Vendor Guru Q&A - Compliance

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Latest Compliance - Record Retention Topics

State Specific Record Retention Schedule

01/27/2019

We are working on our record retention schedule and were wondering if there is a record retention schedule for the state of Oklahoma that we need to be incorporating into ours?

Record Retention for Notary/Medallion Services

09/30/2018

Where can I find record retention guidelines? I'm looking for record retention for Notary/medallion services.

Record Retention Period for MC Account Number?

08/26/2018

Is there a Record Retention Period for a MasterCard Account Number on file? We are the issuer of the card and the Bank continues to hold the account number on file even when it has expired. Do the same rules, if any, apply for VISA?

Standard Document Retention Schedule Exist?

07/29/2018

Does a standard document retention schedule exist for banks to use as a guideline?

SAR Document Retention

06/24/2018

What are the guidelines for retaining SAR documentation?

Maintenance Forms Retention Period-Paid Off Loans

08/13/2017

I am inquiring on the retention period for maintenance forms on paid off loans.

Retention of Physical Deposit Hold Notices-Reg CC

02/05/2017

What is your view on retention of the physical deposit hold notices to meet Reg CC retention requirements? We recently converted our core system and have the opportunity to electronically record data used to populate deposit hold notices rather than retaining the physical forms.The data will be in the form of a report rather than a customer view of the notice. Parameters are set in the system for hold types, hold days, and makes consideration for multiple hold scenarios such as large deposit hold for amount over $5,000, two day availability for $4,800, and next day for $200.There is also a required field for facts to support reasonable cause holds when confidential information is selected.

Record Retention: Secondary Market Loans

02/14/2016

We are an electronic filing bank. All of our documents are scanned in and hard copies then shredded. On an MPF file (loans that are Secondary Market loans), how long do we need to keep the file once the loan has been sold/paid off?

"Blocking" Lenders from Viewing Documents

01/17/2016

We are now scanning all of our deposit and loan documents for our customers. Is there any reason to "block" our lenders from viewing all the documents - such as a drivers license? Currently our lenders are blocked from viewing all deposit documents as well as CIF documents - signature cards, resolutions, trusts, drivers license, etc. Our lenders are required to capture the information from the drivers license when completing the loan application. I can remember back when we had loan files that we weren't allowed to keep a copy of the DL in the file. But now that they are scanned, do they need to be "blocked" from certain employees for viewing?

Record Retention Period for Complaint Info

09/13/2015

What is the record retention period for customer complaint information?

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Board Approval for Policies

Question: Does the Board need to approve our record retention policy as well as our record retention schedule?

Record Retention of Audit Work Papers

Question: What is the record retention period for audit work papers?

Written Notification- Credit for Unauthorized ACHs

09/15/2019

Are financial institutions required to give written notifications to customers when the bank gives credit for unauthorized ACHs?

Printing Acct. Statements for Deceased Customers

09/15/2019

We occasionally have customers that have passed away and have no beneficiaries on the account. Do we have to continue to print their account statements monthly or can we change it to print annually?

Letter Template for Legal Issues

09/15/2019

Do you have a form letter template or suggested text that can be used when we receive a legal issue from outside a jurisdiction we would otherwise have to honor, stating we will not be responding and that legal issues must come from our areas we are subject to?

BSA Risk for Coin Operated Amusement Machines

09/08/2019

Can you refer me to the guidance for assessing the BSA risk for coin operated amusement machines operated in convenience stores who happen to be a customer of our community bank?

Account Owner & Beneficiary Deceased

09/08/2019

We are in Oklahoma. Our account owner has died, and her beneficiary is also deceased. Who gets the funds? Will it need to probate? The amount is less the $1000.00 and the family can't afford to see a lawyer.

Latest Compliance - Record Retention Topics

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