that determination, to be conducted by the Chairman of the Board or an official designated by the Chairman, which official shall be senior to the official who made the initial determination regarding the requested action. The individual may obtain assistance from the Office of Housing and Urban Affairs in preparing a request for such review.

(b) The review shall be completed and a final determination made not later than 30 days (excluding Saturdays, Sundays, and legal public holidays) from receipt of the request for such review, unless the Chairman of the Board extends such 30-day period for good cause.

(c) If, after his review, the Chairman of the Board or his designee refuses to act in accordance with his request, the individual shall be informed of his right under 5 U.S.C. 552a(g)(1) (A) and (B) to a judicial review of the determination and, in case of refusal to amend a record, his right to file a concise statement setting forth his disagreement with the final determination.

(d) After refusal to amend the record as requested upon review, the disputed portion of the record will contain a copy of the concise statement filed pursuant to paragraph (c) of this section together with, if the Board deems it appropriate, a concise statement of the reasons for not amending the record as requested. Such statements will be disclosed to all persons and agencies which have had or will have access to the disputed record under 5 U.S.C. 552a.

[40 FR 39371, Aug. 27, 1975, as amended at 41 FR 18516, May 5, 1976]

§ 505a.10 Fees for providing copies of records.

(a) No fee will be charged to an individual for processing the request for, searching for, or providing the first copy of, a record or any portion thereof contained in a record system if the record pertains to such individual.

(b) If an individual should desire multiple copies of a record pertaining to himself, he shall pay fees as set forth in § 505.4(e) of this chapter.

§ 505a.11 Criminal penalties.

The criminal penalties applicable to employees, officers, and agents of the Board for actions which violate the Privacy Act of 1974 are set forth in 5 U.S.C. 552a(i).

§ 505a.12 Exemptions.

Pursuant to subsection (k) of 5 U.S.C. 552a:

(a) The Chairman of the Board may exempt the systems of records described in paragraph (b) of this section from the following statutory requirements:

(1) Availability to an individual of the accounting kept of disclosures made to other people and agencies of his record (5 U.S.C. 552a(c)(3));

(2) Access to an individual's own records (5 U.S.C. 552a(d), set out in §§ 505a.3, 505a.5, 505a.6, 505a.7, 505a.8, and 505a.9);

(3) Restriction of record maintenance to information about an individual which is relevant and necessary to accomplish a purpose of the Board required to be accomplished by statute or executive order of the President of the United States (5 U.S.C. 552a(e)(1));

(4) Record-system notice requirements concerning the publication of: (i) Procedures for requests pertaining to an individual's own records (5 U.S.C. 552a(e)(4)(G)), (ii) procedures for access to records (5 U.S.C. 552a(e)(4)(H)), and (iii) categories of sources of records (5 U.S.C. 552a(e)(4)(I)); and

(5) Promulgation of proposed rules as prescribed by 5 U.S.C. 552a(f).

(b) The Chairman of the Board may exempt any of the following types of records systems from the statutory requirements described in paragraphs (a)(1) through (5) of this section:

(1) Board records that are specifically authorized under criteria established by an Executive Order to be kept secret in the interest of national defense or foreign policy and are in fact properly classified pursuant to such Executive Order;

(2) Investigatory material compiled for law enforcement purposes: Provided, however, That if any individual is denied any right, privilege, or benefit that he would otherwise be entitled to

under Federal law, or for which he would otherwise be eligible, as a result of the maintenance of such material, such material shall be provided to such individual, except to the extent that the disclosure of such material would reveal the identity of a source who furnished information to the Government under an express promise that the identity of the source would be held in confidence, or, prior to the effective date of this section, under an implied promise that the identity of the source would be held in confidence;

(3) Investigatory material compiled solely for the purpose of determining suitability, eligibility, or qualifications for Federal civilian employment, military service, Federal contracts, or access to classified information, but only to the extent that the disclosure of such material would reveal the identity of a source who furnished information to the Government under an express promise that the identity of the source would be held in confidence, or, prior to the effective date of this section, under an implied promise that the identity of the source would be held in confidence; and

(4) Testing or examination material used solely to determine individual qualifications for appointment or promotion in the Federal service the disclosure of which would compromise the objectivity or fairness of the testing or examination process.

