| Attachment | Size |
|---|---|
| dfr-regulation-banking-b-2014-01-record-retention.pdf (254.56 KB) | 254.56 KB |
REGULATION B-2014-01
RECORD RETENTION
FINANCIAL INSTITUTIONS, CREDIT UNIONS,
INDEPENDENT TRUST COMPANIES & LICENSEES
(This Regulation Replaces Regulation B-92-1)
(Effective Date - July 1, 2014)
SECTION ONE: APPLICABILITY AND SCOPE
1.1 This regulation ("Regulation") is issued pursuant to 8 V.S.A. §§ 15, 2214, 2766, 2914, 11301, and 30401.
1.2 This Regulation applies to:
a. financial institutions as defined in 8 V.S.A. § 11101(32);
b. credit unions as defined by 8 V.S.A. § 30101(5);
c. independent trust companies regulated under 8 V.S.A. Chapter 77; and
d. all other state licensed financial businesses regulated under Parts 2, 5, and 6 of Title 8 V.S.A., including: Licensed Lenders; Mortgage Brokers; Loan Servicers; Sales Finance Companies; Money Servicers; Check Cashing & Currency Exchangers; and Debt Adjusters
(the “Institutions”).
The types of Institutions included in these definitions shall include federally or nationally chartered Institutions, insofar as this Regulation does not contravene paramount federal law.
1.3 The general intent of this Regulation is to require 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 a loan, as applicable. Notwithstanding the foregoing, this Regulation requires that certain records be held longer than seven years and gives Institutions the option to hold some records for less than seven years, as set forth in Appendix I.
1.4 This Regulation applies to records created on or after July 1, 2014.
1.5 This Regulation does not apply to those records created prior to July 1, 2014. The retention period applicable to such records shall be the period required at the time such record was created.
SECTION TWO: PROCEDURES
2.1 An Institution shall adopt and implement a written record management policy that includes:
a. retention periods for all of the Institution’s records;
b. the manner of retention;
c. the method of disposal of such records upon expiration of the retention period; and
d. procedures to protect records from theft, fire, vandalism, loss, damage, or unauthorized access.
In addition to the retention requirements, any record that contains confidential information should be treated in accordance with the Institution’s confidentiality, privacy, and security policies.
2.2 Institutions shall retain all records for at least the minimum time period specified in this Regulation.
2.3 If the Institution does not maintain a record enumerated in this Regulation, but maintains a similar record with equivalent information, the Institution's records shall be retained for the period of time specified herein for such equivalent records.
2.4 In the event a retention period imposed by other state laws or regulations, federal laws or regulations, court orders, other governmental agencies, or Institution policies conflicts with the retention period set forth in this Regulation, the longer retention period shall control.
2.5 Records that are not specifically enumerated in this Regulation, but that are subject to retention requirements pursuant to other state laws or regulations, federal laws or regulation, court orders, or Institution policies, shall be retained for the period specified by such applicable requirement.
2.6 Records that are not specifically enumerated in Appendix I of this Regulation and that are not subject to retention requirements pursuant to other state laws or regulations, federal laws or regulation, court orders, or Institution policies may be destroyed at the end of seven (7) years from the date of the transaction or at the end of seven (7) years from the payoff date of a loan, as applicable, upon authorization of the Institution’s governing body.
2.7 Records that are not specifically enumerated in Appendix I, that are not subject to retention requirements pursuant to other state laws or regulations, federal laws or regulations, or court orders, and are not part of an actual transaction or loan may be destroyed at the discretion of the Institution as specified in its record retention policy as authorized by the Institution’s governing body.
2.8 The content of the record and not the medium in which it is sent or received determines the applicable record retention period. (For example, a document received by e-mail may be correspondence, a promissory note, or a casualty liability policy depending on the content of the e-mail.)
