Hello ~ I cannot locate the requirement to retain records, including Nature or purpose of Loan, for an Extension of Credit in Excess of $10,000 (not secured by real property) in BSA 1020.410 and specifically 1020.410(c). I know for sure I have seen this referece in the past....but, I can't find it today. Any thoughts? Thank you.

Where are you looking; i.e. what resource are you using? The requirement has been part of the regulation since 1986.

The citation is slightly off:

§ 1010.410 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

It's part of the record retention requirements for financial institutions, not just banks.

Thank you Ken. I'm not sure why my word search didn't uncover that.

The "new" format for the BSA/AML regulations requires that you "peel away" the layers of the onion, starting at the most general level (1010) and working down to the more specific (1020). You can find requirements applicable to banks at both levels.