Regulatory Alerts2010-02-01
Alabama State Banking Department Financial Institution Records Retention Regulation
The Alabama State Banking Department promulgated Regulation No. 17 to establish minimum record retention schedules for all state-chartered financial institutions and their subsidiaries. The regulation mandates specific retention periods ranging from four years to permanent storage for various operational, compliance, and legal documents, including call reports, suspicious activity reports, and corporate minutes. It requires institutions to maintain comprehensive internal record retention programs that ensure the accuracy and accessibility of records for supervisory purposes while acknowledging the continued applicability of other federal and industry requirements.
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