2.9 All records must be maintained in a form and manner that is consistent with reasonable business practices and with any applicable law or regulation. Without limiting the foregoing, records may be maintained in original form, as a copy thereof, or in a manner that can accurately produce, regenerate, or transmit the original record. Records retained in paper, photograph, microprocess, magnetic, digital, mechanical or electronic media, or in or by any other information storage device or process which forms a durable medium shall be treated as the equivalent of original records for purposes of compliance with this Regulation.
2.10 Institutions shall dispose of records in accordance with the Vermont Document Safe Destruction Act, 9 V.S.A. Chapter 62, subchapter 4, or any successor to such Act, to the extent such Act applies to the Institution.
SECTION THREE: ELECTRONIC DATA PROCESSING
3.1 Retention periods specified for records listed in this Regulation apply to equivalent records produced or maintained by means of electronic data processing.
3.2 An Institution shall adopt and implement a written policy to protect electronic data processing files from theft, fire, vandalism, loss, damage, or unauthorized access.
SECTION FOUR: SANCTIONS
4.1 In addition to any other sanctions available to the Commissioner, violations of this Regulation are subject to the provisions of 8 V.S.A. Chapter 201, subchapter 6.
APPENDIX I
|
RECORDS THAT REQUIRE PERMANENT RETENTION |
||
|
Articles of Incorporation or Other Association, Bylaws and Other Records of Organization, Amendments, etc. |
Permanent |
Administration - General |
|
Capital Stock Certificates - Cancelled |
Permanent |
Administration - General |
|
Capital Stock Certificate Records and/or Stubs |
Permanent |
Administration - General |
|
Capital Stock Ledger (Shareholders) |
Permanent |
Administration - General |
|
Capital Stock Transfer Ledger/Register |
Permanent |
Administration - General |
|
Certificates of Authority/Approval, Charter |
Permanent |
Administration - General |
|
Charged-off Asset Records |
Permanent |
Investments, Loans, Loans - Real Estate |
|
General Ledger (Income & Expense, Statement of Condition) |
Permanent |
Accounting & Auditing, General Ledger |
|
Member Lists - Non-profit, Cooperative, Limited Liability and Mutual Entities |
Permanent |
Administration - General |
|
Minutes Book of Meetings (Stockholder, Members, Directors) |
Permanent |
Administration - General |
|
Minutes of Audit, Credit & Supervisory Committee Meetings |
Permanent |
Administration - General |
|
Minutes of Investment &Trust Committee Meetings |
Permanent |
Administration - General |
|
Reports of Examination and Responses – State and Federal |
Permanent |
Administration - General |
|
Surety Bond |
Permanent |
Administration - General |
|
Unclaimed or Escheated Property Report |
Permanent |
Correspondent Accounts, Deposits - Savings & Time, Deposits - Transaction, Individual Retirement Accounts, Safe Deposit & Safekeeping |
TRUST RECORDS
|
MINIMUM RECORD RETENTION PERIODS |
|
|
ACCOUNTING & AUDITING |
|
|
Deposit Confirmations |
3 Years |
|
General Ledger (Income & Expense, Statement of Condition) |
Permanent |
|
Loan Confirmations |
3 Years |
|
Reconcilements to General Ledger |
3 Years |
|
ADMINISTRATION (CORPORATE) |
|
|
General |
|
|
Articles of Incorporation or Other Association, Bylaws and Other Records of Organization, Amendments, etc. |
Permanent |
|
