and orders made in the adjudication o f cases,
including such opinions and orders made pursuant to authority
delegated by the Board under Part 265 o f this Chapter; (2)
statements o f policy and interpretations adopted by the Board
that are not published in the Federal Register; and (3) adminis
trative staff manuals and instructions to staff that affect any
member o f the public. However, to the extent required to prevent
a clearly unwarranted invasion o f personal privacy, the Board
deletes identifying details in any material o f the kinds above
described; and in each such case the justification fo r such deletion
is explained in writing. The Board maintains and makes available
fo r public inspection and copying a current index providing
identifying information for the public as to any material de
scribed in this paragraph which is issued, adopted, or promul
gated after July 4,1967.
(c ) O ther records.— Subject to the provisions o f §§ 261.5 and
261.6, records o f the Board not covered by paragraph ( b ) o f this
section, including a record of the final votes o f members o f the
Board in any Board proceeding, are made available fo r inspection
and copying to any person upon request.
( d ) O btaining access to records.— Records o f the Board sub
ject to this section are available for inspection and copying dur
ing regular business hours at the offices o f the Board o f Governors
o f the Federal Reserve System, Federal Reserve Building, 20th
and Constitution Avenue, Washington, D. C., 20551, or, in the
case o f records containing information required to be disclosed
under section 12 o f the Securities Exchange A ct o f 1934, as
amended (15 U.S.C. 7 8), at the offices o f the Federal Deposit
Insurance Corporation or at any Federal Reserve Bank. Every
request fo r access to records o f the Board, other than those con
taining information required under section 12 o f the Securities
Exchange Act, shall be submitted in writing to the Secretary of
the Board, shall state the name and address o f the person request
ing access to such records, and shall describe such records in a
manner reasonably sufficient to permit their identification with
out undue difficulty; and such person shall pay a fee in an amount
based upon $5 per hour for the time required to locate such rec
ords and prepare them fo r inspection, plus 10 cents per standard
page fo r any copying thereof.
RULES REGARDING INFORMATION
5
SE C T IO N 261.5— D E F E R M E N T OF A V A IL A B IL IT Y OF
C E R T A IN IN F O R M A T IO N
(a)
D eferm ent o f availability.— In some instances, certain
types o f information of the Board are not published in the Fed
eral Register or made available fo r inspection and copying until
after such period o f time as the Board may determine to be
reasonably necessary to avoid the effects described in paragraph
(b) of this section. For example, such deferment o f publication
or availability o f information to the public may occasionally be
necessary with respect to information relating to the determina
tion o f monetary or credit policies, including but not limited to
discount rates, reserve requirements o f member banks, maximum
interest rates payable by member banks on deposits, and margin
requirements.
(b)
Reasons fo r deferm ent o f availability.— Publication of, or
public access to, certain information o f the Board may be de
ferred because earlier disclosure o f such information would
(1) interfere with the accomplishment o f the objectives
o f the Board’s actions in the discharge o f its statutory func
tions;
(2) permit speculators and others to gain unfair profits
or other unfair advantages by speculative trading in secur
ities or otherwise;
(3) interfere with the orderly execution of the objectives
or policies of other Government agencies;
(4) result in unnecessary or unwarranted disturbances
in the securities markets; or
(5) interfere with the orderly conduct o f the foreign
affairs o f the United States.
SE C T IO N 261.6— E X E M P T IO N S FROM D ISC L O SU R E
(a.) General rule.— Except as otherwise provided in this Part
or as may be specifically authorized by the Board, information in
the records o f the Board that is not available to the public
through other sources will not be published in the Federal Reg
ister or made available fo r inspection and copying if such infor
mation
(1 ) is exempted from disclosure by statute or executive
order;
(2) is contained in or related to examination, operating,
or condition reports prepared by, on behalf of, or fo r the use
RULES REGARDING INFORMATION
of, the Board or a Federal Reserve Bank, relating to the a f
fairs o f any bank or affiliate thereof, bank holding company
or subsidiary thereof, broker, finance company, or any other
person engaged, or proposing to engage, in the business of
banking, extending credit, or managing or controlling
banks;
(3) is privileged or relates to the business, personal, or
financial affairs of any person and is furnished in confidence;
Provided, however, That, following notice to the person fu r
nishing such information, the Board may make any informa
tion furnished in confidence in connection with an applica
tion fo r Board approval of any transaction available to the
public in accordance with § 261 .4(c), and, to the extent it
deems necessary and without prior notice to such person, the
Board may comment on such information in any opinion or
statement issued to the public in connection with a decision
o f the Board with respect to which such information is
relevant;
(4) is contained in investigatory files compiled fo r law
enforcement purposes (except to the extent available by law
to a private party), including information relating to pro
ceedings fo r (i) the issuance o f a cease-and-desist order, or
order o f suspension or removal, under the Financial Institu
tions Supervisory Act o f 1966; (ii) the termination of mem
bership o f a State bank in the Federal Reserve System
pursuant to section 9 of the Federal Reserve A ct (12 U.S.C.
