AR1 Appeal of a Material Supervisory Determination
[Section 11-102-203.5,
C.R.S.]
A. Definitions
1. "Appellant." The institution filing an
appeal of a material supervisory determination. Colorado state-chartered
commercial banks, industrial banks, and trust companies are eligible
institutions and may appeal a material supervisory determination.
2. "Initial Appeal." The first appeal of a
material supervisory determination. The initial appeal is reviewed by the
Commissioner.
3. "Material
Supervisory Determination." For purposes of this rule, "material supervisory
determination" is defined as a determination involving:
a. Examination ratings, including safety and
soundness composite camels ratings, information technology ratings, and trust
department ratings;
b. The adequacy
of loan loss reserve provisions;
c.
Disputed asset classifications exceeding ten percent of total
capital;
d. Violations of law or
regulation; and
e. Other
determinations that may have an affect on an institution's capital, earnings,
operating flexibility, its capital category for prompt corrective action
purposes, or that otherwise affect the nature and level of supervisory
oversight of the institution.
A determination may not be appealed until it has been received
in writing by the appellant. A decision related to formal enforcement action
may not be appealed under this Rule. A material supervisory determination
remains in effect while under appeal, and until such time as it is modified or
overturned through the appeal process.
4. "Subsequent Appeal." Any appeal of the
findings of a prior appeal. Subsequent appeals are reviewed by the Banking
Board.
B. Procedures for
Filing An Appeal
1. An appeal must be filed
in writing with the Secretary to the Colorado State Bank Commissioner at 1560
Broadway, Suite 1175, Denver, Colorado 80202, within sixty (60) calendar days
of the appellant's receipt of the written material supervisory determination.
In order to be determined complete by the Commissioner, an appeal must include
a certified copy of the minutes of the meeting at which the appellant's board
of directors approved filing the appeal. If the appellant wishes to present
oral testimony, a request to do so should be contained in the appeal.
2. The written appeal must contain all the
facts and information the appellant intends to have considered in deciding the
appeal, but should not include information not available to the Division of
Banking at the time the material supervisory determination being appealed was
made.
3. An appellant may request
an extension of time for filing an appeal by sending a letter detailing the
reason(s) for the request to the Commissioner within the sixty (60) day period
for filing appeals. The request shall indicate why a complete appeal cannot be
filed within sixty (60) calendar days from receipt of the material supervisory
determination, and shall indicate the date by which the appellant will file the
appeal. The Commissioner may grant requests for extensions as circumstances
warrant.
C. Procedures
for Reviewing Appeals
1. The Commissioner
shall ensure that a letter acknowledging receipt of the appeal is sent to the
appellant within five (5) business days of receipt of the appeal. The letter
will acknowledge receipt of the appeal and inform the appellant when a
determination as to completeness will be made. In addition, the Commissioner
will provide the appellant with a copy of this Rule.
2. The Commissioner shall notify the
person(s) who made the material supervisory determination under appeal of the
receipt of the appeal, and provide that person(s) with a copy of the appeal.
The person(s) who made the determination will be given ten (10) business days
to gather documentation related to the material supervisory determination under
appeal and to provide additional written clarification of the matter under
appeal.
3. Within five (5) business
days of receipt of the appeal, the Commissioner will review the appeal to
determine if it is complete, if it is clear as to the matter being appealed and
the basis for the appeal, and if it concerns a material supervisory
determination. If the Commissioner determines that minor deficiencies in
information or clarity exist in the appeal, he/she will contact the appellant
by letter and request that specific additional documentation be forwarded to
the Commissioner within ten (10) business days.
4. If the information is not received within
the stated timeframe, the Commissioner may return the appeal to the appellant
together with a letter notifying the appellant of the deficiencies and stating
that the appeal may be refiled within thirty (30) calendar days.
5. If the Commissioner determines that the
appeal is substantially deficient in terms of clarity or information or does
not concern a material supervisory determination, he/she will return the appeal
to the appellant together with a letter outlining the deficiencies and stating
that the appeal may be refiled within thirty (30) calendar days. If the
appellant made the request to provide oral testimony to the Commissioner, the
appeal will not be deemed complete until the later of either the business day
after all oral testimony has been heard or additional written information is
received from the appellant, if such information is requested by the
Commissioner.
6. When the
Commissioner determines that the appeal is complete, he/she will notify the
appellant that a complete appeal was received. Upon the determination that the
appeal is complete, the Commissioner shall notify the Banking Board of the date
of receipt of a complete appeal and the date a final written decision is due.
The Commissioner shall request that Division of Banking staff provide any views
on the matter under appeal and he/she shall provide a date by which such
information must be received.
7. If
the appeal involves a joint material supervisory determination with another
regulatory agency, the Commissioner shall provide a copy of the complete appeal
to that agency upon determination that the appeal is complete. The Commissioner
will indicate the date of receipt of a complete appeal and the date a final
decision is required. The other agency will be provided an opportunity to
comment on the appeal in advance of a final decision.
8. Within sixty (60) calendar days of receipt
of a complete appeal, the Commissioner may, at his/her sole discretion, solicit
the views of the appellant, any Division of Banking staff involved in the
determination under appeal, Attorney General staff, and the staff of other
supervisory agencies. In addition, the Commissioner may conduct other forms of
independent research or investigation as he/she deems necessary to decide the
matter under appeal.
9. The
Commissioner shall issue written findings within ninety (90) calendar days of
receiving the complete appeal, unless the appellant and the Commissioner
jointly agree to extend the time for a decision. The written decision shall set
forth the basis for the Commissioner's conclusions, including the scope of the
review, and appropriate citations to legal authority, to Banking Board Rules,
to Division of Banking policies, and to documentation provided by the appellant
or the Division of Banking staff.
