808 KAR 3:020. Records retention schedule.


      RELATES TO: KRS 290.070, 12 C.F.R. 749


      NECESSITY, FUNCTION, AND CONFORMITY: KRS 290.070 requires the Office of Financial Institutions to prescribe rules and regulations for proper conduct and regulation of credit unions. This administrative regulation establishes the records retention schedule for all state chartered credit unions.


      Section 1. Definition. "Record" means any books of account or other books, journals, ledgers, statements, instruments, documents, files, messages, writings, or other internal or other data or other information made or received by a credit union in the regular course of its business or otherwise, regardless of the mode in which it is recorded.


      Section 2. Record Retention. (1) Except as provided in this administrative regulation, state-chartered credit unions shall comply with 12 C.F.R. Part 749.

      (2) A state-chartered credit union shall retain all records for at least twenty-four (24) months after the close of the fiscal or calendar year during which the record was generated.

      (3) All records shall be retained for a period of time that is consistent with the reasonable business practices for a financial institution.

      (4) All records shall be retained for a period of time that is consistent with state and federal laws or regulations.

      (5) Records required to be retained may be maintained in retrievable electronic format.


      Section 3. Examination. All records required to be maintained under this administrative regulation or applicable state or federal law shall be readily available within a reasonable time period upon request by the executive director for examination, investigation, or other authorized purposes. (1 Ky.R. 1269; eff. 7-2-75; Am. 17 Ky.R. 1572; eff. 12-9-90; 32 Ky.R. 1480; 1891; eff. 5-5-2006.)