On June 16, the NCUA issued a final rule revising credit union records preservation requirements for catastrophic acts under 12 C.F.R. part 749. The rule, effective July 16, finalizes a March proposal to streamline the NCUA’s vital records preservation program (covered by InfoBytes here), including by focusing part 749 on records needed to restore vital member services after a catastrophic event. The NCUA adopted the final rule largely as proposed but made two changes based on public comments.

First, multiple commenters stated that the existing records preservation log requirement was unnecessarily prescriptive. In response, the NCUA revised the rule to require a log that aids in locating and easily accessing vital records. Each credit union may determine the log’s contents and format, including electronic or other formats. Second, the NCUA declined to add language about consulting legal counsel when setting record retention periods, explaining that commenters warned such language could be interpreted as creating a requirement.