NCUA Proposes Deregulation Changes to Records Preservation Program

NCUA Press Releases

Published March 10th, 2026

Detected March 12th, 2026

Summary

The National Credit Union Administration (NCUA) has proposed changes to its Records Preservation Program, aiming to clarify guidance and remove burdensome requirements. The proposals include removing appendices, defining key terms, and allowing electronic record formats, offering greater flexibility to credit unions.

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What changed

The National Credit Union Administration (NCUA) has issued a Notice of Proposed Rulemaking detailing the seventh round of deregulation proposals, specifically targeting 12 CFR 749, the Records Preservation Program. Key proposed changes include removing Appendices A and B to grant boards more discretion in record destruction and clarify guidance, defining "vital member services" and "vital records," clarifying the scope of the regulation to focus on vital records, permitting electronic formats for records preservation logs, allowing the destruction of older record versions, and emphasizing credit union oversight of third-party record custodians. These changes aim to reduce burdens and increase flexibility for credit unions.

Credit unions are encouraged to review these proposals and submit comments via the Federal Rulemaking Portal. The proposed changes are intended to provide greater clarity and flexibility in records management, potentially reducing compliance burdens. While specific compliance deadlines are not yet set, regulated entities should prepare to adapt their record-keeping practices once the final rule is published. The NCUA is seeking to ensure regulations are focused on safety, soundness, and resilience without imposing undue requirements.

What to do next

Review proposed changes to 12 CFR 749 regarding the Records Preservation Program.
Submit comments to the Federal Rulemaking Portal regarding the proposed changes.
Assess potential impacts of proposed definitions and flexibility in record destruction and electronic formats.

Source document (simplified)

NCUA Announces Seventh Round of Deregulation Proposals

March 2026 NCUA Announces Seventh Round of Deregulation Proposals

Stakeholders Are Encouraged to Review Notice of Proposed Rulemakings and Submit Comments

Alexandria, VA (March 10, 2026) – The National Credit Union Administration today announced the seventh round of proposed regulatory changes associated with NCUA’s Deregulation Project. The project is an ongoing review of NCUA’s regulations to ensure regulations are focused on credit unions’ safety, soundness, and resilience.

With today’s announcement, NCUA is requesting comments on one proposal that would clarify agency guidance or eliminate unduly burdensome or duplicative requirements in the Code of Federal Regulations.

The proposal includes:

Records Preservation Program and Appendices – Record Retention Guidelines; Catastrophic Act Preparedness Guidelines – 12 CFR 749

Proposed Change 1: The Board proposes to remove Appendix A.
- Impact on credit unions: Removing this section will give credit union boards of directors more discretion and flexibility to determine the process for records destruction.
Proposed Change 2: The Board proposes to remove Appendix B because it’s meant as guidance. Having guidance within the regulation leads to potential misinterpretation about what is required.
- Impact on credit unions: This change will provide clarity on what is required by regulation and what is meant to be guidance.
Proposed Change 3: Define vital member services and vital records. (749.1)
- The proposed rule provides definitions for the terms vital member services and vital records because the current rule only explains them through examples.
- Impact on credit unions: Providing these definitions will give credit unions a better understanding of what is considered vital in their records preservation programs.
Proposed Change 4: The Board proposes to add the term vital to the heading of 12 CFR 749 so that it will read: Vital Records Preservation Program. The Board also proposes adding the term vital to 749.0 to further clarify the scope of part 749, which is vital records.
- Impact on credit unions: This change will make it clear to credit unions that the scope of 12 CFR 749 is limited to vital records.
Proposed Change 5: The Board proposes to make clear that a records preservation log may be in electronic format.
- Impact on credit unions: This change will create more flexibility for credit unions to manage and store vital records.
Proposed Change 6: The Board proposes to permit destruction of older versions of records unless required by other law or regulation.
- Impact on credit unions: This change will allow credit unions to get rid of and no longer be responsible for unnecessary records.
Proposed Change 7: The Board proposes to state clearly the NCUA’s expectation that, if a credit union contracts with a third-party service provider to maintain its vital records, the credit union must maintain effective oversight of the third-party service provider to ensure the credit union meets its obligations under part 749.
- Impact on credit unions: This change would provide clarity about the meaning of the regulation in a way that makes the regulation less burdensome for credit unions.

| Proposed Regulation Change | Obsolete Regulations | Overly Burdensome Requirements | Duplicative | Guidance |
| --- | --- | --- | --- | --- |
| 12 CFR 749 Records Preservation Program and Appendices – Record Retention Guidelines; Catastrophic Act Preparedness Guidelines | ✔ | ✔ | | ✔ |
To submit comments, type or paste the docket numbers into the search on the Federal Rulemaking Portal.

For more information about the NCUA Deregulation Project, visit: https://ncua.gov/news/deregulation-project

The NCUA was created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the Share Insurance Fund, insuring the deposits of more than 145 million account holders in all federal credit unions and most state-chartered credit unions.

Last modified on

03/10/26