Arnold & Porter Discusses Federal Reserve Developments on Confidential Supervisory Information

The Board of Governors of the Federal Reserve System (FRB) issued two notable documents over the past two weeks involving confidential supervisory information (CSI):  a cease and desist order against a former bank employee for improper handling of CSI and a request for comment on proposed changes to the FRB’s rules governing the disclosure of CSI.

Cease and Desist Order Against Former Bank Employee

First, in a stark reminder to employees in the financial services industry, the FRB issued a cease and desist order against a former employee of a non-bank subsidiary of a bank holding company for violation of … Read more