For how long must ECOA records be retained?

The correct duration for retaining ECOA (Equal Credit Opportunity Act) records is 25 months. This regulation requires lenders and creditors to maintain certain documentation to ensure compliance with fair lending laws. Keeping these records for 25 months allows for adequate review in the event of audits or investigations. This period is designed to facilitate adequate monitoring of lending practices and to ensure that any potential violations can be appropriately addressed.

In terms of context, while some shorter durations such as 6 months, 12 months, or 48 months might be applicable to other regulations, they do not meet the specific requirements established under ECOA. The 25-month period is set to balance the need for timely record keeping with the necessity for sufficient time to evaluate compliance with anti-discrimination provisions in lending.