What Is the Minimum Retention Period for Foreign Exchange Documents

Please note that as a financial corporation, you have record-keeping obligations in addition to those described in this guide. These additional requirements are described in detail in the following Know Your Client guides: Records, including but not limited to law enforcement, special investigations, fair lending discrimination, and consumer complaints. The contents of the folders differ. Enforcement records typically include a federal reserve bank`s recommendation note to board supervisory staff with supporting documentation; the lawyer`s comments; Recommendation notes of the employees of the Supervisory Board of the Management Board to the Legal Department; Press release; final approval; final order; agreement; Termination, if any. Special investigation files usually include correspondence with outside counsel; progress reports; news clips; internal memos; correspondence with other federal agencies such as the Department of Justice and the FBI; Working papers containing documents from the financial institution, copies of the Board`s actions, and the institution`s audit or inspection reports. Cases of discrimination in fair lending typically include a notice from the Reserve Bank to the board of directors that initiates the case and a document indicating the decision of the case. Depending on the circumstances, the records may contain correspondence between the Reserve Bank and the financial institution, documents from the Bank`s credit files, and other communications between the Board of Directors and the Reserve Bank. If the matter is referred to the Department of Justice or HUD, the file will include a copy of the letter of recommendation and memo, as well as any subsequent correspondence related to the referral. Finally, in these situations, the file always contains either a letter of notice from the other organization indicating that it will not pursue the matter, or an order or other evidence of how the other organization has resolved the matter.

Consumer complaint files typically include incoming and outgoing correspondence, documents related to complaint investigations, and internal memos. Documents can be on paper, in micro or electronic form. 21. Monitoring Manuals and Guidelines. Manuals and instructions provide instructions on how to perform program and management procedures. The records contain guidelines and manuals for investigating commercial banks and U.S. branches of foreign banking organizations and peripheral companies; supervision of bank holding companies; consumer conformity assessment; and reporting on the performance of banks and bank balances. The Directive contained in the manuals is available in abbreviated form in the letters of principle set out in point 20 of this Opinion. The manuals are available in hard copy and in electronic form. A bank must retain a customer`s credentials for a period of five years from the date the account is closed or, in the case of credit card accounts, five years after the account is closed or suspended.

18. Records of legal activities Various types of legal activities may take place during the implementation of enforcement measures. The resulting activity may be an investigation (separate from, but often in parallel with, the above-mentioned special investigations), a legal dispute or an administrative hearing. Investigation files typically contain information provided by the Reserve Bank, subpoenas, statements, correspondence, and memos. Procedural files usually contain pleadings, motions, court opinions, evidence and transcripts. Administrative records of hearings may include subpoenas, statements, charges, memoranda to the House, and investigative documents, including transcripts, correspondence with opposition counsel, and related documents. Attorneys` working records contain briefing and case-related documents that cannot be included in the final record and do not need to be retained under 12 U.S.C. 1818(u)(6).

APPLICATIONS Financial institutions submit applications, notices or requests for exemptions or other considerations for acquisitions they wish to make or for activities they wish to carry out in accordance with legal or regulatory requirements. Examples include the inclusion of a state member bank, conversion into a bank holding company or financial holding company, merger or acquisition of another institution, carrying on non-banking activities, opening a branch abroad, and operating a branch of a foreign bank in the United States. Applications are submitted through a Federal Reserve Bank. Approximately 90% of all requests are routine applications and are processed by reserve banks under the Board`s delegation of authority. More complex or precedent-setting applications shall be dealt with by Commission staff and submitted to the Commission for final processing […].