(a) Each bank shall retain its records in a manner consistent with prudent business practices and in accordance with this Act and applicable State or federal laws, rules, and regulations. The record retention system utilized must be able to accurately produce such records.
     (b) Except where a retention period is required by State or federal laws, rules, or regulations, a bank may destroy its records subject to the considerations set forth in subsection (a). In the destruction of records, the bank shall take reasonable precautions to ensure the confidentiality of information in the records. No liability shall accrue against the bank, the Commissioner, or this State for the destruction of records under the authority of this Section.