What would happen if you were called upon to retrieve Credit Union data backups that were from 7 years ago? Would you be able to do it? If so, would they actually be readable and in a format that could be read? Credit union CIOs are faced with the challenge of retaining records to ensure the continued operations of a Credit Union should a crisis occur. But how long is long enough? We did the research for you and while its not definitive, it should give you just the start you need to customize the right strategy for your Credit Union.
For starters – let’s assume we’re talking about critical and/or sensitive data when we are talking about backups. Appendix A to Part 749 – Record Retention Guidelines was developed by NCUA as an aid to Credit Unions for record retention. NCUA recognizes that Credit Union CIO must strike a balance between the desire to retain all the records that may be needed and the demands of space and resource allocation.
So how long is long enough? Depends on the data, some records should be retained permanently! NCUA lists these as:
And everything else?
Unfortunately, there are no hard and fast retention timelines for most everything else. Since the destruction of records could impact a Credit Union’s legal standing, each CIO must take careful consideration on how and when said destruction takes place. Since each state can impose their own retention laws, NCUA strongly recommends a Credit Union consider consulting with local counsel when setting minimum retention periods.
eBOOK – Backup And Recovery Strategies
Once you’ve talked to your local counsel and understand your state’s requirements, reach out to OGO for assistance in applying the right technologies to ensure your goals are met!