FDIC Updates Privacy Act System for Handling Financial Records
Published Date: 4/23/2026
Notice
Summary
The FDIC is updating its records system that handles financial info about people and businesses. These changes make the rules clearer, improve how data is stored and shared, and invite public comments until May 26, 2026. The updates take effect April 23, 2026, with some sharing rules starting May 26, 2026, but no new costs or big surprises for anyone involved.
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Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
More FDIC Data Shared with Treasury
The FDIC will share Financial Information Management Records with the Department of the Treasury and its bureaus to carry out financial transactions and debt- or tax-related reporting, withholding, collection, and processing activities. This disclosure authority is part of the revised Routine Use 13 and is effective May 26, 2026 unless changed after comments.
Expanded Sharing for Investigations and Collections
The FDIC expanded Routine Use 14 and other routine uses to allow disclosures to the Department of Justice, state insurance regulators, consumer reporting agencies, debt collection agencies, legal representatives for surety companies and bonding agencies, and insurance investigators for investigations of bonding agents and collection of unpaid monies owed to the FDIC.
Third-Party Travel Vendors May Receive FDIC Data
A new proposed Routine Use 16 would allow the FDIC to disclose records to the General Services Administration, other Federal agencies, and third-party contractors to provide travel administration, oversight, and assistance for FDIC employees and other individuals who travel or relocate for FDIC. That disclosure authority would become effective May 26, 2026 unless changed after comments.
Where FDIC Stores Records and How Long
The FDIC updated storage and retention rules: records may be stored in FDIC-operated or authorized vendor cloud environments; audio recordings verifying payments are kept no longer than 180 days; financial transaction records related to payments and collections are kept for 6 years after final payment; other records outside the primary financial system are kept 3 years; 1099/Supplemental W-2 tax-reporting data are kept 7 years; and receivership accounting and tax records are kept 10 years after termination of the receivership.
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