REcORd REtENtiON REqUiREMENtS FOR FEdERAl CONSUMER

CONSUMERCOMPLIANCEOUTLOOK.ORG CONSUMER COMPLIANCE OUTLOOK 1

Record Retention Requirements for Federal

Consumer Protection Laws and Regulations

Most federal consumer protection laws and regulations require providers of nancial products and services to retain

records of compliance for a specied period. To facilitate compliance, we have listed a high-level summary of the retention

requirements for select federal consumer protection laws and regulations. We have designed this chart as a pullout for easy

future reference so, for example, if a compliance ofcer has a question about the retention requirements for Regulation

B, the chart would provide a summary and a link to the regulation for details. The chart is intended to provide a quick

overview but is not a substitute for reviewing the applicable statute or regulation. The chart is limited to the specic laws

listed, and other state or federal laws could also apply.

REFERENCE GUIDE

FIRST ISSUE 2018

This informaon is paraphrased from the law or regulaon. The applicable law or regulaon contains more details.

This idenes the period that a record must be retained, not what triggers the retenon period (e.g., applicaon or date noce sent).

Each federal banking agency codies the ood implemenng regulaons in their respecve regulaons. We have provided the citaon for the Federal

Reserve’s ood implemenng regulaons. The other agencies’ ood insurance record retenon requirements, which are substanally similar, appear in

12 C.F.R. Part 22.9(d),(e) for instuons supervised by the Oce of the Comptroller of the Currency; 12 C.F.R. Part 339(d),(e) for instuons supervised

by the Federal Deposit Insurance Corporaon; and 12 C.F.R. Part 760.9(d),(e) for instuons supervised by the Naonal Credit Union Administraon.

Regulaon/

Statute

Citaon Requirement

Retenon Period

Regulaon B/Equal

Credit Opportunity

Act (ECOA)

12 C.F.R. §1002.12 Maintain applicaons and required

nocaons, including wrien

statements alleging violaons,

prescreened solicitaons, related

selecon criteria, complaints

correspondence, self-test

documentaon, right-to-appraisal

noce, adverse acon noces, and ECOA

noces. Must also maintain records of

fair lending self-test

For consumer transacons and

self-tesng, 25 months aer date

of noce

For commercial transacons, 12

months, with a special rule for

business credit applicaons in

§1002.12(b)(5). For enforcement

proceedings and invesgaons,

the period is extended

(§1002.12(b)(4))

Regulaon C/Home

Mortgage Disclosure

Act (HMDA)

12 C.F.R. §1003.5(a)

(1), (d)

Maintain loan/applicaon register (LAR)

and public disclosure statement

3 years — LAR

5 years — disclosure statement

Regulaon E/

Electronic Fund

Transfer Act (EFTA)

12 C.F.R. §1005.13(b),

.33(g)(2)

Maintain evidence of compliance as

required by the EFTA and Regulaon

E, including (but not limited to) error-

related documentaon

2 years

Regulaon G/Secure

and Fair Enforcement

for Mortgage

Licensing (SAFE) Act

12 C.F.R. §1007.104(h) Maintain records of registrants’ criminal

history background reports and acons

taken

Does not specify

Regulaon H/Flood

Disaster Protecon

Act of 1973

12 C.F.R. §208.25(i)(3),

(4)

and .25(f)(2)

Retain a record of the special ood

hazard determinaon form and receipt

of noces to the borrower and servicer,

force-placed noces, and evidence of

ood insurance if required

Life of the loan

2 CONSUMER COMPLIANCE OUTLOOK CONSUMERCOMPLIANCEOUTLOOK.ORG

Regulaon/

Statute

Citaon Requirement Retenon Period

Regulaon M/

Consumer Leasing

Act

12 C.F.R. §1013.8 Retain evidence of compliance with

Regulaon M, including having

performed required acons (except

adversing) and having made required

disclosures

2 years

Regulaon V/Fair

Credit Reporng

Act (implemenng

regulaons

for accuracy

and integrity

requirements)

Appendix E to 12 C.F.R.

Part 1022

Maintain records to substanate

accuracy of consumer informaon

furnished to credit reporng agencies

that is subject to a direct dispute

Reasonable period of me, but

not less than any applicable

recordkeeping requirement to

substanate the accuracy of any

informaon about consumers it

furnishes that is subject to a direct

dispute

Regulaon X/Real

Estate Selement

Procedures Act

12 C.F.R. §§1024.10(e),

14(h), 15(d)

Retain HUD-1/HUD-1A (if applicable),

documents relang to kickbacks and

unearned fees and aliated business

arrangements

5 years aer selement

12 C.F.R. §1024.38(c)

Small servicers, as

dened in §1026.41(e)

