Federal Reserve Revises Investigation Records Privacy System Notice
Published Date: 1/24/2025
Notice
Summary
The Federal Reserve is updating how it handles investigation records to keep things clear and secure. This change affects anyone involved with the Board’s and Consumer Financial Protection Bureau’s investigations. You’ve got until February 24, 2025, to share your thoughts before the new rules kick in—no extra costs involved!
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Body‑worn video/audio now collected and stored
The system now includes video and audio recordings captured by OIG criminal investigators wearing body cameras, and these recordings may be stored by a vendor (Axon Enterprise, Inc., 17800 N 85th Street, Scottsdale, AZ 85255). If you are recorded during an OIG investigative operation, those recordings may be part of your investigatory record.
Broader disclosure to auditors and law‑enforcement databases
The Board revised Routine Use 1 to permit release of individually identifiable information to outside entities auditing or reviewing the OIG investigatory program, and added a new Routine Use 3 allowing disclosure to federal, state, or local agencies and government-wide databases (for example, the FBI National Use-of-Force Data Database) for data collection on OIG law enforcement activities. This increases circumstances where your investigatory information may be shared with other agencies or databases.
System now covers CFPB investigations
The Federal Reserve's Office of Inspector General (OIG) updated its investigatory records system to explicitly cover inquiries and investigations of both the Board and the Consumer Financial Protection Bureau (CFPB). This change reflects Dodd-Frank and means records about officers, employees, complainants, and witnesses related to CFPB matters are included in BGFRS/OIG-1.
Contractors added as information sources
The OIG added "contractors" to the record source categories for BGFRS/OIG-1, so information provided by contractors may be collected and maintained in investigative files. If you are a contractor who interacts with the Board or CFPB, your information may be a source for OIG records.
Retention: some files kept permanently
The OIG will retain files related to significant investigations permanently, while files related to all other investigations will be destroyed ten years after cut-off. This changes the system's retention policy for investigatory records.
No fees to access or amend records
The Board states it does not charge fees to a requestor seeking to access or amend his or her Privacy Act records. Current or former Board or CFPB employees may request access or amendment using the specified procedures or online at https://foia.federalreserve.gov/.
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Key Dates
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