327); (iii) the suspension o f a bank from use of the credit
facilities o f the Federal Reserve System pursuant to section
4 o f the Federal Reserve Act (12 U.S.C. 301); and (iv) the
granting or revocation o f any approval, permission, or
authority, except to the extent provided in this Part and
except as provided in Part 262 o f this Chapter concerning
bank holding company and bank merger applications.
(5) relates solely to the internal personnel rules and
practices or other internal practices of the Board;
(6) is contained in personnel, medical, and similar files,
the disclosure o f which would constitute a clearly unwar
ranted invasion o f personal privacy; or
(7) is contained in inter-agency or intra-agency memo
randa or letters that would not be routinely available by law
to a private party in litigation with the Board, including but
not limited to memoranda, reports, and other documents pre-
RULES REGARDING INFORMATION
7
pared by the staffs o f the Board or o f the Federal Reserve
Banks, and records o f deliberations and discussions at meet
ings o f the Board or o f any committee o f the Board or o f the
Board’s staff.
( b ) Inform ation available to supervised institutions and other
G overnm ent agencies.— A copy o f each report o f examination of
each State member bank and o f each bank holding company is
made available by the appropriate Federal Reserve Bank to the
bank or company examined. Such reports and other appropriate
information relating to such a bank or company are made avail
able, upon request, by the Director of the Board’s Division o f
Examinations to the Comptroller o f the Currency and the Fed
eral Deposit Insurance Corporation, and by the appropriate
Federal Reserve Bank to the Regional Comptroller o f the
Currency, the regional representative o f the Federal Deposit
Insurance Corporation, and the State governmental authority
having general supervision o f such bank or company. Such re
ports and other information may be made available by the Board
to other agencies o f the United States fo r use where necessary in
the performance o f their official duties. All reports or other in
formation made available pursuant to this paragraph shall re
main the property o f the Board and, except as otherwise provided
in this Part, no person, agency, or authority to whom the infor
mation is made available, or any officer, director, or employee
thereof, shall disclose any such information except in published
statistical material that does not disclose the affairs o f any in
dividual or corporation.
(c) P roh ib ition against disclosure.— Except as provided in this
Part, no officer, employee, or agent o f the Board or o f any Federal
Reserve Bank shall disclose or permit the disclosure o f any un
published information o f the Board to anyone (other than an
officer, employee, or agent o f the Board or o f a Federal Reserve
Bank properly entitled to such information for the performance
o f his official duties), whether by giving out or furnishing such
information or a copy thereof or by allowing any person to in
spect or copy such information or copy thereof, or otherwise.
Notwithstanding the foregoing, unpublished economic, statistical,
or similar information or unpublished information regarding in
terpretations by the Board o f statutory or regulatory provisions
may be disclosed, orally or in writing, by any officer, employee,
or agent o f the Board or o f any Federal Reserve Bank who has
knowledge o f the subject matter to any person who, in the judg
ment o f such officer, employee, or agent, has a proper interest
8
RULES REGARDING INFORMATION
therein, subject, however, to the restrictions stated in § 261.5
and this § 261.6.
(d)
Appeal from denial of access to inform ation.— Any per
son who is denied access to records o f the Board may, within 5
days thereafter, file with the Board a written request fo r review
o f such action; and such review shall not be subject to the proce
dure prescribed in § 265.3 of this Chapter with respect to review
o f actions taken pursuant to authority delegated by the Board.
SE C T IO N 261.7— S U B P O E N A S
(а ) Advice by person served.— If any person, whether or not
an officer, employee, or agent o f the Board or o f a Federal Re
serve Bank, has information o f the Board that may not be dis
closed under this Part and in connection therewith is served
with a subpoena, order, or other process requiring his personal
attendance as a witness or the production o f documents or in
formation in any proceeding, he should promptly inform the
Secretary o f the Board o f such service and of all relevant facts,
including the documents and information requested and any facts
which may be o f assistance to the Board in determining whether
such documents or information should be made available; and
he should take action at the appropriate time to inform the court
or tribunal that issued the process and the attorney fo r the party
at whose instance the process was issued, if known, of the sub
stance o f these rules.
(б ) Appearance by person served.— Unless the Board has
authorized disclosure o f the relevant information, or except as
provided in 18 U.S.C. 1906, any person having information of
the Board that may not be disclosed under this Part who is re
quired to respond to a subpoena or other legal process shall at
tend at the time and place therein mentioned and decline to dis
close such information or give any testimony with respect thereto,
basing his refusal upon this Part. I f the court or other body
orders the disclosure of such information or the giving of such
testimony, the person having such information o f the Board shall
continue to decline to disclose such information and shall
promptly report the facts to the Board fo r such action as the
Board may deem appropriate.
