Privacy Act of 1974; System of Records
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This notice updates and merges two systems of records from the FDIC to track financial institution ownership. It affects individuals owning stakes in FDIC-insured banks, simplifying processes and updating privacy and record-keeping practices.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Combines FDIC-004 and FDIC-008 into a single system
- Renames the system to 'Financial Institution Ownership Records'
- Proposes new routine uses for the records
Obligations
What this law requires
FDIC must maintain the Financial Institution Ownership Records (FDIC-004) system containing information about individuals who acquire or dispose of ownership stakes in FDIC-insured financial institutions and individuals with ownership stakes in multiple financial institutions or bank holding companies.
FDIC must store records in secure locations including FDIC offices at 550 17th Street NW, Washington, DC 20429, other FDIC office locations, appropriately authorized cloud environments, or other secure locations.
FDIC must retain and dispose of records in accordance with approved FDIC record retention schedules.
FDIC must implement administrative, technical, and physical safeguards to protect information in the Financial Institution Ownership Records system.
FDIC must permit disclosure of records to other Federal or State financial institution supervisory authorities under Routine Use 11.