Skip to content
BOL Conferences
Thread Options Tools
#14572 - 04/01/02 10:34 PM E-Sign & Record Retention
CalifDreamin Offline
Diamond Poster
CalifDreamin
Joined: Mar 2002
Posts: 2,262
Far from Calif
Do any of you interpret E-sign to say that we no longer need to retain originals of any documentation? The conservative banker in me says NO WAY, but some seem to be taking a different position than that.
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer
_._._._._._.
A.S.A.P.
Always
Say
A
Prayer
<><

Return to Top
General Discussion
#14573 - 04/01/02 10:57 PM Re: E-Sign & Record Retention
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
E-Sign has not changed records retention requirements. Except that now you have to remember how to retain electronic records if their paper equivalents have to be kept.

And don't forget the 90-day rule for access to web-based disclosures.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#14574 - 04/01/02 11:04 PM Re: E-Sign & Record Retention
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
I agree with John & would add that it sure would be nice to have evidence of how the ESIGN consent was handled. ESIGN doesn't require retention of this evidence, but I'd hate to go to court without it.
_________________________
...gone fishing.

Return to Top
#14575 - 04/01/02 11:44 PM Re: E-Sign & Record Retention
CalifDreamin Offline
Diamond Poster
CalifDreamin
Joined: Mar 2002
Posts: 2,262
Far from Calif
I should probably have explained my statement a little bit better. Do you read E-sign to allow you to destroy originals if you have placed them in electronic format regardless of what the document is?
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer
_._._._._._.
A.S.A.P.
Always
Say
A
Prayer
<><

Return to Top
#14576 - 04/02/02 02:45 AM Re: E-Sign & Record Retention
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
E-sign has not changed anything in this area. It may have increased an awareness. Document imaging is more of what you are discussing even though E-sign allows e-retention, but does so because paper doesn't need to exist.

In most cases imaged documents are enforceable. For that reason many banks are looking at saving the expense of paper retention.

Someone who has studied this form of retention more could better address this. I have reviewed materials and opinions, but nothing in a regulatory sense.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#14577 - 04/02/02 11:12 AM Re: E-Sign & Record Retention
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
This is truly a question for bank counsel, but I don't think you'll find that ESIGN was meant to address retention of records that originated in paper form--only records that are paperless from inception.
_________________________
...gone fishing.

Return to Top
#14578 - 04/02/02 05:05 PM Re: E-Sign & Record Retention
CalifDreamin Offline
Diamond Poster
CalifDreamin
Joined: Mar 2002
Posts: 2,262
Far from Calif
Thank you very much for your input!
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer
_._._._._._.
A.S.A.P.
Always
Say
A
Prayer
<><

Return to Top