Interagency Advisory on the Confidentiality of Nonpublic Supervisory Information - Circulars

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Circular

Interagency Advisory on the Confidentiality of Nonpublic Supervisory Information

March 1, 2005

Circular No. 11685

To All Depository Institutions and Others
Concerned in the Second Federal Reserve District:

The federal banking and thrift agencies issued an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency.

The advisory is prompted by insurers who have requested or required banks and savings associations to disclose their CAMELS rating during the underwriting process for directors and officers liability coverage.

As a result of actions by insurers, the agencies have requested the assistance of the National Association of Insurance Commissioners (NAIC) in notifying insurance companies that the practice of requesting or requiring CAMELS ratings should be discontinued.

Press release OFFSITE
SR letter (05-4) OFFSITE
Interagency statement pdf OFFSITE

Contacts:
Una Neary
Vice President,
Relationship Management
una.neary@ny.frb.org

Marc Saidenberg
Vice President,
Relationship Management
marc.saidenberg@ny.frb.org

Thomas Oravez
Assistant Vice President,
Relationship Management
thomas.oravez@ny.frb.org

William L. Rutledge
Executive Vice President

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