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421 S-165 BOARD OF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM WASHINGTON A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO THE BOARD ******** June 20, 1939. Dear Sir: In the Board's letter of March 15, 1937, X-9841, you were advised that the Board did not feel it would be warranted in asking for Congressional authority to destroy records accumulated by the Federal Reserve agents in the performance of certain nonstatutory functions for the full period from the date of the organization of the Federal Reserve banks to the date of the transfer of the nonstatutory duties of the agents to the banks until after a lapse of a reasonable period of time following the transfer. It appears to the Board that sufficient time has now elapsed to warrant its making such request but it does not feel that authority should be requested at this time to destroy any bank examination reports. While authority will be requested to destroy other records from the date of the organization of the Federal Reserve banks to the date of the transfer of the nonstatutory duties of the agents to the banks, no records should, of course, be destroyed until after they have been held for the minimum retention period recommended in the report, dated June 11, 1936, of the Committee on the Destruction of Records maintained by the Federal Reserve banks nor until their destruction has been authorized by the Board. The minimum retention periods recommended in the Committee's report, in so far as they relate to the nonpermanent records accumulated by the Federal Reserve agents in performing nonstatutory duties, are shown in the attached statement (Exhibit I). As mentioned in the Board's letter X-9841, Congressional approval need not be obtained for the destruction of books, periodicals, newspapers, etc., that have been printed by others for general distribution, or for the destruction of surplus copies of like material printed at your bank for general distribution. It is also unnecessary to obtain Congressional approval for the destruction of auditing records, as such records are accumulated by the Chairman of the Board of Directors, not the Federal Reserve agent. It is intended, however, to request authority at this time, as mentioned in the Board's letter X-9841, for the destruction of nonpermanent records accumulated in connection with Federal Reserve note issues, in accordance with the 3-165 . 422 -zretention schedule in the Committee's report which is shown in the attached statement (Exhibit 2). It is quite possible that, in addition to the records which were included, in the Committee's report, authority may be desired to destroy other records accumulated by the agents in performing both statutory and nonstatutory duties. For example, the Committee, as stated on page 5 of its report, made no recommendations with respect to statistical reports received from sources outside the System and it would appear desirable for each agent to have such reports reviewed at this time. It will be appreciated if you will furnish the Board with a list of any records not included in the Committee's report which are now recommended for destruction. The list of additional records recommended for destruction should show the title or description of the records, whether the material consists of "original" or "duplicate" copies, the period covered, the retention period recommended, and the approximate quantity of the records in linear feet. A sample of each item (preferably not a blank form), marked with an identification number, should accompany the list. It will not be necessary, however, to submit at this time samples of any items recommended for destruction in the Committee's report (see Exhibits 1 and 2) as such records are practically the same at all Reserve banks and it is our present intention to request one Federal Reserve Agent to submit a consolidated list, with samples, which will suffice for all agents. A similar procedure was recently followed in making a request for authority to destroy certain fiscal agency records (see Board's letter R-55-9 of December 14, 1938). After recommendations for the destruction of additional records and the consolidated list referred to above are received, the Board will request authority from the joint Congressional Committee through the Archivist of the United States for the destruction of such records of the Federal Reserve agents as it appears desirable to destroy. Very truly yours,, „ L. P. Bethea, Assistant Secretary. Enclosures TO ALL FEDERAL RESERVE AGENTS -- S—165—a 423 EXHIBIT 1 MINIMUM RETENTION PERIODS RECOMMENDED IN REPORT, DATED JUNE 11, 1936 OF COMMITTEE ON THE DESTRUCTION OF RECORDS MAINTAINED BY THE FEDERAL RESERVE BANKS FOR NONPERMANENT RECORDS* ACCUMULATED BY FEDERAL RESERVE AGENTS IN PERFORMING NONSTATUTORY DUTIES (Paragraph number is that shown in Committee's report) Schedule A of Committee's report Retain Form No. FRB 107" (2129) Member banks Report of Earnings and Dividends. 5 years FRB 105 (2130) Call report and affiliate forms. 5 years Inter-office communications regarding applications under the Clayton Act and Section 52 of Federal Reserve Act* FRB 220 A-B Report of affiliate or holding company of a member bank made in compliance with the requirements of the Banking Act of 1933. Until permit is no longer in effect or until records can serve no further useful purpose. 5 years Statistical Records Page 5 of Committee's report 10. Information assembled with respect to trade or commerce should be retained in original form for a minimum period of three years if such information is subsequently printed and so becomes permanently available in printed form, but if such information does not become a part of any printed record the original records should be retained for a minimum period of ten years. ^Except Bank Examination reports. . 424 -2- EXHIBIT 1 S-165-a (cont'd) Statistical Records (cont'd) Schedule B of Committee's report Form No. FRB B 804* FRB 209* FRB B 814* FRB B 801* Retain Work sheets and copy of text of Annual Report of Federal Reserve Agent to Federal Reserve Board • 2 years Federal Reserve Board's condition statement of weekly reporting member banks. 1 year Report of prevailing interest and discount rates. 1 year- Member bank's weekly condition report. 1 year Monthly review - copies of text sent to Federal Reserve Board. 1 year Daily Federal Reserve Board statement for the press .** 5 months Weekly Federal Reserve Board statement for the press. 6 months Monthly review mailing list requests. Until next revision *Mimeographed statement issued by Board of Governors and may be destroyed in discretion of each bank without Congressional authority - should not be included in consolidated list. **Form B-814 is entitled "Confidential daily summary" and is not for the press. 425 S-165-b EXHIBIT 2 MINIMUM RETENTION PERIODS RECOMMENDED IN REPORT, DATED JUNE 11, 1956 OF COMMITTEE ON THE DESTRUCTION OF RECORDS MAINTAINED BY THE FEDERAL RESERVE BANKS FOR NONPERMANENT RECORDS ACCUMULATED BY FEDERAL RESERVE AGENTS IN CONNECTION WITH FEDERAL RESERVE NOTE ISSUES (Paragraph number is that shown in Committee's report) Records in connection with F. R. Note Issues Page 5 of Committee's report 7. Inter-office communications regarding the issuance and retirement of Federal Reserve Notes should be kept for a minimum period of two years. Schedule A of Committee's report Form No. FRB 45 FRB 44 FRB 194 TREAS %528 2329 2350 2328A Retain Requisition to Federal Reserve Board for Federal Reserve Notes. 2 years Report to Federal Reserve Board of Federal Reserve Notes - received, issued to bank, returned to Comptroller and on hand by denomination and aggregate amount. 2 years Report to Federal Reserve Board of receipts ana issues of Federal Reserve Notes and amount of Federal Reserve Notes and gold certificates on hand. 2 years Advice to Comptroller of Currency of issue, return or reissue of Federal Reserve Notes and Bank Notes. 2 years ;550A Vault deposit and withdrawal tickets used in Federal Reserve Agent's Function in connection with currency transactions. 2 years except in case of segregated cash under seal, in which case the records should be kept until seal is broken and currency disposed of.
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