COCC In Deal To Properly Dispose Of Electronic Assets

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COCC, a provider of technology for community financial institutions, has reached an agreement with Green-Tech Assets, Inc. to dispose of retired electronic assets, such as personal computers and printers.

The new service helps protect financial institutions against legal and environmental claims made possible by recent banking and privacy legislation, the company said. The Graham-Leach-Bliley Act, HIPAA, and Sarbanes-Oxley Act require a verifiable paper trail that traces liability insurance, legal and insurance support, and transfer of ownership to the final discarding party. Without these items, a financial institution can be fined as much as $15,000 per incident and $25,000 per day until the situation is resolved.

Rhode Island-based Green-Tech Assets provides a comprehensive solution for "end-of-life" technology disposition to protect companies against legal and environmental dilemmas through a verifiable paper trail, transfer of ownership, liability insurance, and legal and insurance support.

In addition, Green-Tech protects any confidential data found on the PC and employs the Department of Defense processes to eliminate all traces of data prior to disposition. "All software is completely erased from the machine and the institution is indemnified against unlawful use of the software and unlawful transfer of licenses," the company said. "The institution also receives a detailed listing of all equipment received and disposed of, including certificates of destruction, disposal or recycling."

COCC will provide the Green-Tech PC disposal service to any financial institution within its nine-state market area. Green-Tech will coordinate the scheduling, transportation and disposition of assets based on the institution's requirements.

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