Federal Advocacy
NBA meets virtually and in DC for visits with Nevada's Senate and House delegates.
State of Nevada
NBA works with state legislators during session years and with interim committees in off years. In additional to supporting efforts to promote financial literacy, affordable housing and economic development, we work to ensure Nevada is an environment where banks can provide the best products and services to customers.
Thank you to our GR Committee members for all of your work during session. NBA will be working closely with interim Nevada's legislative committees throughout the second half of 2023 and during 2024.
Scroll down for a copy of the End of Session Report.
Regulatory
Nevada Bankers engage with State and federal regulators regularly. Member feedback is a critical piece of helping regulators with their job of providing effective, safe and meaningful oversight. In addition lt irregular meetings with our State FID, NBA works closely with federal regulataors and also offers members a chance to engage in person during the Fall DC visit.
Compliance Alliance
Compliance Alliance Question of the Week
Q: What are the record retention requirements for emails between employees and customers? And are we required to keep physical copies of the emails, or can we keep them solely in an electronic format?
A: Email retention isn’t really “one-size-fits-all” - or, said differently - there’s no universal timeline that fits every message in your inbox. Instead, retention tends to depend on the actual content of the specific message.
For example: an email tied to Regulation B (say, related to an adverse action) would likely fall into the purview of § 1002.12, and won’t follow the same retention rules as one discussing BSA (for instance, regarding a CTR), which would be within the scope of 31 CFR 1010.306. Essentially, each topic plays by its own regulatory clock.
As to the paper vs. electronic retention – though this too may generally come down to the content of the email – in most cases, banks are generally permitted to retain records in electronic format, provided the electronic records meet legal standards for accuracy, accessibility, and retention – and, unless a specific law or regulation requires physical ("wet" or “paper”) copies for a particular type of record.
So, what is the smart play? Always start with the content. Ask: “What’s this email really about?” That should typically point you to the right retention schedule and help keep your records in line with both compliance and best practices.
To help with that, we have the following tools that help serve as guides to record retention schedules (broken down by department): Record Retention Schedule Cheat Sheet and Record Retention Policy.
Compliance Alliance offers a BSA / AML / OFAC Toolkit with a number of additional resources: https://compliancealliance.com/find-a-tool/by-toolkit/bsa-aml-ofac/
Also offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub demo:
Compliance Alliance Hub for Trust
Trust Tools for Compliance is a stand-alone program designed specifically to assist and support wealth management divisions and brick-and-mortar money managers with their regulatory compliance needs. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub Trust Demo.
Compliance Hub for Mortgage
Bankers Alliance now gives you easy access to Mortgage Tools—a collection of proprietary regulatory compliance tools with more than 200 worksheets, checklists, trainings and more & a live hotline chat feature connecting you to attorneys and compliance experts—all designed to safeguard internal operations, strengthen business practices, and develop exam-ready organizations. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign up for a live Mortgage Demo
Review Alliance – DID YOU KNOW?
Did you know that a closed-end mortgage loan or open-end line of credit that is primarily for a business or commercial purpose is HMDA reportable if it meets the definition of a home improvement loan, home purchase loan, or a refinancing?
- For example, a closed-end mortgage loan to improve an attorney’s office that is located in her single-family dwelling is reportable.
- See Comment for 1003.3, 3(c)(10)-3
Review Alliance, an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. In 2020, we added Virtual Compliance Officer - a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701 or email info@bankersalliance.org and ask for our Membership Team.
For timely compliance updates and resources, subscribe to Compliance Alliance’s email newsletters.
