Regulatory Alerts2024-09-18
DI-01-2024 Records Retention Policy
The Louisiana Office of Financial Institutions issued Policy DI-01-2024 to establish minimum retention periods and operational guidelines for state-chartered banks, savings associations, credit unions, their subsidiaries, holding companies, and non-bank affiliates. The policy mandates that these entities maintain a comprehensive internal record retention program while adhering to a standardized schedule specifying four-year, five-year, "Life +," and permanent retention periods for critical documents such as audit reports, call reports, suspicious activity reports, loan files, and trust records. It further authorizes electronic or reproducible formats for stored documents and rescinds multiple prior policies to streamline regulatory supervision and reduce storage costs.