Federal Reserve System - Modified System of Records Notice

Content

ACTION:

Notice of a modified system of records.

SUMMARY:

Pursuant to the provisions of the Privacy Act of 1974, notice is given that the Board of Governors of the Federal Reserve
System (Board) proposes to modify an existing system of records, entitled BGFRS-14, “FRB—General File of Reserve Bank and
Branch Directors.” BGFRS-14 is a system of records that enables Board staff to develop, implement, and communicate the Board's
program regarding Federal Reserve Bank and Branch directors including the appointment of Class C directors and Board-appointed
Branch directors; the eligibility, conduct, and service of all directors; the composition of Reserve Bank and Branch boards;
and the interactions among the Board and the Federal Reserve Bank and Branch directors.

DATES:

Comments must be received on or before April 16, 2026. This new system of records will become effective April 16, 2026, without
further notice, unless comments dictate otherwise. The Office of Management and Budget (OMB), which has oversight responsibility
under the Privacy Act, requires a 30-day period prior to publication in the
Federal Register
in which to review the system and to provide any comments to the agency. The public is then given a 30-day period in which
to comment, in accordance with 5 U.S.C. 552a(e)(4) and (11).

ADDRESSES:

You may submit comments, identified by BGFRS-14 “FRB—General File of Federal Reserve Bank and Branch Directors, ” by any of the following methods:

• Agency Website: https://www.federalreserve.gov/apps/proposals/. Follow the instructions for submitting comments, including attachments. Preferred Method.

• Mail: Benjamin W. McDonough, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.

• Hand Delivery/Courier: Same as mailing address.

• Other Means: publiccomments@frb.gov. You must include the docket number in the subject line of the message.

Comments received are subject to public disclosure. In general, comments received will be made available on the Board's website
at https://www.federalreserve.gov/apps/proposals/ without change and will not be modified to remove personal or business information including confidential, contact, or other
identifying information. Comments should not include any information such as confidential information that would be not appropriate
for public disclosure. Public comments may also be viewed electronically or in person in Room M-4365A, 2001 C St. NW, Washington,
DC 20551, between 9 a.m. and 5 p.m. during Federal business weekdays.

FOR FURTHER INFORMATION CONTACT:

Alye Foster, Associate General Counsel, (202) 452-5289, or alye.s.foster@frb.gov; Legal Division, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.
For users of telephone systems via text telephone (TTY) or any TTY-based Telecommunications Relay Services, please call 711
from any telephone anywhere in the United States.

SUPPLEMENTARY INFORMATION:

The Board is modifying BGFRS-14 to update the system to expand the system's purpose, the category of individuals and records
covered by the system, the records source categories, and to amend the system-specific routine use. The Board is also taking
the opportunity to update the system manager contact information, add a link to the Board's routine uses, and update the policies
and practices for storage of Board records.

BGFRS-14 outlines in its purpose and scope the broad purpose of the system, which is that the system facilitates the Board's
oversight of the conduct and service of Federal Reserve Bank and Branch directors (“directors”). Upon reviewing the system,
staff determined that while “oversight” is a broad term, the purpose and use of the system could be revised to more directly
identify matters encompassed by the term “oversight.” Specifically, staff's oversight of the directors encompasses matters
pertaining to the eligibility, conduct, and service related to all directors. It also includes the Board's appointment of
Class C directors and Board-appointed Branch directors. This oversight also includes using the data to analyze the composition
of Reserve Bank and Branch boards, for example, to track the Board's progress on ensuring that these boards include a variety
of perspectives, backgrounds, and experiences. The data is also used to facilitate interactions between the Board and the
directors, including through a variety of director conferences throughout the year. The Board is modifying the purpose of
the system to clarify what the system encompasses.

The Board has also determined that its oversight of the directors requires the collection of additional information. Specifically,
the Board will collect information from additional record sources to include candidates for director positions in addition
to both past and present directors. Therefore, the Board is modifying the category of records and category of individuals
in the system to encompass biographical and background information for directors and candidates. The Board is also modifying
the record sources categories to reflect the collection of contact information for director/candidate staff assistants and
demographic information either on a voluntary basis from directors or candidates or from publicly available information.