10. The Commissioner shall send the written
decision to the appellant by certified mail and will provide copies to the
person(s) who made the material supervisory determination.
D. Subsequent Appeal to the Colorado State
Banking Board
1. An appellant may appeal an
adverse determination by the Commissioner to the Banking Board within thirty
(30) calendar days of the appellant's receipt of the adverse decision. This
subsequent appeal shall include a certified copy of the minutes of the board of
directors' meeting at which the subsequent appeal was authorized.
2. The appeal shall be filed with the
Secretary to the Colorado State Banking Board at 1560 Broadway, Suite 1175,
Denver, Colorado 80202, and must include all facts and information that the
appellant intends for the Banking Board to consider. The Banking Board
Secretary shall forward a copy of the appeal to the chairman of the Banking
Board within five (5) business days after receipt of the appeal.
3. The Chairman of the Banking Board shall
review the appeal for informational completeness and clarity as to the matter
under appeal and shall notify the appellant of any deficiencies, consistent
with the procedures for initial appeals.
4. The Chairman of the Banking Board shall
obtain the record of the initial appeal from the Commissioner and provide the
Commissioner with a copy of the subsequent appeal. If the appeal raises issues
not addressed in the initial appeal, the person(s) who made the material
supervisory determination under appeal shall notify the Chairman of the Banking
Board. The Banking Board Chairman shall provide a reasonable period of time for
the person(s) who made the material supervisory determination to provide a
written response to the new material.
5. When the Chairman determines that the
subsequent appeal is complete, he/she shall:
a. Notify the appellant of receipt of a
complete subsequent appeal and of the due date for a final written
determination;
b. Notify the
Banking Board members of the date of the Banking Board meeting at which the
subsequent appeal will be discussed and decided;
c. Send a copy of the complete subsequent
appeal file and the complete initial appeal file to each member of the Banking
Board, and
d. Provide a copy of the
subsequent appeal file to any other regulatory agency that may have
participated in the underlying material supervisory determination, along with
notice of the date a final determination is required, and the due date for
receipt of that agency's comments.
6. The Banking Board shall hear oral
testimony from the appellant, if the appellant intends to present such
testimony, within ninety (90) days of receipt of the complete subsequent
appeal; and shall issue written findings within one hundred eighty (180)
calendar days of receiving the complete subsequent appeal, unless the appellant
and the Banking Board jointly agree to extend the time for decision.
7. The Banking Board shall send the written
decision to the appellant by certified mail and will provide a copy to the
Commissioner.
E. Failure
to comply with the procedures of this Rule shall result in a waiver of
subsequent appeal rights and judicial review of a material supervisory
determination.
F. Protection of
Appellant from Retaliation
1. Regardless of
the outcome of an appeal, the person(s) who directly participated in the
supervisory determination subject to appeal shall not participate in matters
affecting the appellant for at least one examination cycle, but in no case for
a period less than one year after the final decision of an appeal filed by the
appellant. In addition, in cases where the material supervisory determination
is overturned on appeal, the person(s) materially participating in the
determination shall not participate in matters affecting the appellant for one
year, or such longer period as the Commissioner determines to be appropriate.
The Commissioner, at his/her discretion, may extend further the recusal period
whenever such an extension is determined to be appropriate.
2. Eligible institutions that believe that
they have suffered retaliation as the result of an Appeal may contact the
Chairman of the Colorado State Banking Board at 1560 Broadway, Suite 1175,
Denver, Colorado 80202.
AR2 Definitions [Sections
11-101-101,
11-101-401, and
11-102-103, C.R.S.]
A. As used by the Banking Board, unless the
context otherwise requires:
1. "Code" means
the Colorado Banking Code, as amended from time to time;
2. "Board" means the Colorado Banking Board
appointed and serving pursuant to Section
11-102-103, C.R.S., and
3. "Commissioner" means the State Bank
Commissioner appointed and serving pursuant to the Colorado
Constitution.
AR3 Application Procedure. [Section
11-103-303, C.R.S.]
A. Persons desiring to organize a state bank
shall complete and submit such application forms as may be required by the
Commissioner from time to time. The Commissioner shall not accept for filing
any application that is not complete in accordance with the instructions
thereon. The Commissioner shall not accept for filing any application that does
not have attached thereto the filing fee in the amount and in the manner
prescribed by Paragraph (B) of this Rule.
B. Persons desiring to organize a state bank
must pay a filing fee in the amount set forth on the Colorado Division of
Banking fee schedule as established by the Banking Board pursuant to Section
11-102-104(11),
C.R.S., at the time of filing each application. The filing fee shall be paid by
cashier's check, or similar certified instrument in the specified amount,
payable to Colorado Division of Banking. If the application for
charter is withdrawn by the incorporators prior to the date set for public
hearing by the Banking Board, the Commissioner shall refund the filing fee to
the incorporators.
AR4 Protests to Applications for Charter [Section
11-103-304, C.R.S.]
A. Any person, firm, or corporation desiring
to protest an application for charter for a proposed bank shall file with the
Commissioner a notice of protest in accordance with the following schedule:
Notice of Hearing on Application for Charter Given
Prior to Hearing
|
Notice of Protest Due to be Filed with Commissioner
Prior to Hearing
|
Motion to Dismiss Due to be Filed with Commissioner
Prior to Hearing
|
30-60 days
|
20 days
|
15 days
|
60-90 days
|
40 days
|
30 days
|
90 days or more
|
60 days
|
45 days
|
B. Any
protest desiring to file a motion to dismiss a charter application based upon
defects in the application or in the notice of filing pursuant to Section
11-103-303, C.R.S. shall file such
motion within the time provided in the schedule in Paragraph (A) of this
Rule.
