FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 21. RETENTION OF RECORDS BY INSURED DEPOSITORY INSTITUTIONS.--
(a) Congressional Findings and Declaration of Purpose.--
[Codified to 12 U.S.C. 1829b(a)]
[Source: Section 2[21(a)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1114), effective November 1, 1971, and as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989; Section 358(d) of title III of the Act of October 26, 2001 (Pub. L. No. 107--56; 115 Stat. 326), effective October 26, 2001; as amended by section 6203(k) of title VI of the Act of December 17, 2004 (Pub. L. No. 108--458; 118 Stat. 3747), effective October 26, 2001]
(b) Record-keeping Regulations.--
that will have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
[Codified to 12 U.S.C. 1829b(b)]
[Source: Section 2[21(b)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1115), effective November 1, 1971, and as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989; section 1515(a) of title XV of the Act of effective August 9, 1989; section 1515(a) of title XV of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4058), effective October 28, 1992]
(c) Identity of Persons Having Accounts and Persons Authorized to Act with Respect to Such Accounts; Exemptions.--Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (b), each insured depository institution shall maintain such records and other evidence, in such form as the Secretary shall require, of the identity of each person having an account in the United States with the insured depository institution and of each individual authorized to sign checks, make withdrawals, or otherwise act with respect to any such account. The Secretary may make such exemptions from any requirement otherwise imposed under this subsection as are consistent with the purposes of this section.
[Codified to 12 U.S.C. 1829b(c)]
[Source: Section 2[21(c)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1115), effective November 1, 1971, and as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989; section 1515(b)(1) of title XV of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4059), effective October 28, 1992; section 602(a)(52) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2290), effective September 23, 1994]
(d) Reproduction of Checks, Drafts, and Other Instruments; Record of Transactions; Identity of Party.--Each insured depository institution shall make, to the extent that the regulations of the Secretary so require--
[Codified to 12 U.S.C. 1829b(d)]
[Source: Section 2[21(d)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1115), effective November 1, 1971, and as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989; section 602(a)(53) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2290), effective September 23, 1994]
(e) Identity of Persons Making Reportable Currency and Foreign Transactions.--Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (b), whenever any individual engages (whether as principal, agent, or bailee) in any transaction with an insured depository institution which is required to be reported or recorded under the Currency and Foreign Transactions Reporting Act, the insured depository institution shall require and retain such evidence of the identity of that individual as the Secretary may prescribe as appropriate under the circumstances.
[Codified to 12 U.S.C. 1829b(e)]
[Source: Section 2[21(e)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1115), effective November 1, 1971, and as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989; section 1515(b)(2) of title XV of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4059), effective October 28, 1992; section 602(a)(54) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2290), effective September 23, 1994]
(f) Additions to or Substitutes for Required Records.--Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (b) and in addition to or in lieu of the records and evidence otherwise referred to in this section, each insured depository institution shall maintain such records and evidence as the Secretary may prescribe to carry out the purposes of this section.
[Codified to 12 U.S.C. 1829b(f)]
[Source: Section 2[21(f)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1115), effective November 1, 1971, and as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989; section 1515(b)(3) of title XV of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4059), effective October 28, 1992]
(g) Retention Period.--Any type of record or evidence required under this section shall be retained for such period as the Secretary may prescribe for the type in question. Any period so prescribed shall not exceed six years unless the Secretary determines, having regard for the purposes of this section, that a longer period is necessary in the case of a particular type of record or evidence.
[Codified to 12 U.S.C. 1829b(g)]
[Source: Section 2[21(g)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1115), effective November 1, 1971]
(h) Report to Congress by Secretary of the Treasury.--The Secretary shall include in his annual report to the Congress information on his implementation of the authority conferred by this section and any similar authority with respect to recordkeeping or reporting requirements conferred by other provisions of law.
[Codified to 12 U.S.C. 1829b(h)]
[Source: Section 2[21(h)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1115), effective November 1, 1971]
(i) Application of Provisions to Foreign Banks.--The provisions of this section shall not apply to any foreign bank except with respect to the transactions and records of any insured branch of such a bank.
[Codified to 12 U.S.C. 1829b(i)]
[Source: Section 2[21(i)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 6(c)(29) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 620), effective September 17, 1978]
(j) Civil Penalties.--
[Codified to 12 U.S.C. 1829b(j)]
[Source: Section 2[21(j)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 6185(d) of title VI of the Act of November 18, 1988 (Pub. L. No. 100--690; 102 Stat. 4356), effective November 18, 1988, and as amended by section 201(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187), effective August 9, 1989; section 1535(b) of title XV of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4066), effective October 28, 1992]
NOTES
Derivation. Sections 21(a)--(h) derive from section 101 of title I of the Act of October 26, 1970 (Pub. L. No. 91--508; 84 Stat. 1114), effective November 1, 1971.
Section 21(i) was added by section 6(c)(29) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 620), effective September 17, 1978.
Section 21(j) derives from section 6185(d) of the Act of November 18, 1988 (Pub. L. No. 100--690; 102 Stat. 4356, effective November 18, 1988.
Implementing Regulations. Department of the Treasury regulations implementing section 21 of the Federal Deposit Insurance Act, entitled "Part 103--Financial Recordkeeping and Reporting of Currency and Foreign Transactions," appear under the tabcard "Miscellaneous Statutes and Regulations."