How long must records be kept to comply with disclosures in general?

The requirement for record-keeping in relation to disclosures generally follows the guidelines established by the Consumer Financial Protection Bureau (CFPB) under the Truth in Lending Act (TILA) and other applicable regulations. These regulations stipulate that certain records, including those related to loan disclosures, must be kept for a minimum of three years.

Maintaining records for this duration ensures transparency and accountability in lending practices, allowing for regulatory compliance checks and protecting consumer rights. Retaining documents for three years helps in the event of audits or investigations and serves as a safeguard for both lenders and consumers to verify that all disclosures were appropriately provided and that the terms of any agreements were met.