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. A comprehensive inventory of the Board's records was completed in 2002 and serves as the foundation for the Board's current media-neutral records schedules. 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 e-mails 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 has the capacity to interface 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 temporary records stored outside FIRMA by modifying the functionality and procedures associated with established systems and by requiring staff to print and file records when necessary. The Board is in the final stages of the design and implementation of a state-of-the-art management system to identify and preserve e-mail records. The Board has also established procedures to ensure that new web-content records are identified and preserved in FIRMA.

Scheduling Electronic Records
The Board, in compliance with NARA Bulletin 2006-02, reviews its FISMA report inventory twice a year to ensure that all new systems and older systems that have undergone major modifications are properly scheduled.

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 NARA to ensure the proper transfer of permanent records stored outside FIRMA. For example, in 2007 the Board initiated a joint project with NARA's Center for Electronic Records that transferred large amounts of historic Home Mortgage Disclosure Act data to NARA.

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Last Update: February 13, 2012