C. Any new bank granted
preliminary approval subsequent to the published notice of hearing shall not be
barred by this Rule from protesting an application for charter if the
requirements of this Rule are not met in a timely manner.
D. Failure to comply with either of the
requirements of this Rule may result in the denial of the right to appear, be
heard, and introduce testimony at a charter application hearing.
AR5 Competitive Applications [Section
11-103-304(7),
C.R.S.]
A. When two or more
applications for charter for state banks that will serve the same community or
area of the community are filed with the office of the State Bank Commissioner
within ninety (90) days of each other, the Banking Board may, in accordance
with Section
11-103-304(7),
C.R.S., hold a joint hearing on such applications. Instead of a joint hearing,
the Banking Board may hold separate hearings, and grant or deny any one or more
of such applications without regard to the priority in time of filing of the
applications. Unless a competing application is received by the office of the
State Bank Commissioner within sixty (60) days after a competitive application
is perfected, and perfected within ten (10) days after being notified of
noncompliance with any requirements of the Banking Code pursuant to Section
11-103-303(2),
C.R.S., or is perfected within ninety (90) days after a competitive application
is perfected, the later competing application will not be considered by the
Banking Board when considering the earlier competing application.
B. For the purpose of this Rule, an
application is considered to be perfected when all defects noted by the
Commissioner pursuant to the provision of Section
11-103-303(2),
C.R.S., have been corrected and the amended application and proposed articles
of incorporation have been received in the Commissioner's office. If no defects
were found, perfection is deemed to occur on the date the application was
originally received by the office of the Commissioner.
AR6 Notice of Hearing [Section
11-108-302(2),
C.R.S.] [Repealed eff. 04/30/2016]
AR7 Prehearing Conference. [Section
11-103-304, C.R.S.]
A. The Commissioner may, on his or her own
initiative, or at the request of any party, direct all parties and their
counsel to meet with him or her at a specified time and place prior to any
hearing:
1. To determine the necessity or
desirability of amendments to an application;
2. To determine the names of witnesses and a
general statement of the testimony expected of each witness;
3. To determine the number, description and
purpose of exhibits intended to be offered at hearing and require the offering
party to produce exhibits for inspection and marking at prehearing
conference;
4. To determine
matters, if any, of which the Banking Board will be requested to take
administrative notice;
5. To
consider any other matters that will simplify the issues and further aid in
expeditious conduct at the hearing.
B. The Commissioner may require all parties
to list, in writing, witnesses, exhibits and any matters that might expedite
the hearing. A conference may, if requested in advance by any party, be
recorded. If no verbatim transcript is taken, the Commissioner shall prepare a
summarized report reciting the results of the conference. The report may be
received into evidence by the Banking Board during open hearing.
C. Failure to comply with this Rule may cause
the Commissioner to continue a hearing to another date, or to preclude an
offering party from introducing exhibits into evidence or from calling
witnesses at the time of hearing.
AR8 Service Area Definition- Economic Feasibility Studies
[Section 11-103-304(3)(a)(I)and(II),
C.R.S.]
A. Each applicant for
charter for a proposed bank shall file with the Commissioner and deliver to
each person, firm, or corporation that has filed a notice of protest, at least
sixty (60) days prior to the hearing on the application, a definition of the
primary service area for the proposed bank and a definition of the secondary
service area, if any, that the proposed bank intends to serve.
B. If the applicant for charter intends to
offer a study of the economic feasibility of the proposed bank at the hearing,
it shall be filed in the office of the Commissioner and delivered to each
person, firm, or corporation that has filed a notice of protest at least thirty
(30) days prior to the hearing.
C.
If the protestant intends to offer a study of the economic feasibility of the
proposed bank at the hearing, such study shall be filed in the office of the
Commissioner and delivered to the applicant twenty (20) days prior to the
hearing.
D. If the applicant for
charter has any rebuttal economic feasibility material on which the applicant
intends to rely, that is made necessary by a protestant's economic feasibility
study, such rebuttal economic feasibility material shall be filed in the office
of the Commissioner and delivered to each person, firm, or corporation that has
filed a notice of protest at least ten (10) days prior to the
hearing.
E. Mailing, with proof of
mailing, three (3) days prior to a delivery date shall be deemed to constitute
delivery on the required date.
F.
Failure to comply with this Rule may cause the Commissioner to exclude the
study, and testimony based thereon, from the hearing or to continue the hearing
to another date.
AR9 Nature of Hearings [Section
11-102-103(8),
C.R.S.]
A. All hearings and the
taking of testimony before the Banking Board shall be open to the public.
The Banking Board may, at any time, retire into executive
session to consult with the Colorado Attorney General's office or to discuss
any records deemed confidential under Section
11-102-306, C.R.S.
AR10 Transcripts
A. Hearings may, at the discretion of the
Banking Board, be recorded.
B. All
testimony taken at hearings shall be transcribed.
C. Copies of transcripts of hearings shall be
made available to any person upon payment to the reporter of the costs
thereof.
D. Upon the filing of
transcripts by the reporter, all parties shall be provided an opportunity to
file motions to correct the record. The Banking Board shall rule upon such
motions prior to its deliberations upon the facts introduced at
hearing.
AR11 Order of Procedure
A. Parties to hearings shall, unless
otherwise ordered by the Banking Board, be limited to the following orders of
procedure:
1. Primary party in interest. The
primary party in interest shall present his case by calling witnesses and
submitting other evidence;
2. Other
parties in interest. Other persons admitted as parties to the hearing may
thereupon present witnesses and other evidence;
3. Joint hearings. In the event that the
Banking Board conducts a single hearing to consider more than one application,
then the party first perfecting its application shall first present its case,
followed by the party that was second in perfecting its application.
