Question of the Week
Thu October 13, 2022
Question: We have some really old member agreements and applications for membership. Do we really have to preserve these permanently?
Answer: Per Record Retention guidelines set in 12 CFR 749 Appendix A, NCUA does require the retention of these records indefinitely.
www.law.cornell.edu/cfr/text/12/appendix-A_to_part_749
Fortunately, these records are not required to be retained in the original paper format. You may choose the format for these, as long as the records are retrievable, including electronic formats that are more office friendly.
