Part 120, page 111

Transcript

The scan is the source; the transcript is machine-generated from it.

CU VIEWS Volume XVII No. 6 The New York State Credit Union League Jan.-Feb., 1973

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WE WELCOME OUR NEW MANAGING DIRECTOR DONALD K. COOPER

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NCUA Final Regulation Governing Records Preservation Program Effective January 1, 1973

Donald Cooper was appointed Managing Director of the New York State Credit Union League, Inc., effective January 15, 1973.

Don comes to New York with twenty years of consumer finance experience, nine and a half years of which were spent in the small loan and discount fields where he received his basic training.

Realizing that a greater service could be rendered through credit unions, he started his credit union career with the East Moline Works Credit Union, East Moline, Illinois, as its first full-time Loan Officer.

Don was appointed as Assistant General Manager of the State Capitol Credit Union, St. Paul, Minnesota, to assist in the reconstruction of one of the country's largest credit unions to be taken over by a regulatory body because of prior mis-management.

After this credit union was well on its way to recovery, and once again taking its place as a multi-million dollar credit union, Don accepted the challenge of League work in North Dakota where he spent three and a half years as Managing Director.

Just prior to his arrival on the New York scene, Don completed a one-year tour in Uganda, East Africa,

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The provisions of the new regulation are as follows:

1. The Treasurer of the credit union must develop and maintain a records preservation program (RPP) to include off-site storage for duplicate vital records at a place sufficiently removed from the location of the credit union. The responsibility for the RPP may be delegated to the person who manages the day-to-day operations of the credit union.

2. The RPP must be developed by May 1, 1973, or four months after date of credit union's share insurance certificate, whichever is later.

The initial set of duplicate records must be sent to the off-site Vital Records Center (VRC) by July 1, 1973, or six months after the effective date of the credit union's share insurance certificate, whichever is later.

3. Thereafter, credit unions using Electronic Data Processing (EDP) shall send duplicate records to the VRC on a quarterly basis and mailed no later than the 30th day of the following month.

Non-EDP credit unions shall also prepare and send duplicate vital records to the VRC on a quarterly basis to be mailed by the 30th day of the following month.

4. Duplicates of the following vital records must be stored: a. A listing of member's share and/or deposit and loan balances. b. Member's account number. c. A financial and statistical report as of the record date. d. Credit unions using EDP, which maintains its members' share and/or deposit and loan ledgers on a data processing system shall be deemed to have met the requirements of this

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DB COOPER-55115