Notes on Laws and Regulations We try to keep this information up-to-date as they change. Please refer to the actual Code of Federal Regulations or other laws to double check accuracy. We are not responsible for late or missing information. Regulations in this section may have been reproduced in whole or in part. Some regulations do not specify an actual retention period and we have given our opinion or referenced another section of the regulations. Comments by our staff included in the regulations section are our own interpretations of the information given from within the law and are designated by (( )) text within double parenthesis. Title 12 Office of the Comptroller of the Currency 12 CFR 7.2008(c) Filing and Recordkeeping (c) Filing and recordkeeping. A national bank must file the original executed oaths of directors with the OCC and retain a copy in the bank's records in accordance with the Comptroller's Corporate Manual filing and recordkeeping instructions for executed oaths of directors. [61 FR 4862, Feb. 9, 1996, as amended at 64 FR 60099, Nov. 4, 1999] ((Not a specified retention See 12 CFR 9.8)) 12 CFR 9.8 Recordkeeping (a) Documentation of accounts. A national bank shall adequately document the establishment and termination of each fiduciary account and shall maintain adequate records for all fiduciary accounts. (b) Retention of records. A national bank shall retain records described in paragraph (a) of this section for a period of three years from the later of the termination of the account or the termination of any litigation relating to the account. (c) Separation of records. A national bank shall ensure that records described in paragraph (a) of this section are separate and distinct from other records of the bank. ((Three years)) 12 CFR 12.3(a) Recordkeeping and Confirmation Requirements for Securities Transactions (a) General rule. A national bank effecting securities transactions for customers shall maintain the following records for at least three years: (1) Chronological records. An itemized daily record of each purchase and sale of securities maintained in chronological order, and including: (i) Account or customer name for which each transaction was effected; (ii) Description of the securities; (iii) Unit and aggregate purchase or sale price; (iv) Trade date; and
(v) Name or other designation of the broker/dealer or other person from whom the securities were purchased or to whom the securities were sold; (2) Account records. Account records for each customer, reflecting: (i) Purchases and sales of securities; (ii) Receipts and deliveries of securities; (iii) Receipts and disbursements of cash; and (iv) Other debits and credits pertaining to transactions in securities; (3) Memorandum order. A separate memorandum (order ticket) of each order to purchase or sell securities (whether executed or canceled), including: (i) Account or customer name for which the transaction was effected; (ii) Type of order (market order, limit order, or subject to special instructions); (iii) Time the trader or other bank employee responsible for effecting the transaction received the order; (iv) Time the trader placed the order with the broker/dealer, or if there was no broker/dealer, time the order was executed or canceled; (v) Price at which the order was executed; and (vi) Name of the broker/dealer utilized; (4) Record of broker/dealers. A record of all broker/dealers selected by the bank to effect securities transactions and the amount of commissions paid or allocated to each broker during the calendar year; and (5) Notifications. A copy of the written notification required by 12.4 and 12.5. (b) Manner of maintenance. The records required by this section must clearly and accurately reflect the information required and provide an adequate basis for the audit of the information. 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. ((Three years)) NOTE 1: (2) Exceptions (i) Small number of transactions. The requirements of 12.3(a)(2) through (4) and 12.7(a)(1) through (3) do not apply to a national bank having an average of fewer than 200 securities transactions per year for customers over the prior three calendar year period. The calculation of this average does not include transactions in government securities. NOTE 2: (ii) Government securities. The recordkeeping requirements of 12.3 do not apply to national banks effecting fewer than 500 government securities brokerage transactions per year. This exception does not apply to government securities dealer transactions by national banks. See 17 CFR 404.4(a NOTE 3: (3) Safe and sound operations. Notwithstanding paragraph (c)(2) of this section, every national bank conducting securities transactions for customers shall maintain effective systems of records and controls regarding their customer securities transactions to ensure safe and sound operations. The systems maintained must clearly and accurately reflect appropriate information and provide an adequate basis for an audit.