B. Thereafter, other parties in
interest may present witnesses and other evidence. If the parties applying for
a charter intend to introduce evidence for the purpose of rebuttal, they shall
do so in the order that they presented their cases.
1. Further evidence. The Banking Board may,
of its own initiative, call for the production of further evidence upon any
issue. It may also produce independent evidence through the Attorney General
that is material to the issues or necessary to complete the record;
2. Examination of witnesses. As may be
permitted by the Banking Board, any witness shall be subject to cross,
re-direct and re-cross examination;
3. Time allocation. The primary party in
interest shall be permitted three and one-half (3-1/2) hours within which to
present his/her case and within which to cross-examine adverse witnesses.
Likewise, any other person admitted as a party to the hearing shall be allotted
three and one-half (3-1/2) hours. When there is more than one such other person
admitted as a party to the hearing, these parties in interest collectively
shall be allotted three and one-half (3-1/2) hours and shall apportion such
time among themselves. The Banking Board for good cause shown, may, upon
motion, enlarge or diminish the times prescribed by this Rule.
AR12 Oral Argument-Briefs-Reopening
A. The Banking Board may permit oral argument
and submission of briefs at the hearing. In addition,
the Banking Board may, upon appropriate notice to all parties
and other interested persons, reopen any hearing at any time prior to the
public announcement of its findings, conclusions, and order. Proceedings that
have been reopened shall be conducted pursuant to the Rules established herein
for hearings.
AR13 Unclaimed Exhibits [Section
11-102-104, C.R.S.]
A. In the event that a decision and order of
the Banking Board is not appealed to a court of record within sixty (60) days
after the time for such appeal has lapsed, the Banking Board may direct the
Commissioner to destroy any exhibits introduced at a hearing, unless he or she
has received written notification from a party to a hearing of his or her
intention to withdraw such exhibits.
AR14 Declaratory Orders [Section
11-102-104(9),
C.R.S.]
A. Any person1 may
petition the Banking Board for a declaratory order to terminate controversies
or to remove uncertainties as to the applicability to the petitioner of any
statutory provision or of any Rule or order of the Banking Board.
B. The Banking Board will determine, in its
discretion and without notice to petitioner, whether to rule upon any such
petition. If the Banking Board determines that it will not rule upon such a
petition, the Banking Board shall promptly notify the petitioner of its action
and state the reasons for such action.
C. In determining whether to rule upon a
petition filed pursuant to this Rule, the Banking Board will consider the
following matters among others:
1. Whether a
ruling on the petition will terminate a controversy or remove uncertainties as
to the applicability to petitioner of any statutory provision or Rule or order
of the Banking Board.
2. Whether
the petition involves any subject, question or issue that is the subject of a
formal or informal matter or investigation currently pending before the Banking
Board or a court involving one or more of the petitioners.
3. Whether the petition involves any subject,
question, or issue that is the subject of a formal or informal matter or
investigation currently pending before the Banking Board or a court but not
involving any petitioner.
4.
Whether the petition seeks a ruling on a moot or hypothetical question or will
result in an advisory ruling or opinion.
5. Whether the petitioner has some other
adequate legal remedy, other than an action for declaratory relief pursuant to
Rule 57, Colorado Civil Procedures Act, that will terminate the controversy or
remove any uncertainty as to the applicability to the petitioner of the
statute, Rule, or order in question.
D. Any petition filed pursuant to this Rule
shall set forth the following:
1. The name and
address of the petitioner and whether the petitioner is licensed pursuant to
Section 11-103-101, C.R.S., et
seq.
2. The statute,
Rule or order to which the petition relates.
3. A concise statement of all of the facts
necessary to show the nature of the controversy or uncertainty and the manner
in which the statute, Rule or order in question applies, or potentially
applies, to the petitioner.
E. If the Banking Board determines that it
will rule on the petition, the following procedures shall apply:
1. The Banking Board may rule upon the
petition based solely upon the facts presented in the petition. In such a case:
a. Any ruling of the Banking Board will apply
only to the extent of the facts presented in the petition and any amendment to
the petition.
b. The Banking Board
may order the petitioner to file a written brief, memorandum or statement of
position.
c. The Banking Board may
set the petition, upon due notice to petitioner, for a non-evidentiary
hearing.
d. The Banking Board may
dispose of the petition on the sole basis of the matters set forth in the
petition.
e. The Banking Board may
request the petitioner to submit additional facts, in writing. In such event,
such additional facts will be considered as an amendment to the
petition.
f. The Banking Board may
take administrative notice of facts pursuant to the Administrative Procedures
Act, Section
24-4-105(8),
C.R.S., and may utilize its experience, technical competence, and specialized
knowledge in the disposition of the petition.
g. If the Banking Board rules upon the
petition without a hearing, it shall promptly notify the petitioner of its
decision.
2. The Banking
Board may, in its discretion, set the petition for hearing, upon due notice to
petitioner, for the purpose of obtaining additional facts or information or to
determine the truth of any facts set forth in the petition or to hear oral
argument on the petition. The notice to the petitioner setting such hearing
shall set forth, to the extent known, the factual or other matters into which
the Banking Board intends to inquire. For the purpose of such a hearing, to the
extent necessary, the petitioner shall have the burden of proving all of the
facts stated in the petition, all of the facts necessary to show the nature of
the controversy or uncertainty and the manner in which the statute, Rule or
order in question applies or potentially applies to the petitioner, and any
other facts the petitioner desires the Banking Board to consider.
