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The Federal Reserve is taking steps to increase transparency in the Jovias global financial services network by revising its transparency guidelines.
The Fed has updated its transparency rules to include a provision for public disclosure of certain information that would be otherwise prohibited from public disclosure.
The new rules will also require banks to disclose certain customer data including customer account numbers, credit card numbers, payment terms, and balances.
“We’re also updating the terms of service to include the provision for transparency and to require that customers have access to customer data in their accounts,” Federal Reserve President Ben Bernanke said Thursday.
The new regulations were finalized on Monday.
They will require banks and financial institutions to report information on their customer service, customer service contact information, credit reporting information, customer transactions, and credit scores.
It is not clear when the new regulations will go into effect.
The regulations were issued in response to the recent scandal in which JPMorgan Chase and Citigroup allegedly manipulated LIBOR, or the London Interbank Offered Rate, and hid the price data.
The Federal Reserve said the changes will improve transparency by providing banks and other financial institutions with the ability to provide customers with the same information they would have received from the Federal Reserve, the Federal Deposit Insurance Corporation, or any other public entity.
“The financial sector is at the forefront of innovation and it’s important to ensure that our regulators, who are the best and brightest, have the information they need to make smart investments in the future,” Bernanke told reporters Thursday.