Capital Stock Certificates - Cancelled |
Permanent |
|
Capital Stock Certificate Records and/or Stubs |
Permanent |
|
Capital Stock Ledger (Shareholders) |
Permanent |
|
Capital Stock Transfer Ledger/Register |
Permanent |
|
Certificates of Authority/Approval, Charter |
Permanent |
|
FDIC Assessment Base Records Determination |
5 Years |
|
Member Lists - Non-profit, Cooperative, Limited Liability and Mutual Entities |
Permanent |
|
Minutes Book of Meetings (Stockholder, Members, Directors) |
Permanent |
|
Minutes of Audit, Credit & Supervisory Committee Meetings |
Permanent |
|
Minutes of Investment & Trust Committee Meetings |
Permanent |
|
Reports of Examination and Responses – State and Federal |
Permanent |
|
Statements of Directors and Principal Officers |
3 Years |
|
Insurance |
|
|
Blanket Bond & Employee Bonds & Fidelity Bonds |
21 Years |
|
Bonds of Indemnity |
7 Years After Cancellation |
|
Casualty Liability Policies |
3 Years |
|
Fire, Accident & Liability Policies |
21 Years |
|
Records of All Insurance Policies (Showing Policy Numbers, Premiums Paid, and Amounts Recovered) |
3 Years |
|
Surety Bond |
Permanent |
|
COLLECTIONS (not related to Debt Collection) |
|
|
Collection Payment Records |
1 Year |
|
Collection Register |
1 Year |
|
Coupon Cash Letters (Outgoing) |
1 Year |
|
Incoming Collection Letters |
1 Year |
|
Incoming Contract or Note Letters |
7 Years After Closing |
|
Outgoing Collection Letters and Register |
1 Year |
|
Settlement |
3 Years |
|
CORRESPONDENT ACCOUNTS (DUE TO & DUE FROM) |
|
|
Advices & Drafts |
3 Years |
|
Incoming Cash Letter Memos |
3 Years |
|
Information and Documents Pertaining to Issuance of Duplicate Checks and Drafts |
7 Years After Check Draft Paid |
|
Records of Foreign Financial Accounts |
7 Years After Account Closed |
|
Resolutions |
7 Years After Account Closed |
|
Signature Cards |
7 Years After Account Closed |
|
Statements & Reconcilements |
3 Years |
|
Unclaimed or Escheated Property Report |
Permanent |
|
Unclaimed or Escheated Property – Records of Ownership |
10 Years After Surrender of Funds to the State Treasurer’s Office |
|
Undelivered Statements and Canceled Checks |
2 Years |
|
CREDIT CARDS/DEBIT CARDS/STORED VALUE |
|
|
Credit Applications and Information (Declined) |
25 Months |
|
Transaction History |
7 Years After Account Closed |
|
CUSTOMER SERVICE |
|
|
Change in Address |
1 Year |
|
Correspondence |
3 Years |
|
Securities Buy and Sell Orders |
3 Years After Date of Order |
|
DEPOSITS - SAVINGS & TIME |
|
|
Affidavits of Lost Passbooks and Records of Transactions Based Thereon |
7 Years After Closing |
|
Certificates of Deposit |
7 Years After Closing |
|
Copies of Advices of Deposits |
2 Years |
|
Copies of Advices of Debits and Credits |
2 Years |
|
Customer Statements |
3 Years |
|
Interest Report (Accrual Records) |
3 Years |
|
Power of Attorney |
7 Years After Closing |
|
Resolutions and Customer Authorizations |
7 Years After Closing |
|
Signature Cards, unless escheated |
7 Years After Closing |
|
Surety Bond for Lost Certificate |
7 Years After Closing |
|
Taxpayer ID# or SS# of Depositor |
7 Years After Closing |
|
Unclaimed or Escheated Property Report |
Permanent |
|
Unclaimed or Escheated Property – Records of Ownership |
10 Years After Surrender of Funds to the State Treasurer’s Office |
|
DEPOSITS - TRANSACTION (CHECKING, SHARE, MONEY MARKET) |
|
|
Account Analysis (Work Sheets or Cards, Average Balance Cards, Interest Computation Records, Service Charge Records) |
