Records Retention Program for the Federal Reserve Board

Records Retention Schedules

The Board has well-established policies and procedures to ensure the proper management, scheduling, and disposition of Board records in all formats, as required by federal records management laws and regulations. These schedules and recordkeeping procedures are updated through periodic records management evaluations of the Board's divisions. The Board also regularly audits the sufficiency of its electronic systems for recordkeeping purposes under reviews for compliance with the Federal Information Security Management Act (FISMA) and the Privacy Act of 1974.

Management of Electronic Records
Electronic Board records, including emails and web records are properly managed through a variety of methods that meet National Archives and Records Administration (NARA) standards. The mainstay of these efforts is the Board's electronic recordkeeping system, the Federal Reserve Integrated Records Management Architecture (FIRMA). Since 2001, electronic records from across the Board's divisions have been entered into FIRMA. The system interfaces with other Board systems, thereby providing the automated transfer of high volumes of electronic records.

In addition, the Board has addressed the proper management of electronic records through a system certification procedure, based on 36 CFR 1236, requiring Board systems creating, receiving, and maintaining Board records to incorporate recordkeeping functionality in the system requirements.

The Board uses a Records Email Vault to capture and preserve emails and chats. The Board also  has procedures to ensure that new web-content records are identified and preserved in FIRMA.

Scheduling Electronic Records
Through the system certification procedure, the Board identifies new systems and major modifications to existing systems requiring new records schedules.

Transfer of Permanent Records to NARA
Most of the Board's permanent records are included in FIRMA, which has been specifically designed to facilitate the transfer of permanent electronic records to NARA by incorporating the necessary functionality, consistent with NARA regulations. The Board also works closely with Board divisions  to ensure the proper preservation of permanent records stored outside FIRMA until the records are eligible to transfer to NARA.

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Last Update: December 18, 2023