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ANPR Feedback on Potential Records Retention Rules Update

After a recess in March, the National Credit Union Administration (NCUA) Board reconvened for its April board meeting, which was relatively brief and lasted just over 33 minutes.

The primary agenda item was the approval of issuing an Advance Notice of Proposed Rulemaking (ANPR) concerning records retention. This proposal seeks feedback on potential updates to the agency’s rules (part 749), and it specifically addresses the need to ensure credit unions adequately preserve records crucial to their business operations and the NCUA’s supervisory requirements.

Under NCUA rules, all federally insured credit unions must maintain a records preservation program to identify, store, and reconstruct vital records in case of destruction.

NCUA Board Chair Todd Harper emphasized the importance of credit unions having robust records preservation programs, stating that such programs are essential for serving members effectively and for the NCUA to fulfill its supervisory, enforcement, and liquidation duties.

Comments on this Advance Notice of Proposed Rulemaking must be received no later than 60 days following publication in the Federal Register.

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