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BSA Retention Policy & Loan Documents
Answer by Randy Carey, BOL Guru
Guru Bio
Question: What loan documents does BSA affect in a retention policy? How long are these items supposed to be kept?
Answer: Sec. 103.33- Records to be made and retained by financial institutions:
Each financial institution shall retain either the original or a microfilm or other copy or reproduction of each of the following:
(a) A record of each extension of credit in an amount in excess of $10,000, except an extension of credit secured by an interest in real property, which record shall contain the name and address of the person to whom the extension of credit is made, the amount thereof, the nature or purpose thereof, and the date thereof;
(d) A record of such information for such period of time as the Secretary may require in an order issued under Sec. 103.26(a), not to exceed five years.
First published on BankersOnline.com 3/24/08
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