12 CFR 21.11(g) Suspicious Activity Report (g) Retention of records. A national bank shall maintain a copy of any SAR filed and the original or business record equivalent of any supporting documentation for a period of five years from the date of the filing of the SAR. Supporting documentation shall be identified and maintained by the bank as such, and shall be deemed to have been filed with the SAR. A national bank shall make all supporting documentation available to appropriate law enforcement agencies upon request. [61 FR 4337, Feb. 5, 1996, as amended at 75 FR 75583, Dec. 3, 2010] ((Five years)) 12 CFR 22.6 Required use of standard flood hazard determination form. (b) Retention of form. A national bank or Federal savings association shall retain a copy of the completed standard flood hazard determination form, in either hard copy or electronic form, for the period of time the bank or savings association owns the loan. ((Until paid)) 12 CFR 22.9(d) Notice of special flood hazards and availability of Federal disaster relief assistance. (d) Record of receipt. The national bank or Federal savings association shall retain a record of the receipt of the notices by the borrower and the servicer for the period of time it owns the loan. [80 FR 43240, July 21, 2015, as amended at 80 FR 43244, July 21, 2015] ((Until Paid)) 12 CFR 22.9(e) Alternate method of notice. Instead of providing the notice to the borrower required by paragraph (a) of this section, a national bank or Federal savings association may obtain satisfactory written assurance from a seller or lessor that, within a reasonable time before the completion of the sale or lease transaction, the seller or lessor has provided such notice to the purchaser or lessee. The national bank or Federal savings association shall retain a record of the written assurance from the seller or lessor for the period of time it owns the loan. ((Until Paid) 24.7 Examination, records, and remedial action. (a) Examination. National bank investments under this part are subject to the examination provisions of 12 U.S.C. 481. (b) Records. Each national bank shall maintain in its files information adequate to demonstrate that its investments meet the standards set out in 24.3 of this part, including, where applicable, the criteria of 12 CFR 25.23, and that the bank is otherwise in compliance with the requirements of this part. (c) Remedial action. If the OCC finds that an investment under this part is in violation of law or regulation, is inconsistent with the safe and sound operation of the bank, or poses a significant risk to a Federal deposit insurance fund, the national bank shall take appropriate remedial action as determined by the OCC. [61 FR 49660, Sept. 23, 1996, as amended at 68 FR 48777, Aug. 15, 2003]
24.3 Public welfare investments. A national bank or national bank subsidiary may make an investment directly or indirectly under this part if the investment primarily benefits low- and moderate income individuals, low- and moderate income areas, or other areas targeted by a governmental entity for redevelopment, or the investment would receive consideration under 12 CFR 25.23 as a qualified investment. [73 FR 46534, Aug. 11, 2008] 12 CFR 25.42 Data collection, reporting, and disclosure. (a) Loan information required to be collected and maintained. A bank, except a small bank, shall collect, and maintain in machine readable form (as prescribed by the OCC) until the completion of its next CRA examination, the following data for each small business or small farm loan originated or purchased by the bank: (1) A unique number or alpha-numeric symbol that can be used to identify the relevant loan file; (2) The loan amount at origination; (3) The loan location; and (4) An indicator whether the loan was to a business or farm with gross annual revenues of $1 million or less. [60 FR 22184, May 4, 1995, as amended at 69 FR 41186, July 8, 2004; 80 FR 81164, Dec. 29, 2015] ((Until completion of next CRA examination.)) 12 CFR 27.3 Recordkeeping requirements. (a) Quarterly recordkeeping requirement. (1) A bank that is required to collect data on home loans under part 203 of this title shall present the data on Federal Reserve Form FR HMDA-LAR or in an automated format in accordance with the instructions, except that: (i) A bank shall maintain the reason(s) it denied a loan application, using the codes provided in part 203 of this title; and (ii) A bank shall record all information required by this paragraph and part 203 of this title within 30 calendar days after the end of each calendar quarter. (2) A bank that receives 50 or more home loan applications a year, as measured by the previous calendar year, and that is not required to collect data under paragraph (a)(1) of this section, shall record and maintain for each decision center the following information on home loan activity: (i) Number of applications received for each of the following: Purchase; construction-permanent; refinance. (ii) Number of loans closed for each of the following: Purchase; construction-permanent; refinance. (iii) Number of loans denied for each of the following: Purchase; construction-permanent; refinance. (iv) Number of loans withdrawn by applicant, for each of the following: Purchase; constructionpermanent; refinance. (3) The information required to be maintained under paragraph (a)(2) of this section shall be updated quarterly, within 30 calendar days after the end of each calendar quarter, in a format consistent with the bank's recordkeeping procedures.
