National Credit Union Administration March 27, 2007 – Federal Register Recent Federal Regulation Documents

Records Preservation Program and Appendices-Record Retention Guidelines; Catastrophic Act Preparedness Guidelines
Document Number: E7-5070
Type: Proposed Rule
Date: 2007-03-27
Agency: National Credit Union Administration, Agencies and Commissions
NCUA proposes to amend its regulations to address a federally- insured credit union's obligation to maintain a records preservation program. The proposed rule draws from existing guidance to clarify requirements for preserving vital records and to suggest important items for consideration in restoring vital member services. NCUA believes the revised language and new appendix will facilitate the recovery of essential operations after a catastrophic act resulting in continued member confidence in the credit union system. The agency also proposes to amend its regulations to clarify the meaning of catastrophic act.