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Date: | Thu, 24 Oct 2013 08:29:57 -0400 |
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>>
I'm seeking a legal citation for the retention of letters of credit. Does
anyone know of a reference? Many of the schedules I found identify a 7
year retention, but they do not include any legal reference.
<<
Ah, the magical 7 years. "How long to you keep them records? Seven years,
right?"
12 CFR 337.2 names letters of credit, but does not state a retention
requirement. Many states' banking laws do set a retention requirement,
ranging anywhere from 1 to 20 years. So look for actual citations in the
states regs where you do business.
Gary Link
Pittsburgh, PA
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