Record Retention

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.

What are the NCUA Record Retention Requirements?
Part 749 of the NCUA Rules and Regulations requires all federally insured credit unions to maintain a records preservation program to identify, store and be able to reconstruct vital records in the event that the credit union's records are damaged or destroyed and includes recommendations for restoring vital member services. The regulation provides flexibility as far as the format credit unions may use for maintaining writings, records or information required by other NCUA regulations. Part 749 also provides an appendix, which provides guidance on the appropriate length of time credit unions should retain various types of operational records. For further details on NCUA record retention guidance, please see the Detailed Analysis of the Records Retention section.

How do these requirements affect credit unions?
Federally insured credit unions are required by law to maintain such programs. However, even without regulatory requirement, a records retention program would be imperative. Credit unions have a responsibility to be able to reconstruct their records in order to protect their assets as well as their member's funds in the event of a disaster such as fire, flood, storm or malicious destruction. This is only prudent and sound business practice.

What must credit unions do to comply?
A federally insured credit union is required to establish and maintain a vital records preservation program. The program must be in place, not later than 6 months, after the credit union is insured. The vital records preservation program must:

  • Be in writing and contain procedures for storing duplicate vital records at a vital records center;
  • Designate the staff member responsible for carrying out the vital records duties;
  • Provide a schedule for the storage and destruction of records; and
  • Contain 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.

Click here to view the topic, and to ensure your credit union is in compliance.


NCUA Adjusted Civil Monetary Penalty

Effective January 15, 2018, the NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. Click here to view the updated chart

Source: NCUA

New Withholding Tables Issued by IRS

The Department of the Treasury has announced that the IRS has sent new tax withholding guidance to employers to implement tax cuts and other provisions of the Tax Cuts and Jobs Act. Treasury encouraged employers to start using the new withholding tables as soon as possible, but no later than February 15, 2018. The IRS intends to release a new withholding calculator by the end of February, for employees to use to update their withholding information as needed. The IRS said the tables are designed to produce the correct amount of tax withholding, and to avoid over- and under-withholding of tax as much as possible.

Source: Department of Treasury


CUNA Launches ADA Website Accessibility Advocacy Page

As CUNA continues to push for solutions to credit unions facing legal threats on website accessibility under the Americans With Disabilities Act, it has launched an advocacy page outlining the current situation and steps CUNA is taking. On the page, you will find links to both Advocacy and Compliance resources on the ADA web accessibility issue, including:

  • CUNA's Removing Barriers Blog posts
  • CUNA's CompBlog posts
  • A link to CUNA's ADA e-Guide topic – be sure to check out the new frequently asked questions (PDF download) under "CUNA Tools & Training"
  • CUNA contact information for questions on the issue

Source CUNA Advocacy

CUNA Advocacy Update

The CUNA Advocacy Update is published at the beginning of every week and keeps you on top of the most important changes in Washington for credit unions--and what CUNA is doing to monitor, analyze, and influence government agencies and federal law. To receive this update, click on “Get CUNA Updates” on the CUNA Advocacy page.  Additional Advocacy efforts may also be found under CUNA’s Removing Barriers blog.  With the recent updates to CUNA’s website, Advocacy information has also changed.  To view recent advocacy issues and see ways your credit union can become involved, visit the Priorities or Actions pages.


We are happy to announce that our training webinars have been updated! We have created a video series with shorter segments to help our users get the most out of ComplySight! These video tutorials are available 24/7!

We have created seven new video tutorials ranging in length from 5 to 23 minutes:

  • ComplySight Overview and Set Up
  • Set Up and Manage Users
  • Assigning Compliance Reviews
  • Factor Grading
  • Automatic Action Items (AAI) and Manual Action Items (MAI)
  • Examiner/Audit Findings
  • Regulatory Alerts

To access the tutorials, log into ComplySight and click on the “Help” page, then choose “Video Tutorials.” We are also in the process of revising our User Guide, so be sure to keep an eye out for those changes too.  If you have any questions, please feel free to contact

ComplySight: 30-Day Free Trial!

If you’re interested in a “trial run” of ComplySight, League InfoSight is offering a free, 30-day trial so you can see the benefits first-hand. It's easy to get started. Just visit us online and click on Free Trial Offer.

Compliance eNEWSLETTER

January 19, 2018
Vol. 12, Issue 3

Created in partnership with the

Credit Union National Association

Compliance Outlook for Q4 2017

In this video, Glory LeDu provides a brief summary of the key changes of the new HMDA rules becoming effective in January. You won’t want to miss this important overview!

Just a reminder that Compliance videos since 2016 can be found on YouTube at the Compliance Connection channel, where they are generally updated quarterly.

January, 2018 February, 2018
  • February 19th, 2018: President's Day - Federal Holiday
March, 2018 April, 2018 May, 2018 July, 2018 September, 2018
  • September 3rd, 2018: Labor Day - Federal Holiday

NCUA webinar on Credit Union Diversity

The NCUA presented a webinar on November 2, titled “What, Why and How: Credit Union Diversity.” An archived recording of the webinar is available online. The webinar featured credit union board members and staff leaders from Municipal Credit Union, Brooklyn, New York, Self Help Credit Union, Durham, North Carolina, and North Side Community Federal Credit Union, Chicago, Illinois. The webinar also discussed how to use the NCUA’s Voluntary Credit Union Diversity Self-Assessment tool. This 28-question checklist is designed to support credit unions’ diversity efforts. All credit unions, but especially those with at least 100 employees, are encouraged to complete the checklist and submit it electronically to the NCUA’s Office of Minority and Women Inclusion by Dec. 30.

CUNA and CUNA Webinars

CUNA offers hundreds of online training events that make it easy for you to learn right at your desk. Whether you are looking for a beginner course or want a comprehensive understanding on a specific topic, CUNA webinars, audio conferences and eSchools have what you need. Click here for updates on compliance, operations, lending topics and more!

CFPB’S Amendments to the Mortgage Servicing Rules Webinar (Recorded)

Credit unions that service mortgage loans saw an increase in their servicing responsibilities in October 2017 and will see additional requirements take effect in April 2018. Click here to register for this recorded webinar.