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?
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?
Under Regulation B, financial institutions are required to retain records for 25 months from the date of application when a credit application is from a business with annual gross revenues in excess of $1,000,000. This ensures that the bank complies with regulatory requirements and can provide necessary documentation in case of an audit or legal inquiry.
Under Regulation B, if a written statement of adverse action is requested by the applicant within 60 days after being notified of the action taken, the bank must retain records related to the credit application from a business with annual gross revenues in excess of $1,000,000 for 12 months.