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Record Retention Manual on CD-ROM, 6th Edition
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The Kentucky Bankers Association is pleased to offer our members the 6th Edition of theFinancial Institution Record Retention Manual on CD-ROM published by the Financial Managers Society. This Manual is available for the low cost of $185 each for KBA members. The sixth edition of FMS’ manual is the most comprehensive guide to what can be a very challenging issue. Nearly every document you deal with involves risk – either compliance, legal, administrative or managerial – and the rules governing those factors vary at both the federal and state levels. Each document presents two issues: 1) How long do you need to retain it, and 2) When should you get rid of it?
Retaining records beyond required holding periods uses up valuable square footage, and exposes your institution to legal liability and consumer privacy concerns. On the other hand, retaining a document for too short a period exposes you to significant regulatory criticism and censure, and potential legal liability.
An up-to-date, comprehensive record retention schedule is a necessity for every financial institution. Researching the myriad state and federal requirements to create that schedule, however, is an onerous, time-consuming process. Retention requirements can differ dramatically from state to state - and from state to federal agency – and you’re often left with questions about records not specifically addressed by your state or primary regulator.
This comprehensive, current and easy to use Record Retention Manual can help. The Manual includes retention requirements collected in 2008 from all major federal banking and credit union agencies, as well as specific requirements or information from all 50 states. New to the sixth edition, in addition to nearly 2,000 new records, are links to the state or federal agency from where the always conservative FMS recommended retention period was taken.