AdvisX Record Retention Schedule Banks 2014-02-19

Record RetentionSchedule for BanksFeb 19, 2014

RECORD RETENTION SCHEDULE FOR BANKS2/19/2014This Record Retention Schedule created by AdvisX was designed to provide a summary of recordretention requirements of various regulations. Where specific requirements are not specified in aregulation, guidance is given based on best practices. We welcome any input users have for refining thischart. If you find any errors or have other suggestions, we invite you to share those with us for futureupdates to this schedule.Note: This guide has been prepared for informational purposes only and is not legal advice. You maywish to consult legal counsel for record retention requirements for your financial institution's specificcircumstances, particularly for retention requirements governed by the laws of your state.ADMINISTRATIVE RECORDSRETENTION PERIODCharterBylaws and amendmentsCertificate of FDIC insuranceCertificates or licenses to operate various governmentprograms (i.e. HUD, Savings Bonds, IRA)Minutes of meetings including annual shareholdersmeetings, board of directors, loan review committee, andaudit committeeAudit committee annual auditAudit committee records of customer account verificationAbandoned property: escheat reports (until payment tostate)Lists of all records destroyedCompliance Committee minutesPermanent retention Deposit account and loan balances for each customer’saccountA financial report listing all of the institution's assets andliabilitiesBank reconcilementsListing of the bank’s insurance policies and investmentsAudit reports and record of account verificationGeneral ledgerJournal and cash record and EDP daily proof listingDormant Accounts listingATM audit tape or network tapePersonnel Affirmative Action Plans (EEOC)Personnel Profit Sharing Plan & recordOff-premises record preservation logPermanent retention with on- andoff-site duplicates or back-ups Lists of officers and oath of office7 years Court orders7 years Power of Attorney15 years after expiration Call reports5 years COPYRIGHT 2014 ADVISX www.advisx.com 888.980.1949PAGE 2

RECORD RETENTION SCHEDULE FOR BANKSADMINISTRATIVE RECORDS2/19/2014RETENTION PERIOD Reports of examination5 years 1099 listing, summary3 years Security program and logUntil superseded Inventory of furniture and equipment and depreciationschedule2 years after disposal of furnitureand equipment or fullydepreciated Bond (premium receipts and dec. page)Current and last year’s Insurance policies2 years after expiration ofcoverage Insurance coverage reportCurrent and last year’s Personnel records6 years after termination Application and resumes approved3 years Application and resumes declined6 years Personnel attendance records3 years Safety deposit box access tickets2 years Canceled signature cards2 years after close Copies of rent (safety deposit box) receipts2 years Leases, contracts, and correspondence with vendors2 years after close Forced entry records6 years Records and/or contents of drilled safety deposit boxes6 years Payroll recordsNo specific recordkeepingrequirements. 4 years isrecommended to comply with FairLabor Standards Act, FederalInsurance Contribution Act,Federal Unemployment Act, etc.COPYRIGHT 2014 ADVISX www.advisx.com 888.980.1949PAGE 3

RECORD RETENTION SCHEDULE FOR BANKSADMINISTRATIVE RECORDS Immigration verification form (INS Form I-9)2/19/2014RETENTION PERIODLater of 3 years after the date ofhire or 1 year after the date oftermination per the ImmigrationReform & Control Act.COMPLIANCE REGULATIONSEvidence of Reg. B compliance Applications, supporting information, and requirednotifications (adverse action notices & ECOA notice) Pre-screened solicitations (text & criteria) Written complaints alleging violations of ECOA Self-tests information related to Fair Lending, if any Right to Appraisal Notice and/or waiver of that rightEvidence of Reg. E compliance Error-related documentation (notice of error from sender,support documentation, investigation) EFT error resolution documents (logs, spreadsheets,memos etc.) Wire Remittance Pre-payment Disclosure, receipt (2nd)disclosure, or combined disclosure*Evidence of Reg. Z compliance Applications, support materials TILA disclosures (initial & closing) New Loan Estimate Form* (effective 8/1/2015) New Closing Disclosure* (effective 8/1/2015) Right of Rescission forms Evidence of compliance with requirements regardingperiodic statements Copies of advertisements (including transcripts of non-printmedia) and Copies of marketing materials used by the institutionEvidence of Reg. CC complianceNo specific record retention requirements for holds placed, butinstitution must be able to prove compliance with funds availability,notices, and other aspects with its procedures.Evidence of Reg. DD compliance (Truth in Savings Act) Although a copy of each disclosure does not have to beretained; institution must show established procedures forpaying interest/dividends. Rate and balance informationmust be sufficient to verify interest paid on accounts.Sample disclosures needed.COPYRIGHT 2014 ADVISX www.advisx.com 888.980.1949RETENTION PERIOD25 months(12 months for business creditover 1 million gross revenues)2 years from date of notice oferror2 years2 years2 yearsPAGE 4

