Record Retention for Board Meeting Information

Posted By: Comply Central

Record Retention for Board Meeting Information - 08/11/20 09:02 PM

How long are we required to retain the Board Meeting Information Packets? I have read where the minutes themselves must be kept permanently, but could not find any guidance on the Board Books. Our packets are done electronically now, but we have so many from the past that are printed copies.
Posted By: rlcarey

Re: Record Retention for Board Meeting Information - 08/12/20 01:07 PM

Have you looked at your regulator's guidance and State law?

For example, from the OCC Director's Handbook:

Minutes should record the attendance of each director, other attendees, and directors’ votes or abstentions. The record of board meetings and activities should include all materials distributed to the board for informational, oversight, or monitoring purposes.
Posted By: P*Q

Re: Record Retention for Board Meeting Information - 08/12/20 03:50 PM

Our state banking association issues (for purchase) a records retention book that many banks in my state purchase and go by. Contains federal and state timeframes. Check with yours to see if the offer such a thing. Cheap money for a comprehensive guide.
Posted By: HappyGilmore

Re: Record Retention for Board Meeting Information - 08/12/20 04:37 PM

we have our board meeting minutes back to the creation of the bank in the late 1800s...so i'm probably not a good person to ask crazy

our president is a huge history buff and frequently will quote something of interest he found when reviewing the minutes, he has read them up through the late 1920s last I heard, and is planning on reading all up to when he started attending meetings
Posted By: Comply Central

Re: Record Retention for Board Meeting Information - 08/12/20 07:06 PM

Thank you all for your responses. We have I'd say, twenty plus years of printed copies. Someone was just hoping to do some cleaning out if possible. I feel like we should image the packets, but realize that would be a big project.
Posted By: #Just Jay

Re: Record Retention for Board Meeting Information - 08/12/20 08:50 PM

Sounds like a good end of summer or fall/winter break job for someone's kid.
Posted By: Rocky P

Re: Record Retention for Board Meeting Information - 08/13/20 11:35 AM

Image, remembering that the information is very sensitive, and needs to have additional retrieving security