Retaining Returned "Bad Address" Privacy Notices

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Question:

I would like to know if there are retention requirements for annual privacy notices that have been returned for "bad address." I have a box of them from 2002. I don't know if I need to continue to store them or can they be shredded? I have researched this and can't find this addressed in the Act anywhere.

Answer:

Regulation P and its parallel regulations do not have any record retention requirements regarding distribution of the privacy notices; you do not have to keep those that are returned to you as undeliverable.

First published on BankersOnline.com 3/7/05