From Legal Solutions Blog –
“Regulated financial companies, including those I follow (residential mortgage lenders) must keep records for government examinations and investigations. For mortgage companies, that means loan files and servicing records, but recordkeeping also applies to customer communications (e.g., complaints and resolutions), and communications with counterparties and vendors. Until recently, regulators didn’t focus on communication and recordkeeping technologies used by financial firms.
That changed this summer, when Senator Elizabeth Warren and the New York Department of Financial Services suspected big banks could evade oversight of communications passing through a messaging service of Symphony Communication Services. Symphony touted its platform’s “guaranteed data deletion” and end-to-end encryption. Warren and the NYDFS wanted to know if Symphony could help users circumvent compliance or make it harder for regulators to get messages. IMs have sometimes been used in enforcement actions and missing messages may suggest compliance or recordkeeping failures. (Deutsche Bank’s regulatory headaches following its discovery that some of its electronic chats weren’t archived were widely reported.)”
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