14
Wisconsin Community Banker
March/April 2014
Governor Signs Bank Records Retention Bill
The State Senate and Assembly
passed the CBW-supported Senate Bill
SB-520 (AB-649), which streamlines
the bank record retention require-
ments for state chartered banks, sav-
ings banks, and
savings and loan
associations. Gover-
nor Walker signed
the bill on April 16
(Act 277).
Act 277 will pro-
vide state-chartered
financial institutions increased flexibil-
ity with bank record retention require-
ments by eliminating the current
schedule of documents in DFK Bkg 9,
Retention of Books and Records. CBW
worked with sponsors Sen. Frank Lasee
and Rep. David Craig, as well as other
lawmakers, on the adopted records
retention language. As proposed in
SB-520, the bank records retention lan-
guage will read as follows:
Each bank shall retain its records
in a manner consistent with pru-
dent 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.
Banks are in the best position to
determine the appropriate records
retention period based on their own
risk assessment. And, these record
retention updates will help reduce
regulatory burden on Wisconsin’s state
chartered financial institutions.
Lead sponsor of SB 520, Senator
Frank Lasee stated:
SB 520 (Act 277) gives banks the
flexibility to implement records
retention policies that utilize elec-
tronic imaging and other current
technologies, ultimately making
the process more efficient.
Lead sponsor of AB 649 (Act 277),
Rep. David Craig, concurred:
With changes in technology mak-
ing it easy to transfer a warehouse
full of files into a single laptop, it
became apparent to me that our
state’s regulations were not keep-
ing up with modern advances in
technology. This simple change
will allow banks to manage their
records retention policies in a
manner that fits their business
model rather than tying them
down with bureaucratic require-
ments created decades ago.
Thanks to the efforts of Rep. Craig,
Sen. Lasee, and many other lawmak-
ers, public officials, and community
bankers, this legislation promises to
lessen the regulatory burden of state-
chartered financial institutions.
Brewers Partner
WAUWATOSA—WaterStone Bank and
the Milwaukee Brewers Community
Foundation will each donate to the
Sojourner Family Peace Center for every
strikeout recorded by a Brewers pitcher
at Miller Park during the 2014 season.
The bank is the new corporate partner
for an in-stadium promotion called
“WaterStone Bank’s K’s for a Cause.”
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Rep. David Craig
