41 THE NAFCU JOURNAL SEPTEMBER–OCTOBER 2022 A minimum number of required petition signatures; limitations on the scope of the term “books and records of account” [to only all financial documents]; the requirement that the petitioners state a proper purpose; specific confidentiality provision for information related to members and FCU employees; and the authority of the [NCUA] regional director to impose restrictions on the inspection and copying of records. NCUA included an added layer of security against inappropriate disclosure, prohibiting the release of any “books, records and minutes ‘the publication [of which] could cause the credit union predictable and substantial financial harm.’” The final rule does not present a uniformed definition of “substantial financial harm.” On the other hand, the final rule does present a non-exhaustive list of the types of information that would cause a “predictable and substantial financial harm” if released. This type of information includes: a credit union’s physical security plans, computer security plans, building schematics, and risk assessments. Finally, it should be noted that the limitation on a member’s access to only “nonconfidential” records, however, does not apply to NCUA examiners. NCUA has stated that examiners have access to all board meeting minutes and records, even those that are otherwise protected by attorney-client privilege. The level of access varies between a group of members petitioning for records and examiners scrutinizing the credit union. If there are any remaining questions regarding access to board minutes or other credit union records, please do not hesitate to reach out to the NAFCU Compliance team. Justin White is regulatory compliance counsel for NAFCU. Index to Advertisers Allied Solutions Website: alliedsolutions.net............................. C3 Gallagher Website: nafcu.org/gallagher............................. 7 Lendkey Website: lendkey.com/lend.............................. C4 MasterCard Website: mastercard.us.......................................31 Open Lending Website: openlending.com................................35 Pentegra Website: pentegra.com......................................... 4 Personetics Website: personetics.com.................................. 22 Q2 Website: q2.com................................................... C2 Securian Website: securian.com......................................... 17 TruStage Website: cunamutual.com/life........................... 12 Upstart Website: upstart.com/credit-unions............... 37
RkJQdWJsaXNoZXIy MTY1NDIzOQ==