2 Years |
|
Bookkeepers Daily List of Checks Charged in Total to Customer Accounts (Short Lists) |
2 Years |
|
Copies of Advices of Deposits |
2 Years |
|
Copies of Advices of Debits and Credits |
2 Years |
|
Customer Statements |
3 Years |
|
Daily Reports of Overdrafts |
6 Months |
|
Individual Ledgers |
2 Years |
|
Kiting Suspect Report |
6 Months |
|
Partnership Agreement and Authority |
7 Years After Closing |
|
Resolutions and Customer Authorizations |
7 Years After Closing |
|
Service Charges |
2 Years |
|
Signature Cards, unless escheated |
7 Years After Closing |
|
Statement Mailing Order |
1 Year |
|
Statement Receipt Cards |
1 Year |
|
Stop Payment Order |
1 Year |
|
Transaction Journal |
3 Years |
|
Unclaimed or Escheated Property Report |
Permanent |
|
Unclaimed or Escheated Property – Records of Ownership |
10 Years After Surrender of Funds to the State Treasurer’s Office |
|
GENERAL |
|
|
Correspondence |
3 Years |
|
Night Depository Agreements |
7 Years After Termination of Agreement |
|
Securitization |
7 Years After Termination |
|
Vault Records, Openings and Closings |
1 Year |
|
GENERAL LEDGER |
|
|
Income & Expense Statement |
Permanent |
|
Statement of Condition |
Permanent |
|
INTERNATIONAL DEPARTMENT/WIRE/MONEY TRANSFER |
|
|
Foreign Asset Control Records |
3 Years |
|
Foreign Draft Applications |
5 Years |
|
Foreign Mail Transfer Applications |
5 Years |
|
Letters of Credit Applications |
7 Years After Payment in Full |
|
INDIVIDUAL RETIREMENT ACCOUNTS |
|
|
Account Agreements |
7 Years After Last Distribution |
|
Customer Statements |
3 Years |
|
Signature Cards, unless escheated |
7 Years After Closing |
|
Taxpayer ID# or SS# of Depositor |
7 Years After Closing |
|
Unclaimed or Escheated Property Report |
Permanent |
|
Unclaimed or Escheated Property - Records of Ownership |
10 Years After Surrender of Funds to the State Treasurer’s Office |
|
INVESTMENTS |
|
|
Charged-off Asset Records |
Permanent |
|
Credit Information Regarding Securities Underwritten or Purchased for Own Account |
7 Years After Closing |
|
LOANS (excluding REAL ESTATE LOANS) |
|
|
Charged-off Asset Records |
Permanent |
|
Correspondence |
3 Years |
|
Credit Applications and Information (Declined) |
25 Months |
|
Credit Files |
7 Years After Closing |
|
Evidence of Compliance With Fair Credit Reporting Act |
2 Years After Closing |
|
Evidence of Compliance with Regulation Z Truth in Lending |
3 Years After Each Required Disclosure |
|
Letter of Credit Applications |
7 Years After Payment in Full |
|
Note or Discount Register (If Used as Book of Original Entry With Descriptions) |
6 Years After Termination of Account |
|
Resolutions for Commercial Loans |
7 Years After Closing |
|
Statement Regarding Loan Secured by Stock |
7 Years After Closing |
|
Transaction History |
7 Years After Closing |
|
LOANS - REAL ESTATE |
|
|
Charged-off Asset Records |
Permanent |
|
Evidence of Compliance with Fair Credit Reporting Act |
2 Years |
|
Evidence of Compliance with Regulation Z Truth in Lending |
3 Years After Each Required Disclosure |
|
Guaranteed Loans Complete Files |
7 Years After Termination |
|
Home Mortgage Disclosure Act Information |
5 Years |
|
Ledger Cards |
7 Years After Termination |
|
Record of Deeds |
40 Years |
|
RESPA Settlement Statements |
2 Years After Closing Account |
|
PERSONNEL |
|
|
Advertisements and Notices |
1 Year After Personnel Action |
|
