Expert Quote: "If the Basel Committee or its members did not protect the data's confidentiality, then banks might not voluntarily provide the data." On Thursday, the Government Accountability Office issued a report warning the OCC to clarify which documents related to the Basel committee are considered federal records under the Federal Records Act. "The Basel Committee expects members to treat Committee work as confidential," the report states. In addition, civil or criminal penalties could be applied to staff who disclose certain confidential information, according to agency officials." The Basel committee describes itself as playing a "crucial role" in reducing risks in the global banking system by promoting consistent, high-quality supervision and addressing gaps in international oversight.