Summary of FDIC Programs related to the Open Government Strategy
- Paperwork Reduction Act Compliance – On an annual basis the FDIC provides an update on progress made to comply with the Paperwork Reduction Act of 1995 and status of initiatives to reduce reporting burden on insured financial institutions. In 2007, the FDIC and other Federal Financial Institutions Examination Council regulatory agencies established an interagency working group to review information collected from insured banks in the Consolidated Reports of Condition and Income and make recommendations to reduce the reporting burden by five percent. While this reduction has not been achieved, the FFIEC agencies are committed to eliminating Call Report data that are no longer of sufficient utility. As of the period ending for fiscal year 2008, the FDIC reported zero violations of the Paperwork Reduction Act.
- Information Quality Program – The FDIC is in compliance with the Office of Management and Budget guidelines to develop and publish our procedures for reviewing and substantiating the quality of our information prior to being published to the public. The FDIC's Information Quality guidelines are available for review at www.fdic.gov.
- The Freedom of Information Act - FOIA is a federal statute that generally provides that any person has a right, enforceable in court, of access to federal agency records, except to the extent the records are protected from disclosure by any of the nine exemptions contained in the law or by one of three special law enforcement record exclusions. The FOIA was amended by the Electronic Freedom of Information Act Amendments of 1996 (E-FOIA). Among other things, E-FOIA grants the public access to certain government documents via computer telecommunications. The provisions of the FOIA, as amended by E-FOIA, can be found at 5 U.S.C. 552. FDIC regulations implementing FOIA can be found at 12 C.F.R. 309.5. In response to the requirements of the FOIA, Executive Order 13392, and to enhance the availability of FDIC records to the public, the FDIC has established the FOIA Service Center on the FDIC's World Wide Web page. In addition, the FDIC supplemented and reconfigured its World Wide Web page so that records required by E-FOIA to be made affirmatively available via computer telecommunications can be quickly located.