Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

OCC warns banks about new communication tech

Joe Mont | May 13, 2016

The Office of the Comptroller of the Currency has issued guidance for the banks it oversees regarding their obligations related to the maintenance of records, records retention, and examiner access to those documents in light of new communications technologies.

 “The OCC has become aware of communications technology recently made available to banks that could prevent or impede OCC access to bank records through certain data deletion or encryption features,” he alert says. “Use of communications technology in this manner is inconsistent with the OCC’s expectations regarding data retention and availability.”

The OCC has authority to require prompt and complete access to all of a covered bank’s relevant books, records, or documents of any type. Also included within the scope of its authority is the ability of examiners to communicate freely with a bank’s employees, officers, or directors....

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.