The Board is amending the existing system-specific routine use because the routine use was incorrectly drafted. Specifically,
using the records as background information for determining qualifications for appointment and recording correspondence concerning
such persons would not usually involve the disclosure of information outside of the Board. The Board is therefore modifying
the use to cover only disclosures outside of the Board to provide information for news releases and other publications and
is also

  providing a link to the Board's routine uses.

The Board is further modifying the system to indicate that the Board stores records in electronic form and that remaining
paper records are now historical records, which the Board will maintain for the appropriate retention period. The Board is
also updating the contact information for the system manager.

The Board is also making technical changes to BGFRS-14 consistent with the template laid out in OMB Circular No. A-108. Accordingly,
the Board has made technical corrections and non-substantive language revisions to the following categories: “Policies and
Practices for Storage of Records,” “Policies and Practices for Retrieval of Records,” “Policies and Practices for Retention
and Disposal of Records,” “Administrative, Technical and Physical Safeguards,” “Record Access Procedures,” “Contesting Record
Procedures,” and “Notification Procedures.” The Board has also created the following new fields: “Security Classification”
and “History.”

SYSTEM NAME AND NUMBER:

BGFRS-14 “FRB—General File of Federal Reserve Bank and Branch Directors”

SECURITY CLASSIFICATION:

Unclassified.

SYSTEM LOCATION:

Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.

SYSTEM MANAGER(S):

Lila Stitely, Manager, Corporate Governance Oversight, Office of the Secretary, 20th Street and Constitution Avenue NW, Washington,
DC 20551, 202-973-7486, or lila.z.stitely@frb.gov.

AUTHORITY FOR MAINTENANCE OF THE SYSTEM:

Sections 3, 4, 11 and 21 of the Federal Reserve Act (12 U.S.C. 248, 302, 485, and 521).

PURPOSE(S) OF THE SYSTEM:

These records are collected and maintained to facilitate the Board in its oversight of the eligibility, conduct, and service
of all Federal Reserve Bank and Branch directors; the appointment of Class C directors and Board-appointed Branch directors;
the analysis of the composition of Reserve Bank and Branch boards of directors; and interactions among the Board and the Federal
Reserve Bank and Branch directors.

CATEGORIES OF INDIVIDUALS COVERED BY THE SYSTEM:

Candidates for, and past and present directors of, the Federal Reserve Banks and their respective Branches, as well as their
assistants.

CATEGORIES OF RECORDS IN THE SYSTEM:

Biographical, background, and contact information for Federal Reserve Bank and Branch directors and candidates and other miscellaneous
documentation (e.g., oaths of office, resignations) and correspondence regarding the conduct and service of Federal Reserve Bank and Branch directors.
The system may also include contact information for assistants to candidates and Bank and Branch directors. The Board may
collect demographic information from publicly available information or on a voluntary basis from director candidates and directors.

RECORD SOURCE CATEGORIES:

Information is provided by the candidate or director to whom the record pertains, Federal Reserve Bank staff, candidate and
director assistants, and publicly available information obtained by Board staff. Information is also provided by certain third
parties, such as news and other information databases, on director candidates.

ROUTINE USES OF RECORDS MAINTAINED IN THE SYSTEM, INCLUDING CATEGORIES OF USERS AND PURPOSES OF SUCH USES:

General routine uses A, C, D, G, I, and J apply to this system. These general routine uses are located at https://www.federalreserve.gov/files/SORN-page-general-routine-uses-of-board-systems-of-records.pdf and are published in the
Federal Register
at 83 FR 43872 at 43873-74 (August 28, 2018). Records may be disclosed in order to provide information for news releases and
other publications.

POLICIES AND PRACTICES FOR STORAGE OF RECORDS:

Historical paper records in this system are stored in file folders with access limited to staff with a need-to-know. Electronic
records are stored on a secure server with access limited to staff with a need-to-know.

