This Regulation outlines record retention requirements for financial institutions, credit unions, independent trust companies, and other persons licensed by the Banking Division of the Department of Financial Regulation ("Department"). Generally, the Regulation requires that an institution be able to rebuild a transaction for seven years from the date of the transaction or seven years from the payoff date of the loan, whichever is applicable. Exceptions to the general seven year rule are set forth in Appendix I of the Regulation.
This regulation sets forth certain conditions pertaining to state chartered credit unions. It establishes requirements regarding minimum bond coverages, director's acknowledgment of examinations, real estate loans, delinquent loans, community development credit unions, and fixed asset limitations.
Thomas J. Candon was appointed deputy commissioner of Banking in June 1993 and also served as deputy commissioner of the Securities Division from August 2008 to February 2014.
Mr. Candon has experience with a Vermont bank as a municipal services officer, investment and deposit services officer, mortgage banking manager, and operations division manager. He held registered securities representative and registered securities principal licenses while at the bank.