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Records Retention Schedule
Contributed by:CIO‚ Back Office/Deposit Operations
Asset size: Bank with between $250m - $500m
Location: West
Description: Record Retention Schedule for small commercial bank

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MORE PEER CONTRIBUTED DOCUMENTS:

24 Documents 25 Answers 19 Exam Watches 2 Vendor Reviews

Record Retention Schedule
Asset size: with under $250m
Description: A useable record retention schedule.
Records Retention Schedule
Asset size: with under $250m
Description: This schedule was compiled by a compliance liasion for several small community banks in New York State.
Retention Manual
Asset size: with between $250m - $500m
Description: RETENTION PERIOD Time is the focal point of a records retention program. The determination of time periods is based on: • Use of records in day-to-day operations. • Applicable laws and regulations of state and federal governments and regulatory bodies. • Advice of legal counsel. • State statute of limitations. STORAGE OF INACTIVE RECORDS 1. The records retention schedule will indicate when records become inactive and can be moved into storage. 2. The decision concerning where and how records are to be stored is dependent on the value of the records. For maximum protection, valuable records should be kept in steel fire-resistant files. ACCOUNTING Accrual records 3 years Advices 2 years Advices 2 years Affidavits, Bonds of Indemnity and all Pertinent information pertaining to Issuance of duplicate checks 5 years after paid


RELATED QUESTIONS AND ANSWERS:
Q
Retention guidelines- best place to look?
Asked by: VP,‚ Audit
Asset size: Bank with
Location:WI

Small community bank in Wisconsin. FDIC is our regulator. I am looking for the best resource(s) to use to develop a bank wide retention policy for both electronic (emails, data files) and non-electronic (loan paid files, deposit and operations records,etc) items. Right now retention is handled at the department level. Prefer something very comprehensive and user friendly where I can pick out the items that we work with and clearly determine how long we need to retain it. Also needs to pass regulator scrutiny. A vendor or data base that regularly updates would be really cool. Thank you
A
Answered by:VP, ‚ Back Office/Deposit Operations
Asset size: Bank with over $1b
Location: CA

I recommend that you look to your state and federal regulators as well as bank communitie...
Q
record retention
Asked by: Back Office/Deposit Operations
Asset size: Bank with
Location:IL

Does anyone have a source for record retention requirements, both state and federal?

We are located in the state of Illinois.
A
Answered by:COO, ‚ Compliance/BSA/Legal
Asset size: Bank with between $250m - $500m
Location: NJ

The Financial Managers Society's Record Retention Manual is a great source. They are even...


RELATED EXAM EXPERIENCES:
FDIC - Compliance | July 2012
exam experience posted by a President‚ President from member with under $250m in assets
More questions focused on third-party service providers and the related contracts and due diligence.
FDIC - BSA/AML | October 2012
exam experience posted by a Manager‚ Compliance/BSA/Legal from member with under $250m in assets
#1 Examiners requested Risk Rating for loans sold within 2-3 weeks of closing. #2 Why did we use the FFIEC BSA Record Retention Requirements as our BSA document retention schedule, it was not acceptable we should have wrote our own. #3 Reviews of High Risk customers are completed every 6 months? #4 Asked to review transactional activity outside the scope of the exam.
FDIC - Compliance | June 2012
exam experience posted by a Compliance/BSA/Legal from member with under $250m in assets
There really were no questions that were asked that were unexpected.

RELATED VENDOR REVIEWS:
Offsite Media Record Storage Services
Assured Record Storage
Offsite Paper Record Storage Services
Assured Record Storage

 
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