RECORD RETENTION SCHEDULE FOR BANKSCOMPLIANCE REGULATIONS2/19/2014RETENTION PERIODEvidence of Reg. C compliance (HMDA) Complete register (LAR) & Modified HMDA-LAR for public3 years Public disclosure statement5 yearsRegulation V: Evidence of Fair Credit Reporting Actcompliance Pre-approved/pre-screened credit offers (criteria,requirements for collateral, text)Evidence of Reg. X (RESPA) compliance HUD-1 (Good Faith Estimate) HUD-1A (Settlement form) New Loan Estimate Form* (Effective August 2015) New Closing Disclosure* (Effective August 2015) Applications, support information Documents related to kickbacks & unearned feesretention (24 C.F.R. §1024.14(h)) Affiliated Business Arrangement documents (24 C.F.R.§1024.21(c)) Servicing Disclosure Statement Record Keeping for Escrow Accounts (24 C.F.R.§1024.17(l))3 years5 years (longer for items underinvestigation or dispute)BSA Currency Transaction ReportsLarge currency transaction formsCorrespondence for law enforcement or other agencyCustomer Identification Program (CIP) Management certification of compliance with BankProtection Act (done every year)Suspicious Activity Report & supporting documentation COPYRIGHT 2014 ADVISX www.advisx.com 888.980.19495 years5 years from date of report (or upto 10 years for items underinvestigation)PAGE 5

RECORD RETENTION SCHEDULE FOR BANKS2/19/2014COMPLIANCE REGULATIONSRETENTION PERIODRegulation BB: Community Reinvestment Act CRA disclosure statement HMDA disclosure statement (if a HMDA-reportinginstitution) CRA public file Written comments or letters on CRA from the publicand bank responses Copy of the public section of the bank’s most recentCRA performance evaluation List of bank branches, addresses, geographies, andhours of operation. List of branches opened or closed by the bank duringthe current year and each of the prior two calendaryears with addresses and geographies. List of loan & deposit products, transaction feesgenerally offered at branches and descriptions ofmaterial differences in the availability of cost ofservices if any A map of each assessment area showing theboundaries of the area & identifying the geographiescontained within the area. Any other information the bank choosesCurrent and prior two years’ orone examination cycle, whicheveris greaterNational Flood Insurance Act Flood Hazard Determination forms Evidence of flood insurance if required Notices of force-placed flood insurance*Life of the loanRegulation D: Alternative Mortgage Parity ActNo specific recordkeepingrequirements.Regulation F: Fair Debt Collection Practices ActNo specific recordkeepingrequirements.Regulation G & H: SAFE Mortgage Licensing ActFI must submit and keep current(within 30 days) changes ininformation on Mortgage LoanOriginators on the NMLS Registry,but no in-house recordrequirements are made.COPYRIGHT 2014 ADVISX www.advisx.com 888.980.1949PAGE 6

RECORD RETENTION SCHEDULE FOR BANKS2/19/2014COMPLIANCE REGULATIONSRETENTION PERIODRegulation K: Purchasers’ Revocation Rights, sales practicesand standardsNo specific recordkeepingrequirements.There are advertising disclaimersregarding sale of subdivision lots,but no requirement to keepadvertising is mandated.Regulation L: Special Rules of PracticeNo specific recordkeepingrequirements.Regulation M: Consumer LeasingAdvertising and alternative disclosures (merchandise tags) relativeto consumer leasingRegulation N: Mortgage Acts and Practices – Advertising (Ifsubject to regulation N)2 years24 monthsAll materially different advertising, marketing and promotionalmedia regarding any mortgage credit productRegulation O: Mortgage Assistance Relief Services (If amortgage relief provider) All contracts/agreements between provider &consumers All written communications between provider &consumers prior to contract date and documentation All consumer files All sales scripts, training materials, marketingmaterials about relief services24 monthsRegulation P: Privacy of Consumer Financial InformationNo specific recordkeepingrequirements, but evidence ofprocedures recommended for oneexam cycle.Electronic Signatures in Global & National Commerce (E-SIGNAct)E-SIGN Act requires financial institutions to seek consumerconsent to the use of electronic records. Although individual formsdo not need to be kept, institutions must show that procedures arein place to ensure consent and to ensure retainable forms areprovided to consumers.COPYRIGHT 2014 ADVISX www.advisx.com 888.980.1949No specific recordkeepingrequirements, but evidence ofprocedures recommended for oneexam cycle.PAGE 7

RECORD RETENTION SCHEDULE FOR BANKSCOMPLIANCE REGULATIONSServicemember’s Civil Relief Act (SCRA)Loan documentation and work papers for any credit that has beendesignated under the SCRA for protection.Homeowners Protection Act (HOPA) PMI Disclosures Annual Notice of right to cancel PMI2/19/2014RETENTION PERIODLife of the loanLife of the loanFair Housing ActAll advertising and marketing is required to have the equal housingdisclosure or Fair Housing logotype.There is no requirement on howlong advertising and marketingmust be maintained. Butrecommended to keep for oneexam cycle.Ability to Repay (mortgage rules) (effective January 2014)Unknown specific items, but evidence of efforts to determineincome, assets, and other Ability to Repay factors likely.Required to keep “evidence ofcompliance” 3 years.HOEPA Rule (mortgage rules) (effective January 2014)Written list of housing counseling agencies that meets thesummary of data instructionsMust have list available for allfederal-related mortgageapplicantsLoan Originator Rule (mortgage rules) (effective January2014) Records of all compensation paid loan originatorsLoan Originator compensation agreements or contractsMORTGAGE SERVICING RULES* (Note: the Small Servicersexemption may apply.)3 years after the date of eachsuch receipt or paymentRETENTION PERIODMortgage Servicing File Schedule of transactions, instruments, communicationwith borrower notes, data fields relating to loan,documents provided to borrower regarding errorresolution or loss mitigation1 year after loandischarged/transferredPrompt Payment, Crediting & Statements Written requests and evidence of complianceNot specified; guidance 1 examcycleForce-placed insurance (disclosure letters)Not specified; guidance keep copyCOPYRIGHT 2014 ADVISX www.advisx.com 888.980.1949PAGE 8