(4), are exempt from

§1038(c)’s requirements

Servicer must retain records

documenng acons taken for a

mortgage loan account, including

servicing disclosure statements

In addion to the record retenon

requirements, the servicer must

maintain an accessible servicer le

accessed within 5 days and contains

transacons credited or debited to the

account, including escrow and suspense

accounts, the security instrument,

servicers’ notes for communicaons

with the borrower, and any documents

the borrower provided to the servicer

1 year aer loan is discharged or

servicing is transferred

Record Retention Requirements for Federal

Consumer Protection Laws and Regulations

CONSUMERCOMPLIANCEOUTLOOK.ORG CONSUMER COMPLIANCE OUTLOOK 3

Regulaon/

Statute

Citaon Requirement Retenon Period

Regulaon Z/Truth in

Lending Act (TILA)

12 C.F.R. §1026.25 Retain evidence of compliance with

excepons noted below

2 years – agencies may require

longer retenon periods

§1026.25(c)(1)(i), 25(c)

(2)

Retain records for loan originator

compensaon, ability-to-repay

requirements in §1026.43, and loans

secured by real property, except closing

disclosure, which are covered below

3 years

§1026.25(c)(1)(ii)(A) Retain closing disclosure 5 years

§1026.25(c)(1)(ii)(B) Must provide records to new owner

or new servicer if loan is sold or a new

servicer is appointed who must retain

records for balance of 5 years. The

creditor must also retain evidence that

it performed the required acons and

issued the required disclosures

5 years

Regulaon CC/

Expedited Funds

Availability Act

12 C.F.R. §229.21(g) Retain evidence of procedures to ensure

receipt of disclosures and noces and to

prove compliance with funds availability.

Must also retain copies of “reasonable

cause” excepons under §229.13(g) and

descripon of why excepons apply

2 years

Regulaon DD/Truth

in Savings Act

12 C.F.R. §1030.9 Retain evidence of compliance and show

evidence that procedures are followed

(e.g., informaon of rate and balances

to verify interest properly paid). Sample

disclosures must be kept

Minimum 2 years — agencies may

require longer retenon periods

Regulaon BB/

Community

Reinvestment Act

(CRA)

12 C.F.R. §228.43

CRA disclosure statement

CRA public le, including wrien

comments, assessment areas, branch

informaon, and HMDA disclosure

statement (if bank is an HMDA reporter)

Wrien comments about CRA

performance and the bank’s responses

Most recent public CRA performance

evaluaon

Current and prior 2 calendar years

We have provided the citaon to the Federal Reserve’s CRA implemenng regulaons. The other agencies’ record retenon requirements for CRA,

which are substanally similar, appear in 12 C.F.R. Part 195.43 for federal savings associaons supervised by the Oce of the Comptroller of the Curren-

cy; 12 C.F.R. Part 25.43 for naonal banks supervised by the Oce of the Comptroller of the Currency; and 12 C.F.R. Part 345.43 for state nonmember

banks supervised by the Federal Deposit Insurance Corporaon.

Record Retention Requirements for Federal

Consumer Protection Laws and Regulations

4 CONSUMER COMPLIANCE OUTLOOK CONSUMERCOMPLIANCEOUTLOOK.ORG

A discussion of record retenon must include the Electronic Signatures in Global and Naonal Commerce Act (E-Sign Act),

15 U.S.C. 7001(d)(1) et seq. The E-Sign Act was designed to facilitate electronic commerce by providing that the validity

or enforceability of a contract, electronic record, or signature for a transacon aecng interstate commerce (subject to

certain excepons) cannot be challenged solely because it is in electronic form or because an electronic signature or record

was used to form the contract. For purposes of this arcle and chart, the E-Sign Act also provides that if a law requires the

record of a transacon to be retained, an electronic record sases this requirement. To comply with the E-Sign Act for

recordkeeping purposes, an electronic record must:

• accurately reect the informaon in the contract or other record,

• be retained in a form that reects the informaon in the contract or other record,

• be accessible to people entled to view the informaon for the period the law requires, and

• be in a form that can be retained and later reproduced.

Specic quesons should be directed to your primary regulator.

15 U.S.C. §7001(d)(1) and 15 U.S.C. §7001(e). Outlook discussed the compliance requirements for the E-Sign Act in a 2009 arcle tled “Moving from

Paper to Electronics: Consumer Compliance Under the E-Sign Act,” available at hps://consumercomplianceoutlook.org/2009/fourth-quarter/q4_02/.

Regulaon/

Statute

Citaon Requirement Retenon Period

Servicemembers Civil

Relief Act (SCRA)

50 U.S.C. §3901 et seq. The SCRA does not impose

recordkeeping requirements; however,

examiners may want to view SCRA

records to verify compliance

N/A

Fair Credit Reporng

Act (FCRA)

15 U.S.C. §1681(m) Creditors or insurance companies

making prescreened oers of credit or

insurance based on consumer reports

must retain criteria used to make the

oer and the requirements that apply to

loan if secured

3 years

15 U.S.C. §1681(w); 12

C.F.R. Part 208, App. D-2

While the focus of this arcle has been

on record retenon, the FCRA also

requires that when nancial instuons

dispose of certain sensive consumer

informaon, they take reasonable

measures to protect against

unauthorized access to or use of

the informaon in connecon with its

disposal

Record Retention Requirements for Federal

Consumer Protection Laws and Regulations