Credit Union Board Allows Electronic Records Retention

By Titus, Nancy Raiden | THE JOURNAL RECORD, March 23, 1994 | Go to article overview

Credit Union Board Allows Electronic Records Retention


Titus, Nancy Raiden, THE JOURNAL RECORD


Journal Record Staff Reporter

State-chartered credit unions were allowed to maintain electronic records on some items covered in a new record retention rule adopted Tuesday by the Oklahoma State Credit Union Board.

The board adopted four permanent rules at its regular monthly meeting, including one which specified the holding period required for a host of records.

After discussion from industry leaders, the board amended the rule to allow for electronic records for the entire time requirement rather than requiring hard copy for two years on most items.

Credit union representatives said many of the records are created and stored electronically and so hard copies are not routinely made.

"Some of our records are stored on optical disk, such as online credit applications," said Daniel P. Stake, general counsel for Tinker Credit Union. "We only generate a paper copy if someone specifically wants it. To create a paper copy to store for two years only to destroy it after that time doesn't make sense."

Tinker Credit Union, the largest in the state and one of the largest in the country, has moved to convert from a state charter to a national charter. If that action is completed as planned, the new rule would not affect it. Bank Commissioner Mick Thompson was careful to make that point before the board discussed any changes to the proposal.

The Oklahoma Credit Union League Affiliates also urged the board to set up a joint task force to provide definitions for some of the records specified in the new rule. No action was taken on that score, though Paul Foster, legal counsel to the board, said the rule could be amended later to address those issues.

The board also adopted rules governing reporting requirements for changes in executive officers and directors, descriptions of employees or volunteers unfit for credit unions to employ or elect and prohibitions against certain acts affecting safety and soundness.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Credit Union Board Allows Electronic Records Retention
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.