Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Regulator CUs should keep paper copies of loan docs
OLYMPIA, Wash. (10/21/09)--Credit unions may want to keep paper copies of an original note, deed or loan agreement in addition to an electronic copy in case a document is needed for litigation, said the Washington State Department of Financial Institutions (DFI). Many credit unions have adopted electronic record storage systems, consistent with some state and federal laws, such as the federal Electronic Signatures in Global and National Commerce Act of 2000, which provides that a signature, contract or other record may not be denied legal effect because it was signed electronically. However, the laws do not resolve all legal or practical issues necessary to make sure the records comply with requirements. Therefore, credit unions should design and operate their electronic record systems to serve:
* Potential use in litigation support; * Internal and external audits and controls; and * Compliance with regulatory requirements.
Credit unions adopting electronic record systems should address the risks of inadequate record retention. Failing to maintain adequate record retention systems can create risk, the DFI said. For more information, use the link.
Other Resources

RSS





print
News Now LiveWire
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
48 minutes ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
52 minutes ago
#Jobless claims duck under 300K for 3rd straight week #Market #Economy http://t.co/jOsZWf9HNJ
57 minutes ago
62% worry about financial stability: @CUNAMutualGroup study http://t.co/5jCM1I1hnA
2 hours ago
.@nytimes reports Sen. Harry Reid, Senate Democratic leader since 2005, will not seek re-election next year,
3 hours ago