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Latest Compliance - Record Retention Topics

State Specific Record Retention Schedule

01/27/2019

We are working on our record retention schedule and were wondering if there is a record retention schedule for the state of Oklahoma that we need to be incorporating into ours?

Record Retention Period for MC Account Number?

08/26/2018

Is there a Record Retention Period for a MasterCard Account Number on file? We are the issuer of the card and the Bank continues to hold the account number on file even when it has expired. Do the same rules​,​ if any, apply for VISA?

Retention of Physical Deposit Hold Notices-Reg CC

02/05/2017

What is your view on retention of the physical deposit hold notices​ to meet Reg CC retention requirements? We recently converted our core system​ and have the opportunity to electronically record data used to populate​ deposit hold notices rather than retaining the physical forms.The data will​ be in the form of a report rather than a customer view of the notice.​ Parameters are set in the system for hold types, hold days, and makes consideration for multiple hold scenarios such as large deposit hold for​ amount over $5,000, two day availability for $4,800, and next day for $200.There is also a required field for facts to support reasonable cause holds​ when confidential information is selected.

Record Retention: Secondary Market Loans

02/14/2016

We are an electronic filing bank. All of our documents are scanned in and hard copies then shredded. On an MPF file (loans that are Secondary Market loans), how long do we need to keep the file once the loan has been sold/paid off?

"Blocking" Lenders from Viewing Documents

01/17/2016

We are now scanning all of our deposit and loan documents for our customers. Is there any reason to "block" our lenders from viewing all the documents - such as a drivers license? Currently our lenders are blocked from viewing all deposit documents as well as CIF documents - signature cards, resolutions, trusts, drivers license, etc. Our lenders are required to capture the information from the drivers license when completing the loan application. I can remember back when we had loan files that we weren't allowed to keep a copy of the DL in the file. But now that they are scanned, do they need to be "blocked" from certain employees for viewing?

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Most Popular Compliance Content

Authorized signers and multi-account signature card

03/23/2025

Currently, when a customer comes into the bank and wants to add an agent/attorney-in-fact under a power of attorney to their accounts, we print a signature card for each account and have the principal (if able) and agent sign the signature card(s). Whether there is one account or 20. However, we are talking about possibly using one signature card for all accounts. Can we just list each of the different account numbers on one signature card and use the one signature card for allaccounts?

Authorized signers and ChexSystems reports

03/09/2025

We have a legitimate business need/permissible purpose to pull ChexSystems reports on those looking to open a consumer account. We know we do not need to get a consumer's permission to do so if they are asking to open an account in their names. I was wondering if it works with business accounts (signers on business accounts as well). And will there be an issue if we report to ChexSystems?

When must we reimburse customer for UCC claim?

03/02/2025

When we (Bank B) send a UCC Breach Of Warranty Claim for missing endorsement to Bank A, how long does Bank B have to credit our customer for their missing endorsement claim? Assume the liability is on Bank A, due to missing endorsement and should reimburse Bank B in full. Does Bank B wait for full payment before reimbursement to customer or is there a UCC required timeframe for customer reimbursement?

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