NCUA Board Approves Advance Notice of Proposed Rulemaking on Records Retention

The National Credit Union Administration Board held its third open meeting of 2024 and unanimously approved an advance notice of proposed rulemaking that solicits stakeholder comments on ways the agency can improve and update its records preservation program regulations and accompanying guidelines in Part 749 and other parts of the NCUA’s rules and regulations.

“It is important that federally insured credit unions maintain a robust records preservation program—a program whereby vital records can readily be reconstructed,” Chairman Todd M. Harper said. “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.”

Part 749 requires 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 Board is seeking comment on whether there is a need to update 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.

Comments on the advance notice of proposed rulemaking must be received no later than 60 days following publication in the Federal Register.

Additionally, during today’s NCUA Board Meeting, all board members addressed the need to assist small credit unions with regulatory burdens. One way to accomplish this is through updates, clarifications, and modernization of existing regulations.