Fed Announces Final Rule on Technical Updates to FOIA and CSI Rules

On July 24, the Federal Reserve announced finalization of a rule that implements technical and clarifying updates to its Freedom of Information Act (FOIA) procedures and changes to its rules regarding disclosure of confidential supervisory information (CSI). The changes, which include clarification of terms and definitional updates, are meant to bring the Federal Reserve’s FOIA regulation in line with the its current practices and to update the rules based on recent changes in law and guidance. In addition, revisions to the FOIA procedures are meant to better assist users in navigating the request process. In regards to CSI, the final rule updates outdated and inefficient restrictions governing the disclosure of CSI and makes clarifying revisions to definitions.