Summary
The Office of the Comptroller of the Currency (OCC) is issuing a notice of proposed rulemaking to implement structural and substantive changes to its rules governing the disclosure of OCC information. The proposed changes are designed to improve the balance between protecting OCC confidential information from public disclosure, which is necessary for the candid information exchange between supervised entities and the OCC that underpins effective supervision, and permitting disclosure of information in limited circumstances to support economical business operations, public confidence in the financial system, and the transparency necessary to hold the agency accountable.
Note for Community Banks
The proposed rule would apply to all community banks.1
Highlights
The proposed rule would make changes to the OCC’s rules in 12 CFR 4 governing the disclosure of OCC information. The proposed changes include
- establishing a new subcategory of OCC nonpublic information to be called “confidential supervisory information” (CSI).
- modifying the prior approval requirement for supervised entities2 to disclose CSI by expanding information sharing exceptions for the purposes of business efficiency, government accountability, and supervisory coordination and establishing appropriate and tailored safeguards around these expanded exceptions.
- providing for the release of certain aged CSI.
- clarifying the OCC’s position on referrals for criminal prosecution for the unauthorized disclosure of OCC information.
- providing for expedited processing of Freedom of Information Act (FOIA) requests.
- establishing procedures for a requestor to appeal a denial of an expedited processing or fee waiver request.
- combining current subparts B and C into one streamlined subpart.
Background
The Office of the Comptroller of the Currency (OCC) creates and obtains a wide range of information in connection with the performance of its responsibilities to charter, regulate, and supervise national banks, federal savings associations, and federal branches and agencies of foreign banks. Under FOIA3 and the agency’s current implementing rule found in subpart B of 12 CFR 4, some of this information is required to be disclosed to the public upon request. Other information is generally exempt from disclosure, such as the supervisory conclusions that the agency reaches about the banks it supervises. To ensure that this exempt information is protected, the OCC’s current regulatory framework in subpart C of 12 CFR 4 governs its disclosure by the agency, its supervised entities, and others.
Currently, subpart C applies to nonpublic OCC information, which is information created or obtained by the OCC in the performance of its duties, such as reports of examination, supervisory correspondence, and information related to enforcement actions. Under the current subpart C, a supervised entity may disclose nonpublic OCC information only with OCC prior approval, subject to specified exceptions. Moreover, the current subpart C suggests that a person who engages in the unauthorized disclosure or use of nonpublic OCC information may be subject to criminal penalties.
Further Information
Please contact the Chief Counsel’s Office at (202) 649-5400.
Adam J. Cohen
Senior Deputy Comptroller and Chief Counsel
