The National Credit Union Administration Board recently convened for its third open meeting of 2024 and unanimously passed an advance notice of proposed rulemaking focused on enhancing the agency's records preservation program regulations. Chairman Todd M. Harper emphasized the importance of credit unions maintaining robust records preservation programs, stating, "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 of the NCUA's rules mandates federally insured credit unions to have a records preservation program in place to identify, store, and reconstruct vital records in case of destruction. The Board is now inviting feedback on potential updates to Part 749 to ensure that credit unions adequately preserve records crucial to their operations and the NCUA's supervisory requirements. Comments on the proposed rulemaking are welcome within 60 days of publication in the Federal Register.
The NCUA, established by the U.S. Congress, serves as an independent federal agency overseeing and supervising federal credit unions. Through the National Credit Union Share Insurance Fund, the NCUA provides deposit insurance to over 135 million account holders in federal credit unions and most state-chartered credit unions. Additionally, the NCUA focuses on consumer protection and financial literacy initiatives.
For media inquiries, please contact Joe Adamoli at JAdamoli@ncua.gov or 703.518.6572.