C.M.R. 02, 029, ch. 101 - RETENTION OF RECORDS - FINANCIAL INSTITUTIONS (Reg. #1)

SUMMARY: On October 19, 1977, the Bureau of Banking promulgated Regulation #1 (Retention of Records - Trust Companies and Savings Banks), Regulation #2 (Retention of Records - Savings and Loan Associations), and Regulation #3 (Retention of Records - Credit Unions), which replaced regulations issued in February, 1961 that were printed in December, 1975. These regulations were promulgated to prescribe the minimum periods for which records in financial institutions must be retained. Since the promulgation of Regulations #1, 2, and 3, there have been many new products and services developed by the financial industry. Computerization of banking transactions has produced many other types of records. Because of these changes, retention schedules embodied in the 1977 rules have become somewhat outdated and do not specifically address a variety of new documents essential to comprehensive recordkeeping.

Throughout the last decade, many of the same types of products and services are being offered by all types of financial institutions. Therefore, in the interest of simplicity, the Bureau proposes to expand Regulation #1 retention schedule to include documents utilized by all types of financial institutions during the course of business and Regulations #2 and #3 will be repealed. Any such amendment or repeal shall not affect any action taken prior to such amendment or repeal.