OCC Guidance on Electronic Record Keeping

However, as discussed below, the general standards under the Act need further development and interpretation before they can be applied with assurance. Moreover, the Act does not resolve all legal or practical issues relating to electronic records to ensure that the records can fulfill their intended purposes and will comply with applicable regulatory requirements other than retention. For example, the Act does not ensure admissibility of electronic records in litigation. This is important because the practical effect of having electronic records that are not admissible into evidence in judicial proceedings may be to render the electronic contract or record effectively unenforceable.3

While banks are permitted under E-SIGN to satisfy record retention requirements with electronic record retention systems4 that comply with the Act, banks will need to carefully plan their implementation and operation of these electronic record retention systems to ensure they meet functional and regulatory requirements.