TO: NCUA Board
FROM:
Amanda Parkhill
Deputy Director, Office of Examination and Insurance
DATE: March 28, 2024
SUBJ: Part 749 – Records Preservation Program Advance Notice of Proposed Rulemaking
ACTION REQUESTED: NCUA Board approval to issue for a 60-day comment period the attached advance notice of proposed rulemaking (ANPR) to solicit input on ways the agency can improve and update its records preservation program regulations and accompanying guidelines in Part 749 (Part 749) and other parts of the NCUA’s rules and regulations.
DATE ACTION REQUESTED: April 18, 2024.
OTHER OFFICES CONSULTED: Office of the General Counsel.
BUDGET IMPACT, IF ANY: None.
SUBMITTED TO INSPECTOR GENERAL FOR REVIEW: Yes.
RESPONSIBLE STAFF MEMBERS: Matt Huston, Policy Officer, Office of Examination and Insurance and Gira Bose, Senior Staff Attorney, Office of General Counsel.
SUMMARY: The attached ANPR solicits comments on ways the agency can improve and update its records preservation program regulations and accompanying guidelines in Part 749 and other parts of the NCUA’s rules and regulations. Part 749 has not been updated in 15 years. The ANPR seeks public input on the content and structure of Part 749. Public input is sought on whether the content of Part 749 should be updated, and if so how, given contemporary records retention needs, technologies, and best practices. Also, public input is requested on the structure of Part 749. In particular, the ANPR requests inputs on whether the current combination in Part 749 of regulatory text, which is legally binding, and guidance in the form of appendices, which is intended only as suggested aids, is confusing or can lead to misunderstanding of what is required and what is guidance.
RECOMMENDED ACTION: The NCUA Board approve the attached Part 749 ANPR for publication in the Federal Register for a 60-day comment period.
ATTACHMENT: Part 749 Advance Notice of Proposed Rulemaking.