What is the general record retention period for Reg Z records?

The correct answer is that the general record retention period for Regulation Z records is two years. This regulation, enforced by the Consumer Financial Protection Bureau (CFPB), governs truth in lending practices and requires lenders to maintain certain records to ensure compliance with disclosure requirements. By retaining these records for at least two years, lenders can provide evidence of compliance if audited and ensure that consumers have access to the necessary information regarding their loans.

This retention period allows both lenders and consumers to reference important details about transactions and terms, helping to safeguard consumer interests and maintain the integrity of lending practices. Retaining records for this duration also facilitates any potential disputes or inquiries regarding lending practices or compliance issues that may arise after a transaction has taken place.