As it says in the Record Retention channel of InfoSight, “The purpose of record retention requirements and a record retention program is to provide a comprehensive and cost-effective way to promote effective member service by providing credit unions access to important member information. It also provides credit unions and their members protection in the event of damage or disaster, and ensures compliance with claims, litigation and/or IRS demands. State laws provide procedural guidelines, and federal laws mandate record retention time periods. Although neither the National Credit Union Administration (NCUA) nor the [State Authority for state chartered CUs] regulate record retention, both outline provisions related to the practice of retaining records.”

Be sure you are kept up-to-date with the information in the Record Retention channel today.