(4) A bank exempted under paragraph (a)(2) of this section shall be covered by that requirement beginning the month following any quarter in which their average monthly volume of home loan applications exceeds four applications per month. Banks which are subject to this paragraph may discontinue keeping this information beginning the month following two consecutive quarters in which their average monthly volume of home loan applications drops to four or fewer applications per month. A bank which is otherwise exempted under this paragraph may be required upon notification received from the Comptroller, to record and maintain such information where there is cause to believe that the bank is not in compliance with the fair housing laws based on prior examinations and/or has substantive consumer complaints, among other factors. (5) A bank required to maintain information under paragraph (a)(2) or (a)(4) of this section may choose to comply with the quarterly recordkeeping requirement by maintaining information in accordance with paragraph (a)(1) of this section. (b) Information required on applications for home loan.s (1) Each bank shall attempt to obtain all of the information listed below, as part of completed applications for home loans: (i) Loan Amount requested by the applicant(s). (ii) Interest rate requested by the applicant(s). (iii) Number of months requested to maturity by the applicant(s). (iv) Location. Complete street address, city, county, state and zip code of the dwelling which will secure the loan. (v) Number of residential units (1-4) of the dwelling which will secure the loan. (vi) Year built. The year in which the dwelling which will secure the loan was built. If the exact year is unknown, approximate to the nearest decade. (vii) Purpose of the loan. Purchase; refinance; or construction-permanent. (viii) Name and present address of applicant(s). (ix) Age of applicant(s). (x) Marital status of applicant(s) using the categories married, unmarried and separated. (xi) Number of years employed in present line of work or profession for the applicant(s). (xii) Years on present job. Number of continuous years employed by the current employer of the applicant(s). For self-employed persons, the number of continuous years self-employed. (xiii) Gross total monthly income of each applicant, comprising the sum of normal base salary, wages, overtime pay, bonuses, commissions, dividends, interest, rental income, retirement or disability income and income from part-time employment. For self-employed persons, include the average or normal monthly income. Include alimony, separate maintenance and child support income information only if the applicant has been advised that such information need not be provided and nevertheless elects to have it considered. (xiv) Proposed monthly housing payment, comprising the sum of principal and interest. The bank may also include insurance, real estate taxes and any monthly assessments for home owner dues or condominium fees, and/or utilities if the bank considers these factors in computing housing costs. However, if the bank includes any of these factors for computing the monthly housing payment, it must do so consistently. When a bank changes its regular practice, such change and its effective date should be identifiable with respect to the bank's new policy. (xv) Purchase price. Sales price or approximate current market value of the property which will secure the loan.
(xvi) Applicant's or applicants' total monthly payments on all outstanding liabilities. Include installment debts, real estate loans and any alimony, child support or separate maintenance payments. Exclude any payments on liabilities which will be satisfied upon sale of real estate owned or upon refinancing of property associated with this application. (xvii) Net worth. Applicant's or applicants' total assets, including cash checking and savings accounts, stocks and bonds, cash value of life insurance, value of real estate owned, net worth of business owned, automobile, furniture and personal property and other assets, minus total liabilities, including installment debts, automobile loans, real estate loans, and any other debts, including stock pledges. (xviii) Date of application. The date on which a signed application is received by the bank. (xix) Sex of applicant(s). (xx) Race/national origin of applicant(s) using the categories: American Indian or Alaskan Native; Asian or Pacific Islander; Black, not of Hispanic origin; White, not of Hispanic origin; Hispanic; Other. (2) Information on race/national origin and sex. (i) Disclosure to applicant. (A) In collecting the information required under 27.3(b)(1) (xix) and (xx), the bank shall advise an applicant, either orally or in writing, that: (1) The information on race/national origin and sex is requested by the Federal Government if this loan is related to a home loan, in order to monitor the lender's compliance with equal credit opportunity and fair housing laws; (2) The applicant is not required to furnish the information but is encouraged to do so. The law provides that a lender may neither discriminate on the basis of this information, nor on whether the applicant chooses to furnish it; (3) However, if the applicant chooses not to furnish it, Federal regulations require the lender to note race and sex on the basis of visual observation or surname. (B) Banks which use the Federal Home Loan Mortgage Corporation/Federal National Mortgage Association (FHLMC/FNMA) insert form ( Information for Government Monitoring Purposes ) requesting this information will be in compliance with paragraph (b)(2)(i) of this section. A copy of the insert form is set forth in appendix II. (ii) If the applicant does not voluntarily provide the information on sex and race/national origin which the bank is required to record and maintain under 27.3(b)(1) (xix) and (xx), the bank shall request the applicant to note that fact (by initials or otherwise) on the application, and the bank shall provide the information based on visual observation or surname. If the applicant does not voluntarily provide the information and does not initial or otherwise note that fact, the bank shall initial, or otherwise note that fact on the application, as well as provide the information based on visual observation or surname. (c) Additional information required in the loan file. In addition to the information required by 12 CFR 27.3 Recordkeeping requirements. (b), each bank shall maintain the following information in each of its home loan files: (1) If an appraisal is completed: (i) The appraised value; and (ii) The census tract number, where available, for those properties which are in a Standard Metropolitan Statistical Area (SMSA) in which the bank has a home office or branch office.
