NASCUS Issues Comments on NCUA’s Part 749 Record Retention and Preservation Rule

FOR IMMEDIATE RELEASE
June 25, 2024

NASCUS Issues Comments on NCUA’s Part 749 Record Retention and Preservation Rule

NASCUS has submitted a comment letter this week to the National Credit Union Administration (NCUA) outlining potential impacts and improvements to the Part 749 Record Retention and Preservation Rule.

In our comments, NASCUS encouraged the NCUA to provide clarification between Part 749 of its regulations and Appendix A of the regulation. Specifically, the definition of vital records and the items suggested for permanent retention within the appendices should be consistent to better assist credit unions in determining the NCUA’s expectations for permanent retention.

NASCUS also encouraged the NCUA to be mindful of state laws and regulations specific to credit unions and took the opportunity to recommend the agency reorganize its rules applicable to federally insured state-chartered credit unions.

“NASCUS encourages the Board to be mindful of state laws and regulations specific to state-chartered credit unions. Many states have their own statutory record retention requirements. Should NCUA make changes to Part 749 the Board should ensure that the rules and regulations do not usurp state law. Should issues or inconsistencies be identified during the examination of a federally insured state-chartered credit union (FISCU) by the NCUA, the NCUA should work directly with the appropriate state supervisory authority.”

NASCUS commends the NCUA Board for seeking stakeholder input on ways the agency can improve and update its current rules and regulations. We will continue to work with the NCUA and state supervisory authorities to support a safe and secure dual charter system.

Read the full comment letter here.