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Over 10 years ago, the Bank had a small Trust Department. The Department was subsequently dissolved and sold off to a local bank. Currently, the Bank is retaining a lot of the documentation from that Trust Department. Does anyone know how long we are required to maintain that documentation? Any help would be appreciated!
I am not familiar with a federal law or regulation that addresses this issue. Very often record retention requirements are mandated by state law. You may want to contact your state banking association or your state Department of Financial Institutions. Check the state law under which the department was chartered.
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