The IRS Form 1099-C instructions (for the form is used to report loan cancellations) state that “you must retain a copy of that form or be able to reconstruct the data for at least 4 years from the due date of the return.”

Otherwise, we are not aware of any Illinois regulations that directly address record retention for banks. While the Banking Act mandates the Commissioner of Banks to promulgate record retention rules, no such rules have been published. 205 ILCS 5/48.6.