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E-mail Record Retention
by Andy Zavoina, BOL Guru
Guru Bios
Question: What are the requirements for e-mail record retention for banks?
Answer: I try to follow the rule of paper. If this were on paper, how long would you retain it, if you retained it at all?
There are no special rules in the world of compliance that pertain to email retention. If this addresses a complaint/inquiry under RESPA, Reg. E or Z or perhaps fair lending (CRA) you certainly would have to react to it and would likely retain it in a file, somewhere. If it were on paper and you'd keep it, keep it in e-form or print with all the header information and file it as you would a traditional correspondence. If you save it electronically, know where it is and that it exists when you need it.
Two exceptions to the advice above are SEC rules and Sarbanes-Oxley. If you are dealing in SEC or SOX requirements, you may need to retain specific correspondence. Under SOX I believe it is Section 404, and under SEC rules refer to NYSE Rule 342 and NASD Rule 3010 which require you to establish, maintain and enforce a supervisory system relating to retention of electronic communications.
First published on BankersOnline.com 6/12/06
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