Overview
Title
Privacy Act of 1974; System of Records
Agencies
ELI5 AI
The people who make rules for banks are adding new ways to keep and share information, like videos and sounds, to help catch bad guys and work better with other helpers. They hope this will make everything more open and fair.
Summary AI
The Board of Governors of the Federal Reserve System is updating a system of records known as BGFRS/OIG-1, "FRB—OIG Investigative Records." These records are maintained by the Office of Inspector General (OIG) and are used for investigations related to the Board's and the Consumer Financial Protection Bureau's (CFPB) programs. Changes include adding new types of records like video and audio recordings to comply with an executive order and updating access controls and retention policies. The modifications aim to improve oversight, transparency, and cooperation with other federal, state, or local agencies.
Abstract
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/OIG-1, "FRB--OIG Investigative Records." These records are collected and maintained by the Office of Inspector General (OIG) in support of its inquiries, investigations, and reports relating to the programs and operations of the Board and the Consumer Financial Protection Bureau and to manage its investigations.
Keywords AI
Sources
AnalysisAI
The document titled "Privacy Act of 1974; System of Records" announces modifications to an existing system of records known as BGFRS/OIG-1, “FRB—OIG Investigative Records.” Managed by the Office of Inspector General (OIG) for the Board of Governors of the Federal Reserve System, these records support investigations concerning the Board and the Consumer Financial Protection Bureau (CFPB). The proposed changes aim to enhance transparency and improve operational efficiency, especially through new technologies and collaboration with other agencies.
General Summary
The modifications focus on updating the existing record system in line with modern practices. Notably, the inclusion of video and audio recordings from body cameras used by OIG criminal investigators marks a significant change. This update aligns with directives from an executive order aimed at advancing policing and criminal justice practices.
In updating the system, the Board intends to manage these records more effectively, retain significant investigation files permanently, and align the record system with current technological standards. These modifications reflect the evolving nature of the Board's work and its commitment to transparency and accountability.
Significant Issues or Concerns
One significant issue with the document is its use of technical language, which could alienate readers who are not well-versed in legal or bureaucratic jargon. Terms like "Routine Use" and references to other policies or executive orders may be unclear without further breakdown or explanation.
Moreover, the routine use facilitating information sharing under the executive order has raised privacy concerns since the document does not directly address how individuals' information will be safeguarded. Additionally, abbreviations like OMB, E.O., and others, though prevalent throughout, are not always defined upon first use, potentially confusing readers.
Impact on the Public
The document's proposed changes can have broad implications for the public. On a positive note, the enhancements in investigative transparency and record accuracy could boost public trust in federal investigative processes. More efficient record-keeping and data-sharing with other governmental agencies could also result in quicker and more reliable outcomes in investigations tied to financial oversight.
However, some members of the public might be concerned about personal data privacy. Ensuring robust safeguards to protect sensitive data is crucial, especially considering the broader data-sharing capabilities introduced by these changes.
Impact on Specific Stakeholders
Stakeholders such as the Board's officers and employees, CFPB staff, and individuals subject to investigations may experience direct impacts from these changes. For them, the modified record-keeping and retrieval policies could mean better protection of personal information within the specified retention and disposal timeframes.
On the other hand, law enforcement agencies and data-sharing partners will likely benefit from improved access to OIG records, potentially helping in conducting more effective oversight and investigations. Contractors who maintain data under these updated policies will also need to adapt to the heightened requirements of safeguarding the investigative records.
Overall, while these changes aim to bring technological and operational improvements, they must be balanced with clear communications and strict privacy protections to alleviate public concerns.
Issues
• The document uses highly technical language that might be difficult for the general public to understand, particularly in sections discussing routine uses and exemptions.
• The document is lengthy and covers numerous procedural changes which might be overwhelming or lead to information overload for some readers.
• Details about the new routine use for information sharing per E.O. 14074 could raise privacy concerns, but no mitigating strategies or privacy safeguards for individuals' information are directly addressed in the document.
• There is an assumption that readers understand acronyms like OMB, E.O., CFPB, and NIST without any instance of these acronyms being spelled out in their first appearance.
• The document includes references to other documents (e.g., OMB Circular No. A-108, NIST standards) without providing a clear summary or the most relevant information from those external sources, which might necessitate further lookup by the reader.