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Volume XVI No. 6 The New York State Credit Union League Jan.-Feb., 1973 See Bayt bode NCUA Final Regulation. Governing Records Preserva- tion Program Effective January 1, 1973 ( cs Fm WE WELCOME A eS OUR NEW —=- + MANAGING e, « js DIRECTOR RL £1 RONALD KG Coscild | COOPER. cemaonild Cooper was appointed Managing Director of the New York State Credit Union League, Enc., effective January 15, 1973. Don comes to New York with tventy 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. Realiziu.g 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, Ulinots, as its firse 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 niis-management. Afier this credit union was well on ils way to re- covery, and once again taking ils place as a mulu- million dollar credit union, Den accepted the chal- lenge 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, (Continued on page 3) 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 tour months after date of credit union’s share insur- ance 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 crediL 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 shal] also prepare and send duplicate vital recoyds to the VRC on a quarterly basis to be mailed by the 80th day of the following montl. 4. Duplicates of the folowing vital records must be stored; a. A listing of member’s share and/or deposit and loan balances. b. Member’s account number. ce A finance and statistical report as of the record date. d. Credit unions using EDP which maintains ils members’ share and/or deposit and loan ledgers on a dala processing system shall be deemed to have met the requirements of this {Continued on page 6) DB Cooper-14637