12 CFR 27.5 - Record retention period.

Regulations last checked for updates: Nov 23, 2024

Title 12 - Banks and Banking last revised: Nov 20, 2024

View all text of Part 27 [§ 27.1 - § 27.7]

§ 27.5 - Record retention period.

(a) Each bank shall retain the records required under § 27.3 for 25 months after the bank notifies an applicant of action taken on an application, or after withdrawal of an application. This requirement also applies to records of home loans which are originated by the bank and subsequently sold.

(b) The Comptroller of the Currency may, by written notice to a bank, extend the retention period.

authority: 5 U.S.C. 301; 12 U.S.C. 1

source: 44 FR 63089, Nov. 2, 1979, unless otherwise noted.

cite as: 12 CFR 27.5