PART 219—REIMBURSEMENT FOR PROVIDING FINANCIAL RECORDS; RECORDKEEPING REQUIREMENTS FOR CERTAIN FINANCIAL RECORDS (REGULATION S) Authority: 12 U.S.C. 3415. Source: 44 FR 55813, Sept. 28, 1979, unless otherwise noted. Subpart A—Reimbursement to Financial Institutions for Providing Financial Records § 219.1 Authority, purpose and scope. This subpart of Regulation S (12 CFR part 219, subpart A) is issued by the Board of Governors of the Federal Reserve System (the Board) under section 1115 of the Right to Financial Privacy Act (the Act) (12 U.S.C. 3415). It establishes the rates and conditions for reimbursement of reasonably necessary costs directly incurred by financial institutions in assembling or providing customer financial records to a government authority pursuant to the Act. [60 FR 233, Jan. 3, 1995] § 219.2 Definitions. For the purposes of this subpart, the following definitions shall apply: Customer Financial institution Financial record Government authority Person [Reg. S, 61 FR 29640, June 12, 1996] § 219.3 Cost reimbursement. (a) Fees payable. (i) A court order; (ii) A subpoena issued pursuant to the Federal Rules of Criminal Procedure or the Federal Rules of Civil Procedure; or (iii) Other agency administrative procedures, including administrative subpoenas, voluntary requests, or other process shall reimburse the financial institution for reasonably necessary costs directly incurred in searching for, reproducing or transporting books, papers, records, or other data as set forth in this section. (2) The reimbursement schedule for a financial institution is set forth in appendix A to this section. If a financial institution has financial records that are stored at an independent storage facility that charges a fee to search for, reproduce, or transport particular records requested, these costs are considered to be directly incurred by the financial institution and may be included in the reimbursement. (b) Search and processing costs. (2) If itemized separately, search and processing costs may include the actual cost of extracting electronically stored records, based on computer time and necessary supplies; however, personnel time for computer searches may be paid for at the rates set for computer support specialist, specified in appendix A to this section, but only when compliance with the request for information requires that the financial institution use programming or other higher level technical services of a computer support specialist in order to reproduce electronically stored information in the format requested by the government authority. (3) Rates for Search and Processing in appendix A shall be recalculated as follows on October 1, 2012, and on October 1 of each subsequent three-year period utilizing Bureau of Labor Statistics (“BLS”) data or equivalent data (as so designated by the Board) by replacing the existing hourly rates with the sum of: (i) Base labor rate recalculation http://www.bls.gov/oes/home.htm (A) [Clerical/Technical category] the average of the median hourly rates for the “Information and Records Clerk” and “Computer Operator” job categories (SOC Code Number 43-4199 and 43-9011) (or any successor job categories); (B) [Manager/Supervisor category] the median hourly rate for the “first-line supervisors/managers of office” job category (SOC Code Number 43-1011) (or successor category), and (C) [Computer Support Specialist category] the median hourly rate for the “computer support specialist” job category (SOC Code Number 15-1041) (or successor category); plus (ii) Benefits Adjustment (A) The hourly rates set forth in paragraph (b)(3)(i) of this section, and (B) The most recently available “percent of total compensation” represented by “total benefits” for the “Credit Intermediation and Related Activities” industry category (private sector) set out in the Employment Cost Trends section of the National Compensation Survey ( http://data.bls.gov/PDQ/outside.jsp?survey=cm (iii) If the recalculated rates for Search and Processing (including the Base labor rate and the benefits adjustment) are not a multiple of $1, the recalculated rates shall be rounded up to the next multiple of $1. (c) Reproduction costs. (d) Transportation or delivery costs. Appendix A to § 219.3—Reimbursement Schedule Reproduction: Photocopy, per page $0.25 Paper copies of microfiche, per frame 0.25 Duplicate Microfiche, per microfiche 0.50 Storage media Actual cost. Search and Processing: