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Can you summarize 12 CFR Part 749?
REGULATIONS AFFECTING CREDIT UNIONS > RECORDS PRESERVATION PROGRAM AND APPENDICES - RECORD RETENTION GUIDELINES; CATASTROPHIC ACT PREPAREDNESS GUIDELINES
Short Summary
The provided legal document content pertains to the records preservation program and record retention guidelines for federally insured credit unions. The regulation requires credit unions to establish a written records preservation program to identify, store, and reconstruct vital records in the event of record destruction. It also provides recommendations for restoring vital member services. Credit unions are required to have a written program that includes plans for safeguarding records and reconstructing vital records. The regulation allows flexibility in the format credit unions may use for maintaining writings, records, or information required by other NCUA regulations. Appendix A provides guidance on the appropriate length of time credit unions should retain various types of operational records, while Appendix B provides guidance for developing a program to respond to a catastrophic act and ensure the availability of duplicate vital records for the restoration of vital member services. The document emphasizes the importance of preserving vital member services and vital records, which include a list of member account balances, financial reports, account information at financial institutions, insurance policies, and emergency contact information. The document was issued by the National Credit Union Administration and provides guidelines for record retention and catastrophic act preparedness. It requires credit unions to establish a vital records preservation program within 6 months of receiving their insurance certificate. The program must include procedures for maintaining duplicate vital records at a vital records center, designate staff responsible for preservation, establish a schedule for storage and destruction of records, and maintain a records preservation log. Credit unions that have their records maintained by an off-site data processor are considered compliant if the service agreement specifies safeguards against simultaneous destruction of production and back-up information. The document was last updated on August 2, 2007. It defines a vital records center as a storage facility, which may include another federally insured credit union, located far enough from the credit union’s offices to avoid simultaneous loss of both sets of records in the event of a catastrophic act. The credit union must maintain or contract with a third party to maintain any necessary equipment or software for the vital records center. The format of preserved records may vary as long as it accurately reflects the information, remains accessible, and can be reproduced. NCUA regulations allow credit unions to use any format that accurately reflects the information in the record and is accessible to all entitled persons. The credit union must also maintain the necessary equipment or software to permit an examiner to access the records during the examination process.
Whom does it apply to?
Federally insured credit unions
What does it govern?
Records preservation program, record retention guidelines, catastrophic act preparedness guidelines
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government