(2) Disposition of loan application. The disposition of the completed applications using the following categories: (i) Withdrawn before terms were offered; (ii) Withdrawn after terms were offered; (iii) Denied; (iv) Terms offered and accepted by applicant(s). (3) If final terms are offered, whether or not accepted: (i) The loan amount. (ii) Whether private mortgage insurance is required, and if so, the terms of the insurance. (iii) Whether a deposit balance is required, and if so, the amount. (iv) The note (simple) interest rate. (v) The number of months to maturity of the loan offered. (vi) Points. The loan origination or discount fee(s) charged to the buyer, computed as a percentage of the loan amount. (4) Commitment date. The date final terms were offered. (5) The type of mortgage using the following categories: Standard Fixed Payment; Variable Rate; Graduated Payment; Rollover; Other. (6) The name or identification of the bank office where the application was submitted. (7) Whenever credit is denied, copy(s) of the Equal Credit Opportunity Act credit notice and statement of credit denial. (8) Any additional information used by the bank in determining whether or not to extend credit, or in establishing the terms, including, but not limited to, credit reports, employment verification forms, Federal Income Tax Forms, availability of insurance, and the complete appraisal. [44 FR 63089, Nov. 2, 1979, as amended at 59 FR 26415, May 20, 1994] ((See 12 CFR 27.5)) 12 CFR 27.5 Record retention period. (a) Each bank shall retain the records required under 27.3 for 25 months after the bank notifies an applicant of action taken on an application, or after withdrawal of an application. This requirement also applies to records of home loans which are originated by the bank and subsequently sold. (b) The Comptroller of the Currency may, by written notice to a bank, extend the retention period. 12 CFR 28.16 Deposit-taking by an uninsured Federal branch. (a) Policy. In carrying out this section, the OCC shall consider the importance of according foreign banks competitive opportunities equal to those of United States banks and the availability of credit to all sectors of the United States economy, including international trade finance. (b) General. An uninsured Federal branch may accept initial deposits of less than the standard maximum deposit insurance amount as defined in 12 U.S.C. 1821(a)(1)(E) only from: (1) Individuals who are not citizens or residents of the United States at the time of the initial deposit; (2) Individuals who are not citizens of the United States, but are residents of the United States, and are employed by a foreign bank, foreign business, foreign government, or recognized international organization;
(3) Persons (including immediate family members of an individual) to whom the branch or foreign bank (including any affiliate thereof) has extended credit or provided other nondeposit banking services within the past 12 months, or with whom the branch or foreign bank has a written agreement to extend credit or provide such services within 12 months after the date of the initial deposit; (4) Foreign businesses and large United States businesses; (5) Foreign governmental units, including political subdivisions, and recognized international organizations; (6) Federal and state governmental units, including political subdivisions and agencies thereof; (7) Persons who are depositing funds in connection with the issuance of a financial instrument by the branch for transmission of funds, or transmission of funds by any electronic means; (8) Persons who may deposit funds with an Edge corporation as provided in the FRB's Regulation K, 12 CFR 211.6, including persons engaged in certain international business activities; and (9) Any other depositor if: (i) The aggregate amount of deposits received from those depositors does not exceed, on an average daily basis, 1 percent of the average of the branch's deposits for the last 30 days of the most recent calendar quarter, excluding deposits of other offices, branches, agencies, or wholly owned subsidiaries of the foreign bank; and (ii) The branch does not solicit deposits from the general public by advertising, display of signs, or similar activity designed to attract the attention of the general public. (c) Application for an exemption. A foreign bank may apply to the OCC for an exemption to permit an uninsured Federal branch to accept or maintain deposit accounts that are not listed in paragraph (b) of this section. The request should describe: (1) The types, sources, and estimated amounts of such deposits and explain why the OCC should grant an exemption; and (2) How the exemption maintains and furthers the policies described in paragraph (a) of this section. (d) Aggregation of deposits. For purposes of paragraph (b)(9) of this section, a foreign bank that has more than one Federal branch in the same state may aggregate deposits in all of its Federal branches in that state, but exclude deposits of other branches, agencies or wholly owned subsidiaries of the bank. The Federal branch shall compute the average amount by using the sum of deposits as of the close of business of the last 30 calendar days ending with and including the last day of the calendar quarter, divided by 30. The Federal branch shall maintain records of the calculation until its next examination by the OCC. (e) Notification to depositors. A Federal branch