December 18, 1998
Christopher N. Green, General Counsel
State of Wisconsin - Department of Financial
Institutions
345 West Washington, Avenue, 5th
Floor
Madison, Wisconsin 53708-8861
Dear Mr. Green:
You have asked about the confidentiality of
Y2K reports filed by Wisconsin credit unions and the information
contained in the reports. Our view is that the reports, themselves,
and the information contained in the reports are confidential
and exempt from disclosure under the Freedom of Information of
Act (FOIA) and NCUA's regulation implementing FOIA. 5 U.S.C.
§552(b)(8); 12 C.F.R. §792.11(a)(8). You also asked
what sanctions apply if the information is released to non-regulatory
sources, such as the media. Release of these records or the information
contained in these records without NCUA's authorization violates
NCUA's FOIA regulation. 12 C.F.R. §792.30. Violation of
the regulation could result in an administrative action or disciplinary
action in the case of an NCUA employee.
Exemption (8) under FOIA and NCUA regulations
protect information contained in or related to examination, operating,
or condition reports prepared, by on behalf of, or for the use
of an agency responsible for the regulation or supervision of
financial institutions. The Y2K quarterly reports should be treated
confidentially like any other credit union examination data.
The protection extends to information contained in the reports,
themselves, as well as related information.
NCUA's regulation permits disclosure of reports of examination or other exempt information to state agencies, among others, for their use in the performance of
official duties or functions. 12 C.F.R. §792.31.
The regulation requires the recipient agency to obtain NCUA's
express, written authorization before it may further disclose
an exempt record.
Sincerely,
Sheila A. Albin
Associate General Counsel
OGC:DMS/bhs
SSIC 13610