Savings Bonds, Among Other Things
A member called the Compliance Guy today with a recordkeeping question on savings bonds.Â Â I poked here.Â I poked around there.Â And I came across a gem.Â The Savings Bonds Resource Guide.Â Published electronically by the U.S. Treasury, this guide is a wonderful resource for any credit union that offers Savings Bond-related products and services.Â It is also wonderfully large.Â The electronic file is more than 24.1 MBs.Â You've been warned.
What was the question, you may ask?Â Well, our member wanted to know how long they must retain redeemed savings bonds.Â The answer, my friend, is not blowing in the wind.Â It is found on page 6-5 of the guide.Â
"You are authorized to microfilm or use similar copy imaging to duplicate the face and back of each bond you redeem. You are required to retain such records for at least one year."
NAFCU has published the following documents which you may find useful:
- 07-EF-12: NCUA: Member Inspection of Records.Â (NAFCU log-in needed.) This NAFCU Regulatory Final provides a wonderful overview of the new NCUA requirements concerning member access to credit union records.
- 07-EA-24: Treasury: Regulatory Structure for Financial Institutions. (NAFCU log-in needed.)Â This NAFCU Regulatory Alert provides a general overview of Treasury's request for comment on how financial institutions are regulated.Â Treasury wants to know, for example, whether your credit union thinks the current regulatory structure of separate functional regulators (NCUA, OTS, OCC, etc.) has led to inefficiencies.Â NAFCU members: please get your comments to NAFCU by November 1 so that we can include them in our comment letter.