Wisconsin law no longer has a rigid, itemized record retention schedule for banking records. Instead, the law provides that each bank is to retain records in a manner consistent with prudent business practices and in accordance with state and federal laws, rules, and regulations. To assist with identifying what those state and federal retention requirements may be, the guide includes a chart of laws and regulations to consider when creating or updating the bank’s record retention policy. The guide also includes a discussion of items every retention policy should contain, an explanation of electronic versus paper retention of documents, a brief discussion of Wisconsin-specific record retention requirements, and an appendix of materials useful to considerations discussed in the guide.
The revised guide includes:
- Part I: Record Retention Policy, Pages 1-3
- Part II: Electronic Record Retention, Pages 4-7
- Part III: Wisconsin Record Retention Requirements, Pages 8
- Part IV: Banking and Other Relevant Statute and Regulations, Pages 9-50
- Page V: Appendix, Pages 51-60