(a) Every banking organization shall maintain records of all applications which it has accepted. Such records shall be retained for at least 25 months after the date on which the banking organization notifies an applicant of the action taken on his application. Such records shall include, but need not be limited to:

1. (1) the application form and any written or recorded information used in evaluating the application and not returned to the applicant at the applicant's request; and
2. (2) a copy of the notification of action taken; in the case of adverse action, as defined in regulation B of the Board of Governors of the Federal Reserve System, a copy of the statement of specific reasons therefor (if this information was furnished orally, a notation or memorandum thereof); and any written statement by the applicant alleging a violation of the applicant's rights.