Amy Hanna Keeney recently authored an article in Georgia Communities First Magazine, published October 1 by the Community Bankers Association of Georgia. In her article, “Are You Retaining Consumer Data Properly?”, Amy explains how many banks, as well as other companies, have a responsibility to retain certain consumer data as required by federal consumer protection statutes.
“Given the high-profile consumer data breaches lately, it may seem easier to focus on ensuring that your organization is retaining only the bare minimum of consumer data and disposing of the rest,” she cautions, but “many of the federal consumer protection statutes require retention of certain data – sometimes for several years after the data has been used.”
Amy provides clarity by reviewing several of the prevalent federal retention requirements affecting banks nationwide. Several regulations she outlines include, the Equal Credit Opportunity Act (ECOA), the Real Estate Settlement Procedures Act (RESPA) and Truth In Lending Act (TILA), the Truth In Savings Act, the Bank Secrecy Act, the Home Mortgage Disclosure Act, the Electronic Fund Transfer Act and the Consumer Leasing Act.