(a) Disclosure of confidential supervisory information to supervised
financial institutions. The Board or the appropriate Reserve
Bank may disclose confidential supervisory information concerning
a supervised financial institution to that supervised financial institution.
(b) Disclosure of confidential
supervisory information by supervised financial institutions.
(1) General. Any supervised financial institution lawfully in possession
of confidential supervisory information pursuant to this section may
when necessary or appropriate for business purposes disclose such
information to its directors, officers, or employees, and to the directors,
officers, or employees of its affiliates.
(2) Federal Deposit
Insurance Corporation, Office of the Comptroller of the Currency,
Bureau of Consumer Financial Protection, and state financial supervisory
agencies. Any supervised financial institution may, with the
concurrence of the institution’s central point of contact at the Reserve
Bank, equivalent supervisory team leader, or other designated Reserve
Bank employee (hereinafter, “Reserve Bank Point of Contact” or “Reserve
Bank POC”), disclose confidential supervisory information about the
institution that is contained in documents prepared by or for the
institution for its own business purposes to the Federal Deposit Insurance
Corporation, the Office of the Comptroller of the Currency, the Bureau
of Consumer Financial Protection, and the state financial supervisory
agency that supervises that institution when the Reserve Bank POC
determines that the receiving agency has a legitimate supervisory
or regulatory interest in the information. A Reserve Bank POC’s action
under this paragraph may require concurrence of other Federal Reserve
staff in accordance with internal supervisory procedures. Requests
to disclose any other confidential supervisory information to these
or other agencies should be directed to the General Counsel under
section 261.22(c) or section 261.23(c).
(3) Legal counsel
and auditors. When necessary or appropriate in connection with
the provision of legal or auditing services to the supervised financial
institution, the supervised financial institution may disclose confidential
supervisory information to its legal counsel or auditors. The supervised
financial institution may also disclose confidential supervisory information
to service providers (such as consultants, contractors, contingent
workers, and technology providers) of its legal counsel or auditors
if the service provider is under a written agreement with the legal
counsel or auditor in which the service provider agrees that:
(i) It will
treat the confidential supervisory information in accordance with
section 261.20(a); and
(ii) It will not use the confidential supervisory information for
any purpose other than as necessary to provide the services to the
supervised financial institution.
(4) Other service
providers.
(i) A supervised financial institution
may disclose confidential supervisory information to other service
providers engaged by the supervised financial institution if the service
provider is under a written contract to provide services to the institution,
the disclosure of the confidential supervisory information is deemed
necessary to the service provider’s provision of services, and the
service provider has a written agreement with the institution in which
the service provider has agreed that:
(A) It will treat the confidential
supervisory information in accordance with section 261.20(a); and
(B) It will not use the confidential
supervisory information for any purpose other than as provided under
its contract to provide services to the supervised financial institution.
(ii)
A supervised financial institution shall maintain a written account
of the disclosures of confidential supervisory information that the
supervised financial institution makes to service providers under
this section and provide the Board or Reserve Bank with a copy of
such written account upon the Board’s or Reserve Bank’s request.
