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CUNA Regulatory Comment Call

February 16, 2001

EXECUTIVE SUMMARY

The NCUA Board voted to seek comments on a proposed rule clarifying that credit unions may preserve their records in electronic form, as authorized by the Electronic Signatures in Global and National Commerce Act. The appendix for the rule also adds record retention guidelines found in the NCUA Accounting Manual for Credit Unions. In addition, this proposal eliminates the requirement that a credit union's financial officer be responsible for storing vital records, and it permits a credit union's board of directors to designate another employee to serve that function. The proposal was published in the Federal Register on February 23, 2001 and comments are due April 24, 2001. Please submit your comments to CUNA by April 9, 2001.

Please feel free to fax your responses to CUNA at 202-371-8240; e-mail them to Associate General Counsel Mary Dunn at mdunn@cuna.com or to Assistant General Counsel Michelle Profit at mprofit@cuna.com; or mail them to Mary or Michelle c/o CUNA's Regulatory Advocacy Department, 805 15th Street, NW, Suite 300, Washington, DC 20005. For the current version of this proposal please press below. http://ncua.gov/RegulationsOpinionsLaws/proposed_regs/12CFRPart749-proposed.html

• Should CUNA support this proposal? Please explain.
  
  

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