National Credit Union Administration August 2, 2007 – Federal Register Recent Federal Regulation Documents

Records Preservation Program and Appendices-Record Retention Guidelines; Catastrophic Act Preparedness Guidelines
Document Number: E7-14851
Type: Rule
Date: 2007-08-02
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing a final rule to amend its regulations regarding a federally-insured credit union's obligation to maintain a records preservation program. The final rule clarifies the meaning of catastrophic act and the requirements for preserving vital records. The agency also provides a new Appendix B that offers guidelines for developing a program to prepare for a catastrophic act. NCUA believes the revised rule 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.