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Section (f) of the Privacy Act of
1974 (5 USC 552a) required federal government agencies to promulgate
procedures by which a person may request, gain access to, and amend
any system of records pertaining to himself or herself. The Board
of Governors of the Federal Reserve System enacted its Rules Regarding
Access to and Review of Personal Information in Systems of Records
(12 CFR 261a) to implement the requirements of section (f) of the
act.
Generally, the act offers a limited protection to agency
records pertaining to an individual that are maintained and retrievable
by the name of the individual or some identifying symbol (e.g., social
security number). The act also grants an individual access to his
or her records, restricts other people’s access to these records,
permits an individual to request amendment or correction of a particular
record, and grants the right of appeal if a request to amend is denied.
Part 261a specifies the procedures by which a person may
gain access to and review personal information in systems of records
maintained by the Board of Governors. This part also specifies the
fees charged for photocopying and preparation of the requested information
and the penalties for the release of unauthorized records.
Pursuant to section (e)(4) of the
act, the Federal Reserve System annually publishes notice of the existence
and character of systems of records it maintains. The Office of the
Federal Register publishes this notice annually and complies and publishes
the rules in part 261a in a form available to the public at low cost.