Attendance Records (Time Cards) |
3 Years |
|
Employment Application (Rejected) |
1 Year |
|
Occupational Safety and Health Act (OSHA) Forms |
5 Years |
|
PROOF, CLEARING, AND TRANSIT |
|
|
Copies of Advices of Corrections |
3 Years |
|
Incoming Cash Letters |
3 Years |
|
In-clearing Proof Sheets and/or Tapes |
3 Years |
|
Out-clearing Proof Sheets and/or Tapes |
3 Years |
|
Outgoing Cash Letters |
3 Years |
|
SAFE DEPOSIT & SAFEKEEPING |
|
|
Leases or Contracts, Closed Accounts |
7 Years After Closing |
|
Signature Cards, unless escheated |
7 Years After Closing |
|
Taxpayer ID# or SS# of Depositor |
7 Years After Closing |
|
Unclaimed or Escheated Property Report |
Permanent |
|
Unclaimed or Escheated Property - Records of Ownership |
10 Years After Surrender of Funds to the State Treasurer’s Office |
|
TELLERS |
|
|
ATM & Night Deposit Envelopes |
3 Months |
|
Cash Item Register |
2 Years |
|
Cashier, Certified, Official, Treasurers Checks |
7 Years After Clearing |
|
Tellers’ Blotter of Journals |
1 Year |
|
Tellers’ Difference Record |
1 Year |
|
Vault Records, Openings and Closings |
1 Year |
|
TRUST RECORDS |
|
|
Corporate Trusts & Employee Benefit Plans |
|
|
Accounting of Other Fiduciaries and Decrees, Receipts, or Releases Settling Accounts |
7 Years After Termination of Trust Account |
|
Bond Ledger |
7 Years After Termination of Trust Account |
|
Brokers’ Purchase and Sale Confirmation |
3 Years |
|
Brokers’ Statements |
3 Years |
|
Buy and Sell Orders |
3 Years |
|
Corporate Trust Ledger |
21 Years |
|
Correspondence |
7 Years After Termination of Trust Account |
|
Governing Instruments |
21 Years After Termination of Trust Account |
|
Receipts or Disposition for Canceled Stock Certificates, Canceled Bonds and Coupons |
7 Years After Termination of Trust Account |
|
Records of Stock Issuance & Transfer |
7 Years After Termination of Trust Account |
|
Registration Journals |
7 Years After Termination of Trust Account |
|
Trust Asset Records |
7 Years After Termination of Trust Account |
|
Trust Journals (If Source of Original Entry) |
7 Years After Termination of Trust Account |
|
Personal Trusts And Agency Relationships |
|
|
Accounting of Other Fiduciaries and Decrees, Receipts, or Releases Settling Accounts |
7 Years After Termination of Trust Account |
|
Brokers’ Confirmations |
3 Years |
|
Brokers’ Statements |
3 Years |
|
Buy and Sell Orders |
3 Years |
|
Correspondence |
7 Years After Termination of Trust Account |
|
Governing Instruments |
21 Years After Termination of Trust Account |
|
Inventory Records |
7 Years After Termination of Trust Account |
|
Letters of Appointment |
7 Years After Termination of Appointment |
|
Probate Records |
7 Years After Termination of Trust Account |
|
Receipts or Disposition for Canceled Stock Certificates, Canceled Bonds and Coupons |
7 Years After Termination of Trust Account |
|
Records of Stock Issuance & Transfer |
7 Years After Termination of Trust Account |
|
Trust Agreements |
7 Years After Date of Last Entry |
|
UNCLAIMED PROPERTY |
|
|
Unclaimed Deposit Account Withdrawal Tickets or Checks |
7 Years After Date Reportable |
|
Unclaimed or Escheated Property Deposit Ledgers (To Include Record of Date of Last Transaction or Communication From Owner) |
7 Years After Date Reportable |
|
Unclaimed or Escheated Property Report |
Permanent |
|
Unclaimed or Escheated Property - Records of Ownership |
10 Years After Surrender of Funds to the State Treasurer’s Office |