APPENDIX
9
Section 552, Title 5, United States Code, provides as follow s:
§ 55 2. P ublic inform ation; agency rules, opinions, orders, rec
ords, and proceedings
(a)
Each agency shall make available to the public informa
tion as follow s:
(1 ) Each agency shall separately state and currently pub
lish in the Federal Register for the guidance o f the public—
(A ) descriptions o f its central and field organization
and the established places at which, the employees (and
in the case o f a uniformed service, the members) from
whom, and the methods whereby, the public may obtain
information, make submittals or requests, or obtain de
cisions;
(B ) statements o f the general course and method by
which its functions are channeled and determined, includ
ing the nature and requirements o f all form al and infor
mal procedures available;
(C ) rules o f procedure, descriptions o f form s available
or the places at which form s may be obtained, and instruc
tions as to the scope and contents o f all papers, reports, or
examinations;
(D ) substantive rules o f general applicability adopted
as authorized by law, and statements of general policy or
interpretations of general applicability formulated and
adopted by the agency; and
(E ) each amendment, revision, or repeal o f the fore
going.
Except to the extent that a person has actual and timely notice
o f the terms thereof, a person may not in any manner be required
to resort to, or be adversely affected by, a matter required to be
published in the Federal Register and not so published. For the
purpose o f this paragraph, matter reasonably available to the
class o f persons affected thereby is deemed published in the Fed
eral Register when incorporated by reference therein with the
approval o f the Director of the Federal Register.
(2) Each agency, in accordance with published rules, shall
make available fo r public inspection and copying—
10
RULES REGARDING INFORMATION
(A ) final opinions, including concurring and dissenting
opinions, as well as orders, made in the adjudication of
cases;
(B ) those statements o f policy and interpretations
which have been adopted by the agency and are not pub
lished in the Federal Register; and
(C ) administrative staff manuals and instructions to
staff that affect a member of the public;
unless the materials are promptly published and copies offered
fo r sale. To the extent required to prevent a clearly unwarranted
invasion o f personal privacy, an agency may delete identifying
details when it makes available or publishes an opinion, state
ment o f policy, interpretation, or staff manual or instruction.
However, in each case the justification fo r the deletion shall be
explained fully in writing. Each agency also shall maintain and
make available for public inspection and copying a current index
providing identifying information fo r the public as to any matter
issued, adopted, or promulgated after July 4, 1967, and required
by this paragraph to be made available or published. A final
order, opinion, statement o f policy, interpretation, or staff man
ual or instruction that affects a member o f the public may be
relied on, used, or cited as precedent by an agency against a party
other than an agency only if—
(i) it has been indexed and either made available or
published as provided by this paragraph; or
(ii) the party has actual and timely notice o f the terms
thereof.
(3)
Except with respect to the records made available under
paragraphs (1 ) and (2) of this subsection, each agency, on re
quest fo r identifiable records made in accordance with published
rules stating the time, place, fees to the extent authorized by
statute, and procedure to be followed, shall make the records
promptly available to any person. On complaint, the district court
o f the United States in the district in which the complainant
resides, or has his principal place o f business, or in which the
agency records are situated, has jurisdiction to enjoin the agency
from withholding agency records and to order the production of
any agency records improperly withheld from the complainant.
In such a case the court shall determine the matter de novo and
the burden is on the agency to sustain its action. In the event of
noncompliance with the order o f the court, the district court may
punish fo r contempt the responsible employee, and in the case of
RULES REGARDING INFORMATION
11
a uniformed service, the responsible member. Except as to causes
the court considers of greater importance, proceedings before the
district court, as authorized by this paragraph, take precedence
on the docket over all other causes and shall be assigned fo r hear
ing and trial at the earliest practicable date and expedited in
every way.
(4)
Each agency having more than one member shall main
tain and make available for public inspection a record o f the
final votes o f each member in every agency proceeding.
(b) This section does not apply to matters that are—
(1) specifically required by Executive order to be kept
secret in the interest o f the national defense or foreign
policy;
(2) related solely to the internal personnel rules and prac
tices o f an agency;
(3) specifically exempted from disclosure by statute;
(4) trade secrets and commercial or financial information
obtained from a person and privileged or confidential;
(5) inter-agency or intra-agency memorandums or let
ters which would not be available by law to a party other
than an agency in litigation with the agency;
(6) personnel and medical files and similar files the dis
closure o f which would constitute a clearly unwarranted in
vasion o f personal privacy;
(7) investigatory files compiled fo r law enforcement pur
poses except to the extent available by law to a party other
than an agency;
(8) contained in or related to examination, operating, or
condition reports prepared by, on behalf of, or fo r the use of
an agency responsible fo r the regulation or supervision of
financial institutions; or
(9) geological and geophysical information and data, in
cluding maps, concerning wells.
(c) This section does not authorize withholding o f information
or limit the availability o f records to the public, except as specifi
cally stated in this section. This section is not authority to with
hold information from Congress.
@FedFRASER