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Keep the Little Guy in Mind, Trades Say of Records Proposal

Comment letters that came into NCUA on its records preservation proposed regulation generally supported the rule change, but said some allowances should be made for smaller credit unions.

By Sarah Snell Cooke | Updated on May 29, 2007

ALEXANDRIA, Va. — Comment letters that came into NCUA on its records preservation proposed regulation generally supported the rule change, but said some allowances should be made for smaller credit unions.

“While the proposal retains language from the current rule providing flexibility to credit unions in terms of the format they chose for maintaining records, requiring updating of accounts on a daily basis for small non-automated credit unions may be problematic and we encourage the agency to reconsider the impact of this requirement on such institutions,” CUNA Deputy General Counsel Mary Dunn wrote in the group’s comment letter.

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