Chapter DFI-SB 6

Chapter DFI-SB 6

RECORDS MANAGEMENT, RETENTION AND DESTRUCTION

DFI-SB 6.01   Retention of records.

DFI-SB 6.02   Records management.

DFI-SB 6.03   Destruction of records.

DFI-SB 6.04   Clerical and accounting services.

DFI-SB 6.05   Recordkeeping standards, availability for examination.

Ch. DFI-SB 6 Note Note: Chapter SB 6 was renumbered ch. DFI-SB 6 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, November, 1997, No. 503.

DFI-SB 6.01 DFI-SB 6.01 Retention of records. Each savings bank shall retain its records in a manner consistent with prudent business practices and in accordance with this chapter and other applicable state or federal laws, rules, and regulations. The record retention system utilized must be able to accurately produce such records.

DFI-SB 6.01 Note Note: This section interprets or implements s. 214.75, Stats.

DFI-SB 6.01 History History: Cr. Register, February, 1994, No.458, eff. 3-1-94; 2013 Wis. Act 277: am. Register May 2014 No. 701, eff. 6-1-14.

DFI-SB 6.02 DFI-SB 6.02 Records management.

DFI-SB 6.02(1) (1) Designation of records manager. The board of directors of each savings bank shall by resolution designate one employee responsible for the supervision and management of the savings bank’s program for the preservation, retention and destruction of records under this chapter and the applicable requirements of the internal revenue service and other government agencies.

DFI-SB 6.02(2) (2) Records management. If a savings bank utilizes a records storage center or records management service, the center or service shall agree in writing to comply with the requirements of this chapter and to produce the savings bank’s records in a timely fashion for inspection by the division upon request.

DFI-SB 6.02 Note Note: This section interprets or implements s. 214.75, Stats.

DFI-SB 6.02 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.

DFI-SB 6.03 DFI-SB 6.03 Destruction of records. Except where a retention period is required by state or federal laws, rules, or regulations, a savings bank may destroy its records subject to the considerations set forth in s. DFI-SB 6.01. In the destruction of records, the savings bank shall take reasonable precautions to assure the confidentiality of information in the records.

DFI-SB 6.03 Note Note: This section interprets or implements s. 214.75, Stats.

DFI-SB 6.03 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94; 2013 Wis. Act 277: am. Register May 2014 No. 701, eff. 6-1-14.

DFI-SB 6.04 DFI-SB 6.04 Clerical and accounting services. Upon specific authorization of its board of directors, a savings bank may perform any of the following services for itself, whether on or off its premises, or by another person for a fee, if assurances satisfactory to the division are furnished to the division by both the savings bank and the party performing the services that performance will be subject to regulation and examination by the division to the same extent as if the services were performed by the savings bank on its own premises:

DFI-SB 6.04(1) (1) The posting of payments, withdrawals, computation and distribution of earnings on accounts.

DFI-SB 6.04(2) (2) The posting of entries, payments and credits on accounts of borrowers, the computation of interest and other charges on these accounts and the determination of the contractual status of these accounts.

DFI-SB 6.04(3) (3) The preparations and mailing of checks, statements, notices and similar items.

DFI-SB 6.04(4) (4) Any other clerical, bookkeeping, accounting, statistical or similar functions.

DFI-SB 6.04 Note Note: This section interprets or implements s. 214.75, Stats.

DFI-SB 6.04 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.

DFI-SB 6.05 DFI-SB 6.05 Recordkeeping standards, availability for examination. A savings bank shall provide, at its expense, any facilities, equipment or services necessary to enable the division to conveniently examine and reproduce individual records.

DFI-SB 6.05 Note Note: This section interprets or implements s. 214.75, Stats.

DFI-SB 6.05 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94; 2013 Wis. Act 277: am. (1) Register May 2014 No. 701, eff. 6-1-14; CR 23-039: am. (title), r. (1), renum. (2) to DFI-SB 6.05 and am. Register March 2024 No. 819, eff. 4-1-24.