F. The parties to any proceeding
pursuant to this Rule shall be the Banking Board and the petitioner. Any other
person may seek leave of the Banking Board to intervene in such a proceeding,
and leave to intervene will be granted at the sole discretion of the Banking
Board. A petition to intervene shall set forth the same matters as required by
Paragraph (D) of this Rule. Any reference to a "petitioner" in this Rule also
refers to any person who has been granted leave to intervene by the Banking
Board.
G. Any declaratory order or
other order disposing of a petition pursuant to this Rule shall constitute
agency action subject to judicial review pursuant to Section
24-4-106, C.R.S.
1 Refer to existing definition of "person" in
APA, rules or statute, if any.
AR15 Records Retention [Section
11-102-104, C.R.S.]
A. Every state financial institution shall
retain records for at least the minimum periods of time as outlined under
Paragraph (B) and (C) of this Rule. If other records with similar information,
not enumerated in this Rule, are maintained by a financial institution, the
retention period for the equivalent record should be followed. Record
maintenance may include the use of automated or electronic records provided the
records are easily retrievable, readily available for inspection, and capable
of being reproduced in a hard copy.
B. Each depository institution shall
permanently retain the following records:
RECORDS THAT REQUIRE PERMANENT RETENTION
Audit Reports to Directors
|
Permanent
|
Charged Off Asset Records
|
Permanent
|
Articles of Incorporation or Other Association,
Bylaws and Other Records of Organization, Amendments, etc.
|
Permanent
|
Bank Charter
|
Permanent
|
Bank Examiner's Report
|
Permanent
|
Directors' Examination Reports
|
Permanent
|
Surety Bonds
|
Permanent
|
Minute Books of Meetings (Stockholders,
Directors)
|
Permanent
|
Required Reports to Supervisory Agencies
|
Permanent
|
Canceled Capital Stock Certificates
|
Permanent
|
Capital Stock Certificates
|
Permanent
|
Capital Stock Certificate Records of/or Stubs
|
Permanent
|
Capital Stock Ledger
|
Permanent
|
Capital Stock Transfer Ledger
|
Permanent
|
Capital Stock Transfer Register
|
Permanent
|
Receipts for Stock Certificates
|
Permanent
|
Receipts for Canceled Stock Certificates, Canceled
Bonds, and Coupons
|
Permanent
|
Records of Stock Issuance and Transfer
|
Permanent
|
Shareholder List
|
Permanent
|
Statements of Beneficial Ownership
|
Permanent
|
Stock Certificate Book
|
Permanent
|
Stock Register Book
|
Permanent
|
Surety Bond for Lost Certificate
|
Permanent
|
Charged-off Loan Ledger
|
Permanent
|
Charged-off Records and Loan Ledger
|
Permanent
|
Daily Statement of Condition
|
Permanent
|
Affidavits of Lost Passbooks and Records of
Transactions Based Thereon
|
Permanent
|
Savings Ledger Card or Sheet on Unclaimed or Dormant
Deposits
|
Permanent
|
Bonds of Indemnity
|
Permanent
|
Dividend and Coupon Ledger
|
Permanent
|
Minutes of Investment and Trust Committee
Meetings
|
Permanent
|
C. All other
records, reports, or evidence of transactions shall be retained for a minimum
period as required by taxing authorities, other state or federal regulations,
and consistent with prudent business practices, unless the Banking Board deems
it necessary to prescribe a longer period of time. The following is a list of
suggested retention periods:
SUGGESTED RECORD RETENTION PERIODS
ACCOUNTING AND AUDITING
Bank Call, Income, and Dividend Reports
|
5 Years
|
Certified Checks
|
7 Years
|
Certified Statements (FDIC)
|
5 Years
|
Debit and Credit Tickets (If Source of Original
Entry)
|
1 Year
|
Differences Record
|
1 Year
|
Drafts
|
7 Years
|
Expense Checks
|
7 Years
|
Expense Vouchers or Invoices
|
7 Years
|
Financial Statements, Consolidated
|
7 Years
|
Income and Dividend Report
|
5 Years
|
Income and Expense Report
|
7 Years
|
Money Order
|
7 Years
|
Office Equipment, Depreciation Records
|
7 Years
|
Paid Bills, Statements, and Invoices
|
7 Years
|
Paid Cashier's Checks, Certified Checks, or Receipts
Therefor
|
7 Years
|
Report to Directors and Executive Committee
|
6 Years
|
Tax Records
|
7 Years
|
ADMINISTRATION
General
|
.
|
Determination of FDIC Assessment Base Records
|
5 Years
|
Statements of Directors and Principal Officers
|
2 Years
|
Insurance
|
.
|
Authorization Statements and Certificates for Bank to
Act as Insurance Agent
|
6 Years
|
Bankers Blanket Bond
|
6 Years After Termination
|
Records Relating to Insurance Sold by Bank
|
6 Years
|
Records of All Bank Insurance (Showing Policy
Numbers, Premiums Paid, and Amounts Recovered)
|
6 Years After Termination
|
Legal
|
.
|
Attachments and/or Garnishments
|
6 Years
|
Legal Records (Copies of Court Orders, Decrees,
Petitions, Adjudications, Pleadings, etc.)
|
6 Years
|
Reports to Directors and Executive Committee
|
6 Years
|
Tax
|
.