§ 505a.13 Exemptions of records containing investigatory material compiled for law enforcement purposes.

(a) Scope. The Board has established a new system of records, entitled the "Confidential Individual Information System." The purpose of this system is to assist the Board in the accomplishment of its statutory and regulatory responsibilities in connection with the supervision of financial institutions. This system will be exempt from certain provisions of the Privacy Act of 1974 for the reasons set forth in paragraph (c) of this section.

(b) Exemptions Under 5 U.S.C. 552a(k)(2). (1) Under 5 U.S.C. 552a(k)(2), the head of an agency may issue rules to exempt any system of records within the agency from cer

tain provisions of the Privacy Act of 1974 if the system contains investigatory material compiled for law enforcement purposes.

(2) Provisions of the Privacy Act of 1974 from which exemptions will be made under 5 U.S.C. 552a(k)(2) are as follows:

(i) 5 U.S.C. 552a(c)(3);

(ii) 5 U.S.C. 552a(d)(1), (2), (3), and (4);

(iii) 5 U.S.C. 552a(e)(1);

(iv) 5 U.S.C. 552a(e)(4) (G), (H), and (I); and

(v) 5 U.S.C. 552a(f).

(c) Reasons for exemptions under 5 U.S.C. 552a(k)(2). (1) 5 U.S.C. 552a(c)(3) requires that an agency make accountings of disclosures of records available to individuals named in the records at their request. These accountings must state the date, nature, and purpose of each disclosure of the record and the name and address of the recipient. The application of this provision would make known to subjects of an investigation that an investigation is taking place and that they are the subjects of it. Release of such information could result in the alteration or destruction of documentary evidence, improper influencing of witnesses, and reluctance of witnesses to offer information, and could otherwise impede or compromise an investigation.

(2) 5 U.S.C. 552a (c)(4), (d)(1), (2), (3), and (4), (e)(4)(G) and (H), and (f), relate to an individual's right to be notified of the existence of, and the right to examine, records pertaining to such individual. Notifying an individual at the individual's request of the existence of records and allowing the individual to examine an investigative file pertaining to such individual, or granting access to an investigative file, could:

(i) Interfere with investigations an enforcement proceedings;

(ii) Constitute an unwarranted invasion of the personal privacy of others;

(iii) Disclose the identity of confidential sources and reveal confidential information supplied by those sources;

or

(iv) Disclose investigative techniques and procedures.

(3) 5 U.S.C. 552a(e)(4)(I) requires the publication of the categories of sources of records in each system. Application of this provision could disclose investigative techniques and procedures and cause sources to refrain from giving such information because of fear of reprisal, or fear of breach of promises of anonymity and confidentiality, thus compromising the agency's ability to conduct investigations and to identify, detect, and apprehend violators.

(4) 5 U.S.C. 552a(e)(1) requires each agency to maintain in its records only information about an individual that is relevant and necessary to accomplish a purpose of the agency required by statute or Executive Order. Limiting the system as described would impede enforcement activities because:

(i) It is not always possible to determine the relevance or necessity of specific information in the early stages of an ir vestigation; and

(ii) In any investigation the Board may obtain information concerning violations of laws other than those within the scope of its jurisdiction. In the interest of effective law enforcement, the Board should retain this information to aid in establishing patterns of criminal activity, and to provide leads for those law enforcement agencies charged with enforcing criminal or civil laws.

(d) Documents exempted. Exemptions will be applied only when appropriate under 5 U.S.C. 552a(k). [51 FR 45879, Dec. 23, 1986]

PART 505b-PUBLIC INFORMATION REGARDING MEETINGS OF THE FEDERAL HOME LOAN BANK BOARD

Sec.

