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.
Simple Explanation
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.