|
Tax Controversies or Proceedings
|
7 Years
|
Tax Records
|
7 Years
|
CAPITAL
Dividend Checks
|
7 Years
|
Dividend Register
|
7 Years
|
CERTIFICATES OF DEPOSIT
Certificates
|
6 Years After Payment
|
Information Return (1099)
|
7 Years
|
Ledger Cards
|
6 Years
|
Signature Cards
|
6 Years After Payment
|
Transaction Journal (If Statement of Account History
Not Otherwise Retained)
|
6 Years
|
CHECKING ACCOUNTS/TRANSACTION ACCOUNTS
Account Analysis (Work Sheets or Cards, Average
Balance Cards, Interest Computation Records, Service Charge Records, Statement
Stubs)
|
2 Years
|
Bookkeepers Daily Lists of Checks Charged in Total to
Customer Accounts (Short Lists)
|
2 Years
|
Copies of Advices of Deposits
|
2 Years
|
Copies of Advices of Debits and Credits
|
2 Years
|
Customer Statements
|
6 Years
|
Daily Report of Overdrafts
|
6 Years
|
Daily Transactional Journal
|
2 Years
|
Deposit Tickets and Other Credits
|
2 Years
|
Individual Ledgers
|
2 Years
|
Paid Checks (Front and Back)
|
3 Years
|
Partnership Agreement and Authority
|
7 Years After Closing
|
Records of Current Transactions of More than
$10,000
|
5 Years
|
Resolutions and Customer Authorizations
|
6 Years After Account Closed
|
Signature Cards
|
7 Years After Account Closed
|
Statement Mailing Order
|
1 Year
|
Statement Receipt Cards
|
1 Year
|
Stop Payment Order After Expiration or Release
|
6 Years
|
Taxpayer ID/SS# of Depositor
|
5 Years After Account Closed
|
Undelivered Statements and Canceled Checks
|
2 Years
|
CHECKING ACCOUNTS/TRANSACTION ACCOUNTS- EDP
SECTION
Customer Statement
|
6 Years
|
Overdrafts
|
6 Years
|
Service Charges
|
2 Years
|
Stop Payment Reports
|
6 Years
|
Transaction Journal
|
2 Years
|
COLLECTIONS
Collection Payment Records
|
1 Year
|
Collection Receipts (Copy)
|
1 Year
|
Collection Register
|
1 Year
|
Coupon Cash Letters (Outgoing)
|
1 Year
|
Incoming Collection Letters
|
1 Year
|
Incoming Contract or Note Letters
|
6 Years After Closing
|
Installment Contract or Note Records
|
6 Years
|
Outgoing Collection Letters and Register
|
1 Year
|
COMMERCIAL LOANS
Collateral Receipt Record/Register
|
6 Years
|
Credit Files
|
6 Years After Termination of Account
|
Evidence of Compliance With Fair Credit Reporting
Act
|
2 Years After Closing
|
Evidence of Compliance With Regulation Z Truth in
Lending
|
2 Years After Each Required Disclosure
|
Guaranteed Loans (Complete Files)
|
6 Years
|
Liability Ledger
|
6 Years
|
Loan Applications
|
25 Months
|
Loan Committee Minutes
|
6 Years
|
Note or Discount Register (If Used as Book of
Original Entry With Descriptions)
|
6 Years After Termination of Account
|
Receipts for Coupons Removed From Collateral
|
6 Years
|
Records of Currency Transactions of More Than
$100,000
|
5 Years
|
Resolutions
|
6 Years After Closing
|
Statement of Purpose Under Regulation U Transaction
Journal (If Used as Book of Original Entry)
|
3 Years After Close of
Account
6 Years
|
CONSUMER CREDIT
Borrower's Statement
|
6 Years
|
Consumer Reports and Consumer Credit
Information
|
2 Years
|
Correspondence
|
2 Years
|
Coupon Payments and Loan Deposits (If Only Source of
Original Entry)
|
6 Years
|
Credit Applications and Information (Declined)
|
25 Months
|
Evidence of Compliance With Fair Credit Reporting
Act
|
2 Years
|
Evidence of Compliance With Regulation Z Truth in
Lending
|
2 Years After Each Required Disclosure
|
Installment Contracts or Note Records
|
6 Years
|
Loan Journals, Records and Note Register (If Only
Source of Original Entry)
|
6 Years
|
Loan Ledger Cards or Sheets
|
6 Years
|
Loan Deposit and Loan Payment Posting Journals (If
Only Source of Original Entry)
|
6 Years
|
Note Register (If Used as Book of Original Entry With
Descriptions)
|
6 Years
|
Rebate Receipts
|
6 Years
|
Resolutions
|
6 Years
|
Statement Regarding Loan Secured by Stock
|
3 Years
|
CONSUMER CREDIT- EDP SECTION
Daily Payment Journal
|
6 Years
|
Pay Off and/or Rebate Report
|
6 Years
|
Trial Balance (If Only Complete History on
Borrower)
|
6 Years
|
CREDIT CARDS
Borrower's Statement
|
6 Years
|
Credit Applications and Information (Declined)
|
25 Months
|
Loan Journal (If Only Source of Original
Entry)
|
6 Years
|
Loan Ledger Cards
|
6 Years After Account Closed
|
Sales Drafts
|
6 Years
|
CUSTOMER SERVICE
Brokers' Confirmations
|
6 Years
|
Brokers' Invoices
|
6 Years
|
Brokers' Statements
|
6 Years
|
Night Depository Agreements and Resolutions
|
6 Years
|
Safekeeping Records and Receipts
|
6 Years After Close of Account
|
Securities Buy and Sell Orders
|
6 Years After Date of Order
|
DUE FROM BANKS
Bank Statements
|
7 Years
|
Drafts (Original)
|
7 Years
|
Information and Documents Pertaining to Issuance of
