FHFA Tweaks Records System for Staff Health Clubs and Insurance Benefits
Published Date: 8/28/2026
Notice
Summary
In accordance with the requirements of the Privacy Act of 1974, as amended, (Privacy Act), the Federal Housing Finance Agency (FHFA or Agency) is proposing to modify an existing system of records titled, "Employee Benefits Records, FHFA-10." This system of records contains documentation pertaining to current and former FHFA employees and their spouses, domestic partners, dependents, and beneficiaries who are enrolled in, apply for, or participate in any FHFA employee benefits program including health club memberships; health, life, and other insurance programs; retirement savings programs; and other FHFA- sponsored benefit programs. The purpose of the system is to collect, maintain, and use the records necessary to administer and manage FHFA's employee benefits programs. The system supports the full lifecycle of benefits-related activities, and ensures the accurate processing of claims, reimbursements, contributions, payroll deductions, and benefit payments. The system also facilitates the recording and tracking of key program functions, including eligibility determinations, enrollments, changes in coverage, and termination of benefits. The proposed modifications include: revising the system security classification, system location, system manager, legal authorities for maintenance of the system, categories of individuals covered by the system, categories of records maintained in the system, and record source categories; the revision, removal, and addition of routine uses; removal of the Disclosure to Consumer Reporting Agencies section; updating the policies and practices for storage of records, the policies and practices for retention and disposal of records, and the administrative, technical, and physical safeguards; and minor updates for clarity and consistency.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
Federal Debt Collection Sharing
FHFA may disclose an individual's name, Social Security number, and other identity and debt details to the U.S. Department of the Treasury, Federal debt collection centers, other Federal agencies, and private collection contractors to collect or assist in collecting delinquent debts owed to FHFA or the Federal Government. That disclosure authority is part of the modified system and (as a new routine use) will go into effect on September 28, 2026.
Sharing Data With Do Not Pay System
FHFA may disclose records to the U.S. Department of the Treasury for review through the Do Not Pay Working System to identify, prevent, or recoup improper payments to applicants or recipients of Federal funds, including state-administered federally funded programs. This routine use is part of the modifications and will take effect on September 28, 2026.
More Sensitive Financial Data Collected
The modified system explicitly includes sensitive financial and personal records such as salary and earnings, Social Security numbers, retirement savings contribution information, beneficiary information, and student loan information for current and former FHFA employees and their covered family members. These categories are part of the system of records FHFA will maintain to administer benefits.
Breach-Response Data Sharing
If FHFA suspects or confirms a breach of this system of records, FHFA may disclose records to appropriate agencies, entities, and persons to respond to, prevent, minimize, or remedy harm from the breach. FHFA may also share information with other Federal agencies to assist in breach response and mitigation.
Removal of Consumer Reporting Disclosure
FHFA removed the 'Disclosure to Consumer Reporting Agencies' category from this system of records notice to align with OMB guidance. This change is included in the revised notice that takes effect on August 28, 2026, with new routine uses effective September 28, 2026.
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Key Dates
Department and Agencies
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Next: 2026-17586, Privacy Act of 1974; System of Records
In accordance with the requirements of the Privacy Act of 1974, as amended, (Privacy Act), the Federal Housing Finance Agency (FHFA or Agency) is proposing to modify an existing system of records titled, "Financial Management System, FHFA-2." This system of records contains documentation pertaining to prospective, present, and former FHFA employees, contractors, and vendors relating to government travel, vendor accounts, employee reimbursements, interagency transactions, aggregated employee pay records, vendor registration data, purchase- card accounts and transactions, and program payment agreements. The purpose of the system is to support the management and administration of FHFA's accounting and financial operations, travel and purchase-card programs, and acquisition and contract management services. FHFA collects and maintains these records to ensure the orderly processing of the Agency's financial transactions and payments, including travel arrangements, reimbursements, employee payroll, and purchase-card payments. The system organizes and enables the retrieval of these records, which ensures that all financial transactions and payments are processed timely, consistently and in compliance with federal requirements. The proposed modifications include: revising the system security classification, system location, system manager, and legal authorities for maintenance of the system; clarifying the purpose of the system, categories of individuals covered by the system, and categories of records maintained in the system; the revision, removal, and addition of routine uses; removal of the Disclosure to Consumer Reporting Agencies section; updating the policies and practices for storage of records, the policies and practices for retention and disposal of records, and the administrative, technical, and physical safeguards; and minor updates for clarity and consistency.