Various regulations and federal and state laws mandate retention of specific
documents (both traditional paper documents and electronically stored
information) for a designated period of time. Unfortunately, these laws overlap
and conflict, causing confusion. In the past, some institutions simply retained
all records permanently “to be on the safe side.” That isn’t practical today
because retaining all records can actually harm the financial institution. All
institutions must have a systematic record-retention and destruction policy that
covers electronically stored information and traditional paper documents. This
webinar will address legal and regulatory requirements and practical
considerations for both electronic and paper document retention and destruction.
- What documents should be kept and for how long?
- When can the original document be destroyed after it has been imaged?
- What are the elements of an effective record-retention and destruction
- What special steps must be taken when regulatory action or
litigation is threatened?
Elizabeth Fast, JD, CPA, Spencer Fane LLP