Duplicate Checks and Drafts
|
7 Years After Check Draft Paid
|
DUE TO BANKS
Copies of Advices
|
7 Years
|
Country Bank Ledger
|
7 Years
|
Domestic Ledger
|
7 Years
|
Foreign Ledger
|
7 Years
|
Incoming Cash Letter Memos (See Proof)
|
2 Years
|
Proof Sheets
|
2 Years
|
Resolutions
|
6 Years After Account Closed
|
Signature Cards
|
6 Years After Account Closed
|
Undelivered Statements and Canceled Checks
|
2 Years
|
General
Foreign Exchange Remittance Sheets or Books
|
5 Years
|
Night Depository Agreements
|
6 Years After Termination of Agreement
|
Records of Currency Transactions of More Than
$10,000
|
5 Years
|
Vault Records, Openings and Closings
|
1 Year
|
Wage Price Rent Freeze Records
|
4 Years
|
GENERAL LEDGER
General Journal (If Used as Book of Original Entry
With Description)
|
6 Years
|
General Ledger
|
6 Years
|
General Ledger Tickets
|
6 Years
|
INTERNATIONAL DEPARTMENT
Cable Copies
|
6 Years
|
Cable Requisitions
|
6 Years
|
Foreign Asset Control Records
|
2 Years
|
Foreign Collection Register
|
5 Years
|
Foreign Draft Applications
|
5 Years
|
Foreign Draft Carbons
|
5 Years
|
Foreign Mail Transfer Applications
|
5 Years
|
Letters of Credit Applications
|
6 Years After Payment in Full
|
Letters of Credit Ledger
|
6 Years
|
Records of Foreign Financial Accounts
|
5 Years
|
INVESTMENTS
Bond Ledger Sheets
|
6 Years
|
Brokers' Confirmations
|
6 Years
|
Brokers' Invoices
|
6 Years
|
Brokers' Statements
|
6 Years
|
Credit Information Regarding Securities Underwritten
or Purchased for Own Account
|
6 Years After Closing
|
OFFICIAL CHECKS AND DRAFTS
Affidavits and Other Records Support Issuance of
Duplicate Checks, Drafts or Money Orders
|
7 Years
|
Cashier's Checks (Canceled)
|
7 Years
|
Certified Checks or Receipts (Canceled and Not
Returned)
|
7 Years
|
Drafts (Canceled)
|
7 Years
|
Expense Checks (Canceled)
|
7 Years
|
Expense Vouchers or Invoices
|
7 Years
|
Money Orders, Bank or Personal
|
7 Years
|
Receipts for Certified Checks
|
7 Years
|
Records of Currency Transactions of More Than
$10,000
|
5 Years
|
PERSONNEL
Advertisements and Notices
|
1 Year After Personnel Action
|
Attendance Records (Time Cards)
|
2 Years
|
Business Expenses of Employees Reimbursed by
Employer
|
7 Years
|
Employee Records (Personnel Folders) After
Termination
|
6 Years
|
Employment Applications (Rejected)
|
1 Year
|
Occupational Safety and Health Act (OSHA)
Forms
|
5 Years
|
Payroll Checks
|
7 Years
|
Salary Ledger
|
7 Years
|
Wage and Tax Statement (W-2) Records
|
4 Years
|
Wage Differential Documentation
|
2 Years
|
PROOF, CLEARING, AND TRANSIT
Copies of Advices of Corrections
|
2 Years
|
Incoming Cash Letters
|
2 Years
|
Inclearing Proofsheets and/or Tapes
|
2 Years
|
Outclearing Proofsheets and/or Tapes
|
2 Years
|
Outgoing Cash Letters
|
2 Years
|
REAL ESTATE LOANS
Annual Reports and Customer Statements
|
6 Years
|
Debit and Credit Entries (If only Source of Original
Entry)
|
6 Years
|
Evidence of Compliance With Fair Credit Reporting
Act
|
2 Years
|
Evidence of Compliance With Regulation Z Truth in
Lending
|
2 Years After Each Required Disclosure
|
Foreclosure Records
|
6 Years
|
Guaranteed Loans Complete Files
|
6 Years After Termination
|
Home Mortgage Disclosure Act Information
|
5 Years
|
Ledger Cards
|
6 Years After Termination
|
Loan Credit Files
|
6 Years After Closing
|
RESPA Settlement Statements
|
2 Years
|
Remittances
|
7 Years
|
Transaction Journal (If Only Source of Original
Entry)
|
6 Years
|
REAL ESTATE- EDP SECTION
Daily Payment Journal
|
6 Years
|
SAFE DEPOSIT VAULT
Access Tickets
|
6 Years
|
Canceled Signature Cards
|
6 Years
|
Copies of Rent Receipts
|
6 Years
|
Forced Entry Records
|
6 Years After Date of Entry
|
Leases or Contracts, Closed Accounts
|
6 Years
|
Receipts for Delivery of Will, Burial Plot Deeds,
Insurance Policies
|
6 Years
|
Records and Reports of Contents of Opened
Boxes
|
6 Years
|
Records of Sale to Satisfy Lien
|
6 Years
|
SAVINGS ACCOUNTS
Deposit (Tickets)
|
6 Years
|
Ledger Cards
|
6 Years
|
Power of Attorney
|
6 Years After Close of Account
|
Records of Currency Transactions More Than
$10,000
|
5 Years
|
Resolutions, Authorizations
|
7 Years
|
Signature Cards
|
6 Years After Close of Account
|
Tax Information Returns
|
7 Years
|
Taxpayer ID# or SS# of Depositor
|
5 Years After Close of Account
|
Transaction Journal (If Only Source of Original
Entry)
|
6 Years
|
Withdrawals (Receipts or Order)
|
6 Years
|
SAVINGS ACCOUNTS- EDP SECTION
Customer Statement
|
6 Years
|
Interest Report
|
7 Years
|
Transaction Journal
|
6 Years
|
TELLERS
Cash Item Register
|
1 Year
|
Tellers' Blotter of Journals
|
1 Year
|
Tellers' Difference Record
|
1 Year
|
TRUST RECORDS
Corporate
|
.
