1301:9-2-06 Preservation/retention of records.

Each credit union shall preserve its corporate records either as originals or by some other method in accordance with generally accepted accounting principles and with the following schedule.

(A) Records to be permanently maintained:

(1) Articles of incorporation with any amendments thereto;

(2) Code of regulations and amendments thereto;

(3) Minutes of the meetings of the board of directors;

(4) Minutes of the annual meeting of shareholders;

(5) Monthly financial statements;

(6) Litigation record; and

(7) Repossession record.

(B) Records to be maintained for six years:

(1) Minutes of all committees of the board of directors;

(2) Minutes of the meetings of the credit committee and supervisory audit committee; and

(3) Subsidiary loan and share ledgers.

(1) Disclosure records as required by federal truth-in-lending laws and regulations; and

(2) Proxies, cancelled checks, or other records as the superintendent may require.

(D) Every credit union shall, at a minimum, retain or preserve the following credit union records and supporting documents for the following periods of time:

(1) For one year:

(a) Broker’s confirmations, invoices, and statements relating to security transactions of the credit union with its customers, after the date of transaction;

(b) Corporate resolutions, partnership authorizations, and similar authorizations relating to closed accounts, loans that have been paid, or other completed transactions, after the date of closing, payment, or completion;

(d) Night depository records, after their date;

(e) Records relating to closed Christmas club or similar limited duration special purpose accounts, after the date of closing;

(f) Records relating to customer collection accounts, after the date of the transaction;

(g) Stop payment orders, after their date;

(h) All records relating to closed consumer credit loans and discounts, after date of closing;

(i) Deposit tickets relating to demand deposit accounts, after their date.

(2) For six years:

(a) Deposit and withdrawal tickets relating to open or closed savings accounts, after their date;

(b) Individual ledger sheets or other records serving the same purpose that show a zero balance and that relate to demand, time, or savings deposit accounts, and safekeeping accounts, after the date of last entry, or, where the ledger sheets or other records indicate an open balance, after the date of transfer of the amount of the balance to another ledger sheet or record;

(c) Official checks, drafts, money orders, and other instruments for the payment of money issued by the credit union and that have been canceled, after the date of issue;

(d) Records relating to closed escrow accounts, after the date of closing;

(e) Records, other than corporate resolutions, partnership authorizations, and similar authorizations relating to closed loans and discounts other than consumer credit loans and discounts, after the date of closing;

(f) Safe deposit access tickets and correspondence or documents relating to access, after their date;

(g) Lease or contract records relating to closed safe deposit accounts, after the date of closing;

(h) Signature cards relating to closed demand, savings, or time accounts, closed safe deposit accounts, and closed safekeeping accounts, after the date of closing;

(i) Undelivered statements for demand deposit, negotiable order of withdrawal, savings, agency, brokerage, or other accounts for which customer statements are prepared, and canceled checks or other items, after the date of statement, provided the credit union has attempted to send the statements and checks or other items to its customer, has held them pursuant to the instructions of or an agreement with its customer, or has made them available to its customer;

(j) The superintendent of financial institutions may designate a retention period of either one year or six years for any record maintained by a credit union but not listed in paragraph (D) of this rule. Records that are not listed in paragraph (D) of this rule and for which the superintendent has not designated a retention period shall be retained or preserved for six years from the date of completion of the transaction to which the record relates or, if the last entry has been transferred to a new record showing the continuation of a transaction not yet completed, from the date of the last entry.

(E) The requirements of paragraphs (D) and (E) of this rule may be complied with by the preservation of records in the manner prescribed in section 1109.68 of the Revised Code.

(F) A credit union may dispose of any records that have been retained or preserved for the period set forth in paragraphs (D) and (E) of this rule.

(G) Where a record may be classified under either paragraph (D)(1) or (D)(2) of this rule, the record shall be retained or preserved for the period set forth in paragraph (D)(2) of this rule.

Replaces: 1301:9-2-06

Effective: 07/01/2006

R.C. 119.032 review dates: 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.29

Prior Effective Dates: 9/1/79