On March 10, 2026, the NCUA announced its seventh round of proposed regulatory changes associated with its Deregulation Project. 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 following proposed changes are related to 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.
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.
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.
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.
Proposed Change 5: The Board proposes to make clear that a records preservation log may be in electronic format.
Proposed Change 6: The Board proposes to permit destruction of older versions of records unless required by other law or regulation.
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.
The proposed rule can be found here.