OCC: Technology Must Not Impede Regulator Access to Records

The OCC today reminded banks of their obligation to provide regulators full and unimpeded access to their books and records, and that use of technological features like encryption or data deletion to limit examiner access is inconsistent with the agency’s supervisory expectations.

The OCC pointed to new chat and messaging platforms that “guarantee” the deletion of transmitted messages as one example of these technologies, adding that the permanent deletion of internal communications conflicts with safety and soundness principles.

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About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.