Minimum requirements of a record retention program.

CFR · 2024-01-01 · US · Title 12

(a) (1) Assure that retained records are complete and accurate; (2) Assure that the form of retained records and the retention period— (i) Are appropriate to support administrative, business, external and internal audit functions, and litigation of the regulated entity or the Office of Finance; and (ii) Comply with requirements of applicable laws and regulations, including this part; (3) Assign in writing the authorities and responsibilities for record retention activities for employees, including line managers and corporate management; (4) Include policies and procedures concerning record holds, consistent with § 1235.5, and, as appropriate, integrate them with policies and procedures throughout the organization; (5) Include an accurate, current, and comprehensive record retention schedule that lists records by major categories, subcategories, record type, and retention period, which retention period is appropriate to the specific record and consistent with applicable legal, regulatory, fiscal, operational, and business requirements; (6) Include appropriate security and internal controls to protect records from unauthorized access and data alteration; (7) Provide for appropriate back-up and recovery of electronic records to ensure the same accuracy as the primary records; (8) Provide for a periodic testing of the ability to access records; and (9) Provide for the proper disposition of records. (b) (c) (2) The record retention program shall: (i) Provide for communication thro

official document · source cfr-2024 · id 12:§ 1235.4