|
Bond Ledger
|
7 Years After Termination of Account
|
Brokers' Purchase and Sale Confirmations
|
7 Years
|
Brokers' Statements
|
7 Years
|
Buy and Sell Orders
|
7 Years
|
Canceled Stock Certificates
|
7 Years
|
Corporate Trust Ledger
|
7 Years
|
Correspondence
|
7 Years
|
Dividend Checks
|
7 Years
|
Governing Instruments
|
7 Years After Termination of Trust Account
|
Ledger Records
|
7 Years
|
Receipts or Disposition for Canceled Stock
Certificates, Canceled Bonds and Coupons
|
7 Years
|
Registration Journals
|
7 Years After Termination of Account
|
Signature Files
|
7 Years After Termination of Account
|
Schedules of Distributions
|
7 Years
|
Stock Transfer Ledger
|
7 Years
|
Stock Transfer Memo
|
7 Years
|
Tax Returns
|
7 Years
|
Transfer Journal
|
7 Years
|
Transfer Tax Waivers
|
7 Years
|
Trust Asset Records
|
7 Years After Termination of Account
|
Trust Journals (If Source of Original Entry)
|
7 Years After Last Entry
|
Trust Posting Tickets (If Source of Original
Entry)
|
7 Years
|
Personal
|
Accounting of Other Fiduciaries and Decrees,
Receipts, or Releases Settling Accounts
|
7 Years After Receipt
|
Account Review and Investment Recommendations
|
7 Years
|
Adjudications
|
7 Years
|
Annual Audits and Financial Reports; Appraisals of
Real and Personal Property
|
7 Years
|
Authorizations and Approvals of Co-Fiduciaries and
Consultants
|
7 Years
|
Brokers' Confirmations
|
7 Years
|
Brokers' Statements
|
7 Years
|
Buy and Sell Orders
|
7 Years
|
Cash and Asset Ledgers
|
7 Years
|
Correspondence
|
7 Years
|
Coupon Collection Record
|
7 Years
|
Court Orders, Decrees, Petitions, etc.
|
7 Years
|
Debits and Credits (If Source of Original
Entry)
|
7 Years
|
Federal Estate and State Inheritance Tax
Returns
|
7 Years
|
Federal and State Income Tax Returns
|
7 Years
|
Federal Gift Tax Returns
|
7 Years
|
Federal Nominee's Information Return
|
7 Years
|
General Ledger
|
7 Years
|
General Journal
|
7 Years
|
Governing Instruments
|
7 Years
|
Inventory Records
|
7 Years After Termination of Account
|
Ledger Records
|
7 Years
|
Legal Opinions and Related Correspondence
|
7 Years
|
Letters of Appointment
|
7 Years After Termination of Appointment
|
Participation Ledgers
|
7 Years
|
Probate Records
|
7 Years After Termination of Account
|
Real Estate Mortgage Documents and Related
Material
|
7 Years
|
Receipts, Authorizations, Directions,
Approvals
|
7 Years
|
Safekeeping Records and Receipts
|
7 Years
|
Schedule of Distributions
|
7 Years
|
Trust Agreements
|
7 Years After Date of Last Entry
|
Trust Checks
|
7 Years
|
UNCLAIMED PROPERTY
Unclaimed Property Records
|
5 Years After Date Reportable
|
Unclaimed Deposit Account Withdrawal Tickets or
Checks
|
5 Years After Date Reportable
|
Unclaimed or Dormant Deposit Ledgers (To Include
Record of Date of Last Transaction or Communication From Owner)
|
5 Years After Date Reportable
|
AR16 Assessments and Fees [Sections
11-102-401,
11-103-302,
11-105-207,
11-108-306,
11-109-303, C.R.S.]
A. Assessments
1. In order to cover the expenses, net of fee
income, of the Division of Banking for the supervision of state banks,
industrial banks, and trust companies subject to its jurisdiction, such
institutions shall be assessed at least semi-annually as of June 30 and
December 31.
2. Each state bank,
industrial bank, and trust company subject to the jurisdiction of the Banking
Board on either of the above dates shall be subject to the full assessment
without proration for any reason.
3. Assessments for all state banks,
industrial banks, and trust companies shall be the greater of an amount
determined on a consistent basis as the sum of a fee based on a tiered rate
applied to total assets contained in the report of condition of each
institution submitted as of the quarter end immediately preceding the above
assessment dates, or a minimum assessment determined by the Banking Board and
published annually as of July 1 of each year.
B. Fees
1.
The Banking Board shall set fees annually by publishing a schedule of fees for
services as of July 1 of each year.
2. Such schedule shall list all services
performed that are subject to a fee and the fee to be charged. In addition, the
fee schedule shall list fees set by statute, if any.
C. Payment of Assessments and Fees.
1. Assessments and fees shall be remitted to
the Division of Banking in the form of a cashier's check or similar instrument
payable to the Colorado Division of Banking.
2. The assessment and any fee relating to
examinations shall be paid within twenty (20) days after a statement of the
amount thereof shall have been received by the institution.
3. All other fees shall be paid at the time
the service is rendered. Services relating to statutory application or notice
are deemed to be rendered at the time of filing application or
notice.