505b.1 Purpose and scope.

505b.2 Definitions.

505b.3 Open meetings.

505b.4 Exemptions.

505b.5 Closed meetings.

505b.6 Public announcements of meetings. 505b.7 Accommodation for public attend

ance at open meetings.

AUTHORITY: Sec. 17, 47 Stat. 736, as amended (12 U.S.C. 1437); Pub. L. No. 94409, 90 Stat. 1241 (1976); Reorg. Plan No. 3

(a) For purposes of this part, the term "meeting" means any deliberations (including those conducted by conference telephone call) of two or more members of the Board, the purpose or effect of which is to determine or result in joint conduct of official business of the Board, but does not include: (1) Deliberations to determine whether meetings will be open or closed or whether information pertaining to closed meetings will be disclosed, (2) disposition of Board business by circulation of materials to and notation voting by individual Board members, (3) staff briefings of Board members, and (4) informal background discussions among Board members and staff which clarify issues and expose varying views.

§ 505b.3 Open meetings.

Except as provided in § 505b.4 every portion of every meeting of the Board shall be open to public observation. Board members shall not jointly conduct or dispose of official agency business other than in accordance with this part.

§ 505b.4 Exemptions.

(a) The Board may close a meeting or portion of a meeting and withhold information pertaining to such meeting, where it determines that disclosure of information pertaining to such meeting or portion thereof is likely to:

(1) Disclose matters that are: (i) Specifically authorized under criteria established by an Executive order to be kept secret in the interests of national defense or foreign policy and (ii) in fact properly classified pursuant to such Executive Order;

(2) Relate solely to the internal personnel rules and practices of the Board;

(3) Disclose matters specifically exempted from disclosure by statute (other than 5 U.S.C. 552): Provided, That such statute: (i) Requires that the matters be withheld from the public in such a manner as to leave no discretion on the issue, or (ii) establishes particular criteria for withholding or refers to particular types of matters to be withheld:

(4) Disclose trade secrets or commercial or financial information obtained from a person and privileged or confidential;

(5) Involve accusing any person of a crime, or formally censuring any person;

(6) Disclose information of a personal nature where disclosure would constitute a clearly unwarranted invasion of personal privacy;

(7) Disclose investigatory records compiled for law enforcement purposes, or information which if written would be contained in such records, but only to the extent that the production of such records or information would: (i) Interfere with enforcement proceedings, (ii) deprive a person of a right to a fair trial or an impartial adjudication, (iii) constitute an unwarranted invasion of personal privacy, (iv) disclose the identity of a confidential source or, in the case of a record compiled by a criminal law enforcement authority in the course of a criminal investigation, or by an agency conducting a lawful national security intelligence investigation, confidential information furnished only by the confidential source, (v) disclose investigative techniques and procedures, or (vi) endanger the life of physical safety of law enforcement personnel;

(8) Disclose information contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the Board or another agency responsible for the

regulation or supervision of financial institutions;

(9) Disclose information the premature disclosure of which would:

(i) Be likely to: (A) Lead to significant financial speculation in currencies, securities, or commodities, or (B) significantly endanger the stability of any financial institution; or

(ii) Be likely to significantly frustrate implementation of a proposed Board action,

except that paragraph (a)(9)(ii) shall not apply in any instance where the Board has already disclosed to the public the content or nature of its proposed action, or where the Board is required by law to make such disclosure on its own initiative prior to taking final action on such proposal; or

(10) Specifically concern the Board's issuance of a subpena, or its participation in a civil action or proceeding, an action in a foreign court or international tribunal, or an arbitration, or the initiation, conduct, or disposition of a particular case of formal Board adjudication pursuant to the procedures in 5 U.S.C. 554 or otherwise involving a determination on the record after opportunity for a hearing.

