BCFP Issues Final Rule on Procedures for Disclosing Records and Information

On September 12, 2018, the BCFP published a final rule to modify its procedures for disclosing certain records and information under federal law and in connection with legal proceedings.

The rule implements a BCFP proposed rulemaking from August 2016, which sought to amend procedures used to obtain information from the BCFP under the Freedom of Information Act (FOIA), the Privacy Act of 1974, and in legal proceedings.  The final rule revises the applicable regulations related to: (1) procedures regarding the certification of authenticity of BCFP records and the service of summonses or complaints on the BCFP; (2) FOIA practices, including by providing additional flexibility for requesters and streamlining the BCFP’s process for assessing FOIA fees and notifying requesters of those fees; (3) procedures for requests for information from the BCFP in connection with legal proceedings; and (4) implementation of the Privacy Act of 1974, including revisions to clarify the authority of the BCFP’s Chief Privacy Officer and to provide additional flexibility for requesters.

Of note, although the BCFP’s August 2016 proposed rulemaking also proposed to amend the confidential treatment of information obtained from persons in connection with the exercise of the BCFP’s authorities under federal consumer financial law, including by expanding the BCFP’s authority to share supervisory information with other agencies, the final rule did not move forward with those proposed amendments.

The final rule, which goes into effect on October 12, 2018, is available here.