Clerical/Technical, hourly rate 22.00 Computer Support Specialist, hourly rate 30.00 Manager/Supervisory, hourly rate 30.00 [Reg. S, 61 FR 29640, June 12, 1996, as amended at 74 FR 50107, Sept. 30, 2009] § 219.4 Exceptions. A financial institution is not entitled to reimbursement under this subpart for costs incurred in assembling or providing financial records or information related to: (a) Security interests, bankruptcy claims, debt collection. (b) Government loan programs. (c) Nonidentifiable information. (d) Financial supervisory agencies. (e) Internal Revenue summons. (f) Federally required reports. (g) Government civil or criminal litigation. (h) Administrative agency subpoenas. (i) Investigation of financial institution or its noncustomer. customer (j) General Accounting Office requests. (k) Federal Housing Finance Board requests. (l) Department of Veterans Affairs. [Reg. S, 61 FR 29640, June 12, 1996] § 219.5 Conditions for payment. (a) Direct costs. i.e., (b) Compliance with legal process, request, or authorization. (c) Itemized bill or invoice. [Reg. S, 61 FR 29641, June 12, 1996, as amended at 74 FR 50108, Sept. 30, 2009] § 219.6 Payment procedures. (a) Notice to submit invoice. (b) Special notice. [Reg. S, 61 FR 29641, June 12, 1996; 61 FR 32317, June 24, 1996] Subpart B—Recordkeeping and Reporting Requirements for Funds Transfers and Transmittals of Funds Authority: 12 U.S.C. 1829b(b)(2) and (3). Source: 60 FR 233, Jan. 3, 1995, unless otherwise noted. § 219.21 Authority, purpose and scope. This subpart of Regulation S (12 CFR part 219, subpart B) is issued by the Board under the authority of section 21(b) of the Federal Deposit Insurance Act (12 U.S.C. 1829b), as amended by the Annunzio-Wylie Anti-Money Laundering Act of 1992 (Pub. L. 102-550, title XV; 106 Stat. 3672, 4044), which authorizes the Board and the Secretary of the Treasury jointly to prescribe recordkeeping and reporting requirements for domestic wire transfers by insured depository institutions; and which also requires the Board and the Treasury jointly to prescribe recordkeeping and reporting requirements for international wire transfers by insured depository institutions and by nonbank financial institutions. The definitions and recordkeeping and reporting requirements referenced in this subpart are promulgated and administered jointly by the Board and the Treasury and are codified in 31 CFR 1010.100, 1010.410(e), and 1020.410(a). This subpart does not apply to a particular person or class of persons or a particular transaction or class of transactions to the extent that the Treasury has determined that 31 CFR 1010.410(e) or 1020.410(a) do not apply to that person, transaction, or class of persons or transactions. These recordkeeping and reporting requirements will assist in the prosecution of money laundering activities and are determined to have a high degree of usefulness in criminal, tax or regulatory investigations or proceedings. [60 FR 233, Jan. 3, 1995, as amended by Reg. S, 61 FR 58975, Nov. 20, 1996; 77 FR 65097, Oct. 25, 2012] § 219.22 Definitions. The following terms are defined in 31 CFR 1010.100 under the joint authority of the Board and the Treasury: Accept. Beneficiary. Beneficiary's bank. Established customer. Execution date. Funds transfer. Intermediary bank. Intermediary financial institution. Originator. Originator's bank. Payment date. Payment order. Receiving bank. Receiving financial institution. Recipient. Recipient's financial institution. Sender. Transmittal of funds. Transmittal order. Transmittor. Transmittor's financial institution. [60 FR 233, Jan. 3, 1995, as amended by Reg. S, 77 FR 65098, Oct. 25, 2012] § 219.23 Recordkeeping and reporting requirements. (a) Domestic and international funds transfers by insured depository institutions. (b) International transmittals of funds by financial institutions other than insured depository institutions. [60 FR 233, Jan. 3, 1995, as amended by Reg. S, 77 FR 65098, Oct. 25, 2012] § 219.24 Retention period. All records that are required to be retained by this subpart shall be retained for a period of five years. All these records shall be filed or stored in such a way as to be accessible within a reasonable period of time, taking into consideration the nature of the record and the amount of time that has expired since the record was made. Any records required to be retained by this subpart shall be made available to the Board upon request.