(a) A Board-regulated institution
described in section 217.61 must provide timely public disclosures
each calendar quarter of the information in the applicable tables
in section 217.63. If a significant change occurs, such that the most
recent reported amounts are no longer reflective of the Board-regulated
institution’s capital adequacy and risk profile, then a brief discussion
of this change and its likely impact must be disclosed as soon as
practicable thereafter. Qualitative disclosures that typically do
not change each quarter (for example, a general summary of the Board-regulated
institution’s risk management objectives and policies, reporting system,
and definitions) may be disclosed annually after the end of the fourth
calendar quarter, provided that any significant changes are disclosed
in the interim. The Board-regulated institution’s management may provide
all of the disclosures required by sections 217.61 through 217.63
in one place on the Board-regulated institution’s public website or
may provide the disclosures in more than one public financial report
or other regulatory reports, provided that the Board-regulated institution
publicly provides a summary table specifically indicating the location(s)
of all such disclosures.
(b) A Board-regulated
institution described in section 217.61 must have a formal disclosure
policy approved by the board of directors that addresses its approach
for determining the disclosures it makes. The policy must address
the associated internal controls and disclosure controls and procedures.
The board of directors and senior management are responsible for establishing
and maintaining an effective internal control structure over financial
reporting, including the disclosures required by this subpart, and
must ensure that appropriate review of the disclosures takes place.
One or more senior officers of the Board-regulated institution must
attest that the disclosures meet the requirements of this subpart.
(c) If a Board-regulated institution described in
section 217.61 concludes that specific commercial or financial information
that it would otherwise be required to disclose under this section
would be exempt from disclosure by the Board under the Freedom of
Information Act (5 U.S.C. 552), then the Board-regulated institution
is not required to disclose that specific information pursuant to
this section, but must disclose more general information about the
subject matter of the requirement, together with the fact that, and
the reason why, the specific items of information have not been disclosed.
