OCC seeks renewal of securities transaction recordkeeping rules
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The OCC is asking to renew a paperwork approval for recordkeeping and customer notice rules that apply when national banks and federal savings associations handle securities transactions. The notice does not change the rules now; it asks for public comments and says the OCC is sending the collection to the Office of Management and Budget for review. For banks and savings associations, the practical takeaway is that they must keep transaction records, send required customer confirmations or notices, maintain supervision and personal trading policies, and preserve those records for at least three years. Comments are due by June 1, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Requests renewal of OMB approval for the OCC's securities transaction recordkeeping information collection.
- Reaffirms that covered banks and savings associations must keep transaction records and customer notices for at least three years.
- Invites public comment on burden, usefulness, clarity, costs, and possible burden reduction.
Obligations
What this law requires
National banks that effect securities transactions for customers must maintain certain records for at least three years, and those records must clearly and accurately reflect the required information and provide an adequate basis for audit.
National banks effecting securities transactions for customers must maintain transaction records that clearly and accurately reflect required information and provide an adequate basis for audit, and must keep those records for at least three years.
Federal savings associations effecting securities transactions for customers must maintain transaction records that clearly and accurately reflect required information and provide an adequate basis for audit, and must keep those records for at least three years.
Federal savings associations that effect securities transactions for customers must maintain certain records for at least three years, and those records must clearly and accurately reflect the required information and provide an adequate basis for audit.
National banks must give or send customers a written notification of each securities transaction at or before completion of the transaction, or send a copy of a broker-dealer confirmation within one business day after receiving it from the broker-dealer.