UPDATE 2: Republican memo likely to be released Thursday: White House official (Reuters)
UPDATE: Rep. Nunes responds:
“Having stonewalled Congress’ demands for information for nearly a year, it’s no surprise to see the FBI and DOJ issue spurious objections to allowing the American people to see information related to surveillance abuses at these agencies. The FBI is intimately familiar with ‘material omissions’ with respect to their presentations to both Congress and the courts, and they are welcome to make public, to the greatest extent possible, all the information they have on these abuses. Regardless, it’s clear that top officials used unverified information in a court document to fuel a counter-intelligence investigation during an American political campaign. Once the truth gets out, we can begin taking steps to ensure our intelligence agencies and courts are never misused like this again.”
Nunes Statement on FBI, DOJ Objections to release of HPSCI Memo (press release)
The FBI has issued a public statement urging President Trump not to release Rep. Devin Nunes' four-page memo, explaining the document written by the congressman's staff, possibly in coordination with the White House, contains inaccuracies and omits essential facts:
CNN:
"With regard to the House Intelligence Committee's memorandum, the FBI was provided a limited opportunity to review this memo the day before the committee voted to release it," the agency said in a statement. "As expressed during our initial review, we have grave concerns about material omissions of fact that fundamentally impact the memo's accuracy."
Earlier Wednesday, White House chief of staff John Kelly predicted the memo would be released "pretty quick" and then "the whole world will see it."
The Department of Justice at large also continues to urge the administration not to make the misleading document public. FBI Director Christopher Wray joined Deputy Attorney General Rod Rosenstein on a visit to speak with Chief of Staff John Kelly at the White House Monday.
WaPo:
... Rosenstein warned Kelly that the four-page memo prepared by House Republicans could jeopardize classified information and implored the president to reconsider his support for making it public ...
Rosenstein, who is supervising special counsel Robert S. Mueller III’s investigation into Russia’s interference in the 2016 election, said the Department of Justice was not convinced the memo accurately describes its investigative practices. He said making the document public could set a dangerous precedent ...
(...)
CNN:
The intelligence community's concern is that by revealing details of the Foreign Intelligence Surveillance Act warrant process, crucial elements of intel gathering will be revealed, potentially causing foreign intelligence targets to change behavior to avoid surveillance in the future.
Specifically, these intelligence officials are concerned that the memo will reveal what goes into a decision to monitor targets, including what kinds of communications are targeted, and how those communications are intercepted.
In addition, because the memo draws from highly classified information, the FBI would be limited in how it could respond to the memo's inaccuracies and correct the record.
WaPo:
Current and former law enforcement officials said a major concern inside the FBI is that the rules governing classified information will leave them handcuffed in trying to respond to the memo’s accusations. Senior FBI officials believe the allegations of abuse are inaccurate and unfair, but they also believe the FBI will not be able to effectively counter those claims because many of the details of any counter-argument would be classified, according to current and former officials.
But the deep misgivings expressed by the nation’s top law enforcement officials in recent days did not appear to have dissuaded the president. At Tuesday night’s State of the Union address, Trump was approached by Rep. Jeff Duncan, R-S.C., who urged him to let the memo become public.
“Don’t worry, 100 percent,” Trump responded, with a wave of his hand. The exchange was captured on a widely circulated video clip.
Now there are questions as to whether Nunes and/or his staff worked with the White House on drafting the memo.
CNN:
During the House Intelligence Committee's business meeting on Monday to vote on releasing the Nunes memo, Illinois Democratic Rep. Mike Quigley pressed Nunes about whether he or his staff had coordinated with the White House on the memo, Quigley told CNN on Wednesday.
Quigley said Nunes became "quite agitated" when pressed whether any of his staffers were involved in producing the memo, and refused to answer the question.
"I fully believe that Chairman Nunes has not changed his tactics. He began this investigation as a subsidiary of the White House, as someone who was coordinating with them rather than being an independent investigator," Quigley said. "There's reasonable belief that he was involved all the time."
FBI chief has 'grave concerns,' clashes with Trump over GOP memo (CNN)
FBI urges White House not to release GOP Russia-probe memo (NBC News)
White House postures over Nunes memo (CNN)
FBI challenges accuracy of GOP’s surveillance memo (WaPo)
FBI expresses "grave concerns" about Nunes memo [Includes Full FBI Statement] (Axios)