Resources available as final record retention rule to take effect

In advance of NCUA’s final rule updating the vital records preservation program taking effect, America’s Credit Unions has analysis available via a Final Rule Summary and Compliance Blog post. NCUA finalized the rule in June, removing Appendices A and B from Part 749, updating certain definitions, and removing unnecessary references to recommendations and guidance.

The Final Rule Summary details the rule’s impact to credit unions, key specifics, and a section-by-section analysis.

Questions on records retention are among the most common sent to the Compliance team. While the final rule provides additional flexibility, the Compliance Blog post notes that it doesn’t contain many specifics on what a records preservation program should look like.  It also examines the background of record retention requirements, and the specifics on what the rule does change.

The final rule is effective July 16.