(b) A meeting or portions of a meeting shall not be closed nor information withhheld pursuant to paragraph (a) of this section if the Board finds that the public interest requires that the meeting or portion or portions of a meeting be open to public observation or that such information should not be withheld.

§ 505b.5 Closed meetings.

(a) Meetings closed under expedited procedures. (1) Since the Board qualifies for the use of expedited closing procedures under subsection 552b(d)(4) of the Act, meetings or portions thereof exempt under paragraphs (4), (8), (9)(i), or (10) of subsection (c) of the Act (paragraphs (a) (4), (8), (9),(i), or 10 of § 505b.4) may be closed to public observation and information pertaining to such meeting or portions thereof may be withheld from public disclosure, under the expediting procedures of this paragraph, unless the Board determines that the

public interest requires an open meeting.

(2) Where a meeting or portion thereof is to be closed under this paragraph (a), a public record shall be kept of the Board Members' vote at the beginning of the meeting to close it or a portion thereof, and a copy of such vote, reflecting the vote of each member on the question shall be made available to the public at or through the Office of the Secretary to the Board.

(3) Public announcement of the time, place, and subject matter of meetings or portions thereof closed under this paragraph (a) of this section shall be made at the earliest practicable time.

(b) Meetings closed under regular procedures. (1) A meeting or portion thereof will be closed to public observation under regular procedures, or information pertaining to such meeting or portion of a meeting will be withheld, only by recorded vote of a majority of the members of the Board when it is determined that such meeting or portion or the withholding of such information

qualifies for exemption under § 505b.4(a) (1), (2), (3), (5), (6), (7), or (9)(ii), and the Board does not find that the public interest requires otherwise. Votes by proxy shall not be allowed.

(2) Except as provided in paragraph (b)(3) of this section, a separate vote of the Board members will be taken with respect to the closing or the withholding of information as to each meeting or portion thereof which is proposed to be closed to public observation or with respect to which information is proposed to be withheld pursuant to this paragraph (b).

(3) A single vote may be taken with respect to a series of meetings, a portion or portions of which are proposed to be closed to public observation, or with respect to any information concerning such series of meetings proposed to be withheld, so long as each meeting in such series involves the same particular matters and is scheduled to be held no more than thirty days after the initial meeting in such series.

(4) Whenever any person's interests may be directly affected by a portion

of a meeting for any of the reasons referred to in § 505b.4(a) (5), (6), or (7), such person may send a written request to the Secretary of the Board asking that such portion of the meeting be closed to public observation. The Secretary, or in his absence the Acting Secretary to the Board, will transmit the request to the Board members and upon the request of any one of them a recorded vote will be taken whether to close such meeting to public observation.

(5) Within one day of any vote taken pursuant to this paragraph (b), the Board will make publicly available at or through the Office of the Secretary a written copy of such vote reflecting the vote of each Board member on the question. If a meeting or a portion of a meeting is to be closed to public observation, the Board within one day of the vote taken pursuant to this paragraph (b), will make publicly available at or through the Office of the Secretary a full, written explanation of its action closing the meeting or portion of the meeting together with a list of all persons expected to attend the meeting and their affiliation, except to the extent such information is determined by the Board to be exempt from disclosure under § 505b.4(a).

(c) Recordkeeping. (1) A complete transcript or recording shall be made and maintained of the proceedings at each meeting or portion thereof closed to the public under this part, except that, where appropriate, minutes may be made and maintained in lieu of such transcript or recording with respect to meetings closed or information withheld under § 505b.4 (a) (8), (9),(i) or (10). Such minutes shall fully and clearly describe all matters discussed and provide a full and accurate summary of any action taken, and the reasons therefor, including a description of each of the views expressed on any item and the record of any rollcall vote (reflecting the vote of each Board member on the question). All documents considered in connection with any action shall be identified in such minutes.

(2) Such transcript, electronic recording, or minutes of the discussion of any item on the agenda, or of any item of the testimony of any witness