29) the “reasonable cause” portion has a question asking if copies of notices were retained for two years. And you’ll see this reflected in the interagency exam procedures (see Reg CC checklist beginning on p. There is also a specific record retention requirement in 229.13(g)(5) and its commentary “reasonable cause” exception holds. You’re correct that Reg CC commentary 229.21(g) indicates that you are required to keep copies of the notice for reasonable cause to doubt collectability exception holds and that for other hold notices your proof would be your procedures/processes/training, etc. A bank must, however, retain a copy of each notice provided pursuant to its use of the reasonable cause exception under §229.13(g) as well as a brief description of the facts giving rise to the availability of that exception. Generally, a bank is not required to retain records showing that it actually has given disclosures or notices required by this subpart to each customer, but it must retain evidence demonstrating that its procedures reasonably ensure the customers’ receipt of the required disclosures and notices. This record retention period is extended in the case of civil actions and enforcement proceedings. Banks must keep records to show compliance with the requirements of this subpart for at least two years. (2) If a bank has actual notice that it is being investigated, or is subject to an enforcement proceeding by an agency charged with monitoring that bank’s compliance with the EFA Act and this subpart, or has been served with notice of an action filed under this section, it shall retain the records pertaining to the action or proceeding pending final disposition of the matter, unless an earlier time is allowed by order of the agency or court.ġ. Records may be stored by use of microfiche, microfilm, magnetic tape, or other methods capable of accurately retaining and reproducing information. (1) A bank shall retain evidence of compliance with the requirements imposed by this subpart for not less than two years. I would greatly appreciate your thoughts on this.
We had a compliance exam in December, and they asked for the hold notices and the proof on the system when released.
#Reg cc check holds 2021 manual
And for the few that they use the manual forms, if they don’t type the description on the system correctly, I can’t prove that it was given to the customer correctly. But as stated below I can prove that the process is set to do that. We won’t be able to prove that they gave the customer a notice.
Is there anywhere else that I am missing that also discusses retention of the actual hold notice. It seems to say that we only have to keep actual copy of notice for the reasonable cause notices. I know for every exam we have had in the past and for any of our outsourced audits a copy of the hold notice was requested for review.Īll the banks that I know to ask and any record retention schedules that I have seen show that we should keep notices for at least 2 years. Most of the notices are produced through the teller system now except on some occasions if they have to send a manual one by the next day. They are currently scanning them to a shared file. Unless it was a requirement of the regulation, they do not think that we need to require the teller to keep a copy of their hold notices. Management recently met about the review process for holds and the deposit operations manager asked did we have to keep copies of the actual notices given to customer.
0 kommentar(er)
