Credit union regulator seeks comments on how to improve, update records retention rules

Finding methods for improving and updating the records preservation program regulations and accompanying guidelines of the federal credit union regulator is the goal of an advance notice of proposed rulemaking (ANPR) issued Thursday by the agency’s board.

The National Credit Union Administration (NCUA) Board unanimously approved issuing the ANPR on records retention for a 60-day comment period. The proposal seeks input on whether there is a need to update the agency’s rules (part 749), and if so, what should be updated and how, “to ensure that credit unions properly preserve records vital to their business operations and the NCUA’s supervisory needs,” according to a release.

NCUA rules require all federally insured credit unions to maintain a records preservation program to identify, store, and reconstruct vital records in the event that a credit union’s records are destroyed, the NCUA said.

Agency board Chairman Todd Harper said, in the release, that maintaining vital records is central to a credit union’s ability to properly serve its members “and to the NCUA’s ability to fulfill its supervisory, enforcement, and liquidation functions.”

NCUA Board Approves Advance Notice of Proposed Rulemaking on Records Retention