FACTA and Recordkeeping

One provision of FACTA requires timely destruction of consumer information from consumer reports. Look for regulations on record retention and destruction for consumer credit reports. This part of the act affects all files, including business purpose loans, where the institution has obtained a credit report. Since Regulation B requires a 25-month retention period and BSA a 5 year retention period, any rule on this should be interesting.

Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 16, 1/04