Which of the following describes the record retention requirements under Regulation B for a credit application from a bu
Posted: Thu Jul 21, 2022 8:51 pm
Which of the following describes the record retention requirements under Regulation B for a credit application from a business with annual gross revenues in excess of$1,000,000?
A. The bank must retain records for 30 days; however, if a written statement of action is requested, the bank must retain the records for 90 days.
B. After 6 months, the bank must dispose of the applications and records in accordance with waste disposal rules promulgated by the EPA.
C. The bank must retain records for 12 months if a written statement of adverse action is requested within 60 days after notifying the applicant of the action taken.
D. The bank must retain records for 25 months from the date of application.
A. The bank must retain records for 30 days; however, if a written statement of action is requested, the bank must retain the records for 90 days.
B. After 6 months, the bank must dispose of the applications and records in accordance with waste disposal rules promulgated by the EPA.
C. The bank must retain records for 12 months if a written statement of adverse action is requested within 60 days after notifying the applicant of the action taken.
D. The bank must retain records for 25 months from the date of application.