Nevada Administrative Code Chapter 665 - Banks: Examination and Reports
Here’s a detailed summary of Nevada Administrative Code Chapter 665 – Banks: Examination and Reports (NAC 665):
1. 🗂️ Record Retention Requirements (NAC 665.010)
Retention period calcs: The clock for retaining records starts from either the date of the final transaction, account closing, or when an official check is paid (regulations.justia.com).
Electronic records: Computer-generated records that correspond to required documents must be retained for the same period as the original documents (regulations.justia.com).
Internal work forms: Records not specified in § 665.020 and used only internally may be retained based on the bank’s own audit policies (regulations.justia.com).
2. 📋 Business Records Schedule (NAC 665.020)
NAC 665.020 lays out a detailed table specifying how long various types of records must be kept:
Permanent ("P") retention (e.g., articles of incorporation, bylaws, FDIC certificates, bank examination reports, minutes of meetings, stock records).
Short-to-medium-term retention (ranging from 1 month to 25 years) depending on the document type.
Examples:
Charge-off asset records: 7 years
Loan applications—consumer credit: 25 years
Collection receipts: 6 years
Official checks, deposit tickets, signature cards: 6 years
Tax records: 7 years (law.cornell.edu).
The full schedule covers dozens of categories, from accounting, loans, securities, to personnel and trust department records—with each assigned a specific retention period .
3. 🏦 Purpose: Oversight & Supervisory Reporting
These retention rules ensure banks maintain necessary documentation for the Division of Financial Institutions to conduct thorough examinations and audits under NRS Chapter 665 (leg.state.nv.us).
✅ Summary
§ 665.010 mandates how retention periods begin, applies to electronic records, and clarifies internal form retention.
§ 665.020 provides an extensive schedule specifying how long each type of banking record must be kept (from 1 month to permanently).
The rules support the Division’s oversight, exams, and regulatory compliance.
RELATED Blog
0 comments