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InfoSight Highlight: Record Retention
Friday, May 5, 2017 7:00 AM

What are management's and the board of directors' roles for a record retention program?
Management and the board of directors must establish written policies and procedures for the development and maintenance of a record retention program. The documentation provides proof that credit unions are in compliance with the laws and rules regulating record retention, and the maintenance enables credit unions to adapt to changed circumstances and new technological advances.

In developing a vital records preservation program, the board of directors' written policies must include the following:

  • Specific guidelines and a schedule for the retention/destruction of records;
  • Classification of records (from inconsequential to vital); 
  • A schedule for the storage and destruction of records; and
  • A records preservation log detailing for each record stored, its name, storage location, storage date, and name of the person sending the record for storage.

It is recommended that credit unions include in these procedures a method for using duplicate records to restore vital member services in the event of a catastrophic act. Credit unions that have some or all of their records maintained by an off-site data processor are considered in compliance for storage if the service agreement specifies the data processor safeguards against the simultaneous destruction of production and back-up information.