that accepts deposits pursuant to this section shall provide notice to depositors pursuant to 12 CFR 346.207, which generally requires that the Federal branch conspicuously display a sign at the branch and include a statement on each signature card, passbook, and instrument evidencing a deposit that the deposit is not insured by the Federal Deposit Insurance Corporation (FDIC). (f) Transition period. (1) An uninsured Federal branch may maintain a deposit lawfully accepted under the exemptions existing prior to July 1, 1996 if the deposit would qualify for an exemption under paragraph (b) of this section, except for the fact that the deposit was made before July 1, 1996. (2) If a deposit lawfully accepted under the exemption existing prior to July 1, 1996 would not qualify for an exemption under paragraph (b) or (c) of this section, the uninsured Federal branch must terminate the deposit no later than:
(i) In the case of time deposits, the maturity of a time deposit or October 1, 1996, whichever is longer; or (ii) In the case of all other deposits, five years after July 1, 1996. (g) Insured banks in United States territories. For purposes of this section, the term foreign bank does not include any bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands whose deposits are insured by the FDIC pursuant to the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq. [61 FR 19532, May 2, 1996, as amended at 68 FR 70131, Dec. 17, 2003; 68 FR 70700, Dec. 19, 2003; 76 FR 43569, July 21, 2011] 12 CFR 28.18(c) Recordkeeping and reporting. (a) General. A Federal branch or agency shall comply with applicable recordkeeping and reporting requirements that apply to national banks and with any additional requirements that may be prescribed by the OCC. A Federal branch or agency, and the parent foreign bank, shall furnish information relating to the affairs of the parent foreign bank and its affiliates that the OCC may from time to time request. (b) Regulatory reports filed with other agencies. A foreign bank operating a Federal branch or agency in the United States shall provide the OCC with a copy of reports filed with other Federal regulatory agencies that are designated in guidance issued by the OCC. (c) Maintenance of accounts, books, and records. (1) Each Federal branch or agency shall maintain a set of accounts and records reflecting its transactions that are separate from those of the foreign bank and any other branch or agency. The Federal branch or agency shall keep a set of accounts and records in English sufficient to permit the OCC to examine the condition of the Federal branch or agency and its compliance with applicable laws and regulations. The Federal branch or agency shall promptly provide any additional records requested by the OCC for examination or supervisory purposes. (2) A foreign bank with more than one Federal branch or agency in a state shall designate one of those offices to maintain consolidated asset, liability, and capital equivalency accounts for all Federal branches or agencies in that state. (3) A foreign bank with a Federal branch or agency in more than one state that consolidates its CEDs into one account in accordance with 28.15(e) shall designate a participating Federal branch or agency to maintain consolidated asset, liability, and capital equivalency account information for all Federal branches and agencies covered by the consolidated deposit. A foreign bank with a consolidated CED shall maintain a book entry accounting of assets designated under the consolidated CED for each office of that foreign bank. [61 FR 19532, May 2, 1996, as amended at 68 FR 70700, Dec. 19, 2003] ((Not Specified)) 12 CFR 32.5(f)(2) Documentation. In order to show that the means and purpose tests have been satisfied, a national bank or savings association must, at a minimum, retain in its files the following items: (i) A statement (accompanied by supporting documentation) describing the legal status and the degree of financial and operational autonomy of the borrowing entity;
(ii) Financial statements for the borrowing entity for a minimum of three years prior to the date the loan or extension of credit was made or for each year that the borrowing entity has been in existence, if less than three; (iii) Financial statements for each year the loan or extension of credit is outstanding; (iv) The national bank's or savings association's assessment of the borrower's means of servicing the loan or extension of credit, including specific reasons in support of that assessment. The assessment shall include an analysis of the borrower's financial history, its present and projected economic and financial performance, and the significance of any financial support provided to the borrower by third parties, including the borrower's central government; and (v) A loan agreement or other written statement from the borrower which clearly describes the purpose of the loan or extension of credit. The written representation will ordinarily constitute sufficient evidence that the purpose test has been satisfied. However, when, at the time the funds are disbursed, the bank or savings association knows or has reason to know of other information suggesting that the borrower will use the proceeds in a manner inconsistent with the written representation, it may not, without further inquiry, accept the representation. [60 FR 8532, Feb. 15, 1995, as amended at 77 FR 37279, June 21, 2012] ((Three Years))