August 13, 2008
Request for comment on proposed change to Regulation S (Right to Financial Privacy)
For immediate release
The Federal Reserve Board on Wednesday requested public comment on a proposed change to Regulation S (Right to Financial Privacy), which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act.
The proposed revisions update Regulation S in two ways. First, the personnel fees that may be charged for searching and processing document requests are increased substantially. Second, the proposed amendments encourage electronic document productions by not allowing a $0.25 per page fee to be charged for printing electronically stored information. The proposal also includes an automated mechanism for periodically updating the labor rates found in the regulation.
Comments are requested by September 29, 2008.
The Board's notice is attached.