12 C.F.R. § 261.2

Definitions

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For purposes of this part:

(a) Affiliate has the meaning given it in 12 CFR 225.2(a).

(b)(1) Confidential supervisory information means nonpublic information that is exempt from disclosure pursuant to 5 U.S.C. 552(b)(8) and includes information that is or was created or obtained in furtherance of the Board's supervisory, investigatory, or enforcement activities, including activities conducted by a Federal Reserve Bank (Reserve Bank) under delegated authority, relating to any supervised financial institution, and any information derived from or related to such information. Examples of confidential supervisory information include, without limitation, reports of examination, inspection, and visitation; confidential operating and condition reports; supervisory assessments; investigative requests for documents or other information; and supervisory correspondence or other supervisory communications. Additionally, any portion of a document in the possession of any person, entity, agency or authority, including a supervised financial institution, that contains or would reveal confidential supervisory information is confidential supervisory information.

(2) Confidential supervisory information does not include:

(i) Documents prepared by or for a supervised financial institution for its own business purposes that are in its own possession and that do not include confidential supervisory information as defined in paragraph (b)(1) of this section, even though copies of such documents in the Board's or Reserve Bank's possession constitute confidential supervisory information; or

(ii) Final orders, amendments, or modifications of final orders, or other actions or documents that are specifically required to be published or made available to the public pursuant to 12 U.S.C. 1818(u), the Community Reinvestment Act, or other applicable law.

(1) Confidential supervisory information, or

(2) Exempt from disclosure under § 261.15(a).

(d)(1) Records of the Board or Board records means all recorded information, regardless of form or characteristics, that is created or obtained by the Board and is under the Board's control. A record is created or obtained by the Board if it is created or obtained by:

(i) Any Board member or any officer, employee, or contractor of the Board in the conduct of the Board's official duties, or

(ii) Any officer, director, employee, or contractor of any Reserve Bank and either constitutes confidential supervisory information as defined in paragraph (b)(1) of this section or is created or obtained in the performance of Board functions delegated to the Reserve Bank pursuant to 12 U.S.C. 248(k).

(2) Records of the Board do not include:

(i) Personal files or notes of Board members, employees, or contractors; extra copies of documents and library and museum materials kept solely for reference or exhibition purposes; or unaltered publications otherwise available to the public in Board publications, libraries, or established distribution systems;

(ii) Records located at Reserve Banks other than those records identified in paragraph (d)(1) of this section; or

(iii) Records that belong to or are otherwise under the control of another entity or agency despite the Board's possession.

(e)(1) Search means a reasonable search of such records of the Board as seem likely in the particular circumstances to contain information of the kind requested.

(2) As part of the Board's search for responsive records, the Board is not obligated to conduct any research, create any document, or modify an electronic program or automated information system.

(f) Supervised financial institution includes any institution that is supervised by the Board, including a bank; a bank holding company, intermediate holding company, or savings and loan holding company (including their non-depository subsidiaries); an Edge Act or agreement corporation; a U.S. branch or agency of a foreign bank; any company designated for Board supervision by the Financial Stability Oversight Council; or any other entity or service subject to examination by the Board.

(g) Working day means any day except Saturday, Sunday, or a legal Federal holiday.

Notes of Decisions

Cited in 19 cases (8 in the last 5 years), 1991–2025 · leading case: Bloomberg L.P. v. Bd. of Governors of the Fed. Reserve Sys., 649 F. Supp. 2d 262 (S.D.N.Y. 2009).

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Bloomberg L.P. v. Bd. of Governors of the Fed. Reserve Sys., 649 F. Supp. 2d 262 (S.D.N.Y. 2009). · cites it 5× “12 C.F.R. § 261.2 (i)(l) (emphasis added).”

Mfrs. & Traders Trust Co. v. Client Server Direct, Inc., 2017 NY Slip Op 8968 (N.Y. App. Div. 2017). · cites it 2× “9 sought privileged “[c]onfidential supervisory information” (12 CFR 261.2 [c] [1]), and that the Drilling Parties had not exhausted their administrative remedies.”

Fox News Network, LLC v. Bd. of Governors of the Fed. Reserve Sys., 601 F.3d 158 (2d Cir. 2010). · cites it 3× “” 12 C.F.R. § 261.2 (i)(1)(i-ii). (The full text of the regulation is set out in the margin).”

In Re Bankers Trust Co., 61 F.3d 465 (6th Cir. 1995). “Section 261 first defines “confidential supervisory information” as, among other things, “reports of examination and inspection” as well as “documents prepared by, on behalf of, or for the use of the [Federal Reserve] Board, [or] a Reserve Bank-” 12 C.F.R. § 261.2 (b). The…”

Ball v. Bd. of Governors of the Fed. Reserve Sys., 87 F. Supp. 3d 33 (D.D.C. 2015). · cites it 3× “12 C.F.R. § 261.2 (f)(1). Prior courts have taken varying approaches on how to interpret this confusingly drafted regulation.”

Se. Pa. Transp. Auth. v. Orrstown Fin. Servs., Inc., 367 F. Supp. 3d 267 (M.D. Penn. 2019). · cites it 2× “) "Confidential supervisory information" is defined in 12 C.F.R. § 261.2 (c)(1) as follows: (i) Exempt information consisting of reports of examination, inspection and visitation, confidential operating and condition reports, and any information derived from, related to, or…”

Fox News Network, LLC v. Bd. of Governors of the Fed. Reserve Sys., 639 F. Supp. 2d 384 (S.D.N.Y. 2009). · cites it 2× “all information coming into the possession and under the control of the Board, any Board member, any Federal Reserve Bank, or any officer, employee or agent of the Board or any Federal Reserve Bank, in the performance of functions for or on behalf of the Board that constitutes…”

Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, 2024 NY Slip Op 51352(U) (N.Y. Sup. Ct., New York Cty. 2024). · cites it 2× “For their part, the defendants say that they are entitled to claw-back of these documents pursuant to the banking examination privilege because the risk assessment itself is protected as confidential supervisory information "created or obtained in furtherance of the [Federal…”

Schreiber v. Soc'y for Sav. Bancorp, Inc., 11 F.3d 217 (D.C. Cir. 1993). “See 12 C.F.R. §§ 261.2 , 261.11(g), 261.13, 261.”

Illinois ex rel. Harris v. Bd. of Governors of the Fed. Reserve Sys., 751 F. Supp. 1323 (N.D. Ill. 1991). · cites it 2× “"Reports of examination” includes "reports of examination of other financial institutions prepared and provided to the Federal Reserve System by other Federal and state financial institution supervisory agencies.”

Junk v. Bd. Of Governors Of The Fed. Reserve Sys.. (S.D.N.Y. 2019). · cites it 7× “12 C.F.R. § 261.2 (i)(1)(i)-(ii) (emphasis supplied).”

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— 12 C.F.R. § 261.2(b) — 1 case

FTC Capital GMBH v. Credit Suisse Grp. AG (S.D.N.Y. 2023).

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