POLICIES AND PRACTICES FOR RETRIEVAL OF RECORDS:

Records can be retrieved by name.

POLICIES AND PRACTICES FOR RETENTION AND DISPOSAL OF RECORDS:

Records pertaining to past and present directors, including potential directors who are recommended for Board consideration,
are retained for at least five years after the annual cutoff, and may be retained longer, if necessary for administrative
or reference purposes. Records pertaining to candidates who are not recommended for Board consideration may be destroyed when
no longer needed.

ADMINISTRATIVE, TECHNICAL, AND PHYSICAL SAFEGUARDS:

Access to records is limited to those whose official duties require it. Paper records in this system are stored in file folders
with access limited to staff with a need-to-know. The system has the ability to track individual user actions. The audit and
accountability controls are based on National Institute of Standards and Technology (NIST) and Board standards, which, in
turn, are based on applicable laws and regulations. The controls assist in detecting security violations and performance or
other issues in the system. Access to the system is restricted to authorized users within the Board and Federal Reserve System
who require access for official business purposes. Users are classified into different roles and common access and usage rights
are established for each role. User roles are used to delineate between the different types of access requirements such that
users are restricted to data that is required in the performance of their duties. Periodic assessments and reviews are conducted
to determine whether users still require access, have the appropriate role, and whether there have been any unauthorized changes.

RECORD ACCESS PROCEDURES:

The Privacy Act allows individuals the right to access records maintained about them in a Board system of records. Your request
for access must: (1) contain a statement that the request is made pursuant to the Privacy Act of 1974; (2) provide either
the name of the Board system of records expected to contain the record requested or a concise description of the system of
records; (3) provide the information necessary to verify your identity; and (4) provide any other information that may assist
in the rapid identification of the record you seek.

Current or former Board employees may make a request for access by contacting the Board office that maintains the record.
The Board handles all Privacy Act requests as both a Privacy Act request and as a Freedom of Information Act request. The
Board does not charge fees to a requestor seeking to access or amend his/her Privacy Act records.

You may submit your Privacy Act request to the—Secretary of the Board,

  Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.

You may also submit your Privacy Act request electronically by filling out the required information at: https://foia.federalreserve.gov/.

CONTESTING RECORD PROCEDURES:

The Privacy Act allows individuals to seek amendment of information that is erroneous, irrelevant, untimely, or incomplete
and is maintained in a system of records that pertains to them. To request an amendment to your record, you should clearly
mark the request as a “Privacy Act Amendment Request.” You have the burden of proof for demonstrating the appropriateness
of the requested amendment and you must provide relevant and convincing evidence in support of your request.

Your request for amendment must: (1) provide the name of the specific Board system of records containing the record you seek
to amend; (2) identify the specific portion of the record you seek to amend; (3) describe the nature of and reasons for each
requested amendment; (4) explain why you believe the record is not accurate, relevant, timely, or complete; and (5) unless
you have already done so in a related Privacy Act request for access or amendment, provide the necessary information to verify
your identity.

NOTIFICATION PROCEDURES:

Same as “Access procedures” above. You may also follow this procedure in order to request an accounting of previous disclosures
of records pertaining to you as provided for by 5 U.S.C. 552a(c).

EXEMPTIONS PROMULGATED FOR THE SYSTEM:

Certain portions of this system of records may be exempt from 5 U.S.C. 552a(c)(3), (d), (e)(1), (e)(4)(G), (H), and (I), and
(f) of the Privacy Act pursuant to 5 U.S.C. 552a(k)(5).

HISTORY:

This SORN was previously published in the
Federal Register
at 73 FR 24984 at 24997 (May 6, 2008). The SORN was also amended to incorporate two new routine uses required by OMB at 83
FR 43872 (August 28, 2018).

Board of Governors of the Federal Reserve System.

Benjamin W. McDonough, Secretary of the Board. [FR Doc. 2026-05156 Filed 3-16-26; 8:45 am] BILLING CODE 6210-01-P

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