The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Federal Reserve Banks are amending their Operating Circular 1, "Account Relationships", effective July 1, 2001, to include a provision (6.3) governing protection by Reserve Banks of nonpublic personal information obtained by them. This provision is intended to satisfy the desire of our customers for assurance that their own customers privacy is being protected, as required by law. The amendments also include updates to other legal provisions, such as the provision governing security interests in assets to cover overdrafts (5.3) and the provision requiring that the account agreement be maintained as an official record of the bank (2.9).
The amendments do not include any changes to account procedures or to the forms appended to the circular, and should not require any changes in operations by account holders.
As previously indicated, the official version of this and other circulars can be found on the web at www.frbservices.org. From the home page, click on "Industry Topics" and then on "Operating Circulars."