Section 36a-40-4 - Connecticut credit unions(a)Administrative - Retention Schedule(1) Minutes of members' meetings, minutes of governing board and various committees - Permanent(2) Supervisory committee comprehensive annual audit reports and attachments including CPA audits - 7 years(3) Supervisory committee records of 100% verification of members' accounts - 7 years(4) Charter or certificate of organization, license, by-laws and amendments - Permanent(5) General ledger - 25 years(6) Journal and cash ledger and records - 25 years(7) Subsidiary expense ledger - 25 years(8) Journal vouchers (not otherwise specified in this section) - 7 years(9) Documents pertaining to currently held real estate - Permanent(10) Regulations, orders and other correspondence from the Commissioner of Banking - Permanent(11) Monthly financial and statistical reports and schedule of delinquent loans - 2 years(12) Paid bills and invoices - 7 years(13) Dividend work sheets and payment records - 7 years(14) Interest refund payment records - 7 years(15) Trial balance of general ledger accounts - 7 years(16) Any records of transactions which are the subject of litigation - Permanent(17) Surety bonds - Current plus 6 years(18) Other insurance not specified in this section - Current plus 2 years(19) Leases, agreements and contracts - 7 years after expiration(20) All legal rulings - 7 years after expiration of resulting action(21) All federal and state tax records not otherwise required by this section - 7 years(22) Power of attorney - 7 years after account is closed(23) Copies of each annual financial and statistical report (Dec. 31 before and after closing) and year end schedule of delinquent loans including all reports filed with the Commissioner of Banking - Permanent(24) Authorization to pay various insurance premiums for members (open accounts) - Permanent(b)Cash - Retention Schedule(1) Bank account reconcilement and bank statement - 2 years(2) Cash received vouchers and tellers' proof sheets and summaries - 7 years(3) Documents, in effect, authorizing permanent change fund - Permanent(4) Signed disbursement vouchers or loan disbursement vouchers - 7 years(5) Voided and cancelled checks and money orders - 7 years(6) Deposit slips/or copies thereof (checking accounts) - 7 years(7) Records or wire transfers (deposits and withdrawals) - 7 years(8) Records of investments (deposits and withdrawals) - 7 years(9) Savings passbooks (including investments of all kinds) (A) Closed accounts - 7 years(B) Open accounts - Permanent(c)Loans - Retention Schedule(1) Security agreements and other documents for repossessed collateral - 7 years after disposal of collateral(2) Loan applications, appraisals, credit reports, financial statements and all other pertinent loan information(A) For loans which are made - 25 months after loan paid(B) For loan applications which have been denied - 25 months after notice of adverse action(3) All documents evidencing compliance with Truth in Lending - 2 years after date disclosures are required to be made or action is required to be taken(4) Mortgage Loans(A) Borrowing resolutions - 7 years after loan is paid(B) Assigned leases and agreements - 7 years after expiration(C) Notes, deeds and releases - To borrower after loan is paid(D) Loan applications, appraisals, credit reports, financial statements, and all other pertinent loan information - 25 months after loan is paid(5) Collateral receipts (customer) - 7 years after loan is paid(6) Pledge agreements including letters of hypothecation - 7 years after loan is paid(7) Foreclosed real estate documents - 7 years after property is sold(8) Individual loan ledger - 7 years after loan is transferred or paid(9) Loan officer's report - 7 years(10) Loan transfer summaries - 7 years(11) Monthly proof tapes of loan ledger - 7 years(12) Borrower's protection insurance records - 7 years(d)Customer Services - Retention Schedule(1) Safe deposit and safekeeping records(A) Safe deposit contract cards - 7 years after expiration(B) Safe deposit access cards and slips - 7 years(C) Safekeeping records after surrender of item - 7 years(D) Rent and storage payment receipts - 2 years(E) Records relating to contents of drilled boxes - 3 years after escheat or other disposition(F) Cancelled signature cards - 2 years after expiration(2) Special services(A) Travelers check applications - 2 years(B) Travelers check control and inventory records - 2 years(C) Savings Bond applications - 4 months(D) State Revenue Services Commissioner report of death of joint depositor -7 years(E) Food stamp reports and controls - 1 year(F) All lottery records/advices - 1 year(G) Authorization (transfer of funds) - 7 years(H) Security camera film (processed and unprocessed) and video surveillance system videocassettes, videotape or other output media - 6 months(I) Unless a longer time is required by this section, a record of each advice, request or instruction given or received by a Connecticut credit union which results in the transfer of more than $10,000 of funds, currency, checks, travelers checks, money orders, investment securities or credit to any person, account or place outside the United States - 5 years(J) Unless a longer time is required by this section, a record of and each document representing a transfer of more than $10,000 of funds, currency, checks, travelers checks, money orders, investment securities or credit to or from any person, account or place outside the United States - 5 years(K) Unless a longer time is required by this section, each money order or registered check for more than $100 - 5 years(e)Shares and Deposits - Retention Schedule(1) Individual share ledger - 25 years(2) Signature cards and applications for membership(A) Closed accounts - 7 years(B) Open accounts - Permanent(3) Applications and agreements for share accounts in trust (A) Closed accounts - 7 years(B) Open accounts - Permanent(4) Paid share drafts or copies thereof - 7 years(5) Payroll deduction records (applied to shares) - 7 years(6) Authorizations to apply shares to loans - 7 years(7) Authorizations for payroll deductions (A) Closed accounts - 7 years(B) Open accounts - Permanent(8) Monthly proof tapes of share ledger - 7 years(9) Correspondence pertaining to escheating of accounts - 3 years after remittance to State Treasurer(10) Life savings insurance records - 7 years(11) Records pertaining to share insurance (NCUA) - 7 years(12) Vouchers pertaining to withdrawals from members' accounts - 7 years(13) Individual cash receipts, vouchers and summaries (members' accounts) - 7 years(14) Unless a longer time is required by this section, records sufficient to reconstruct a share draft account and either to trace a share draft deposited in a share draft account through a Connecticut credit union's processing system or to describe a share draft deposited in a share draft account - 2 years(15) Official checks, money orders and share drafts(A) Registered and money order checks - 7 years after date paid(B) Registered and money order check register - 7 years(C) Guaranteed share drafts - 7 years after date paid(D) Guaranteed share draft register - 7 years(f)Personnel and Pension Records - Retention Schedule(1) Employee list - Permanent(2) Applications (not hired) - 2 years(3) Attendance records - 2 years(4) Employee history records - 2 years after termination(5) Employee insurance benefit record - 2 years after termination(6) Payroll register - 7 years(7) All employee federal and state tax returns - 7 years(8) Employee payroll deduction plans - 2 years(9) Pension option forms and pension plan - life of option plus 7 years(10) Form W-4 Employee's Withholding Exemption Certificate - 7 years(11) Individual employee earnings record - 7 years(g)Tax Records - Retention Schedule(1) Form 941 - Employer's Quarterly Federal Tax return - 7 years(2) Form W-2 - Wage and Tax Statement - 7 years(3) Form W-3 - Reconciliation of Income Tax Withheld from Wages - 7 years(4) Records evidencing withholding and remitting of City Income Tax - 7 years(5) Form 1099 - U.S. Information Return (reporting income paid as described on the form, except dividends paid to members) - 7 years(6) Unemployment Tax records Form 940 - Employer's Annual Federal Unemployment Tax Return - 7 years(7) Form UC 2-5A (Combination Form) Employer's Quarterly Contribution Report (State) - 7 years(8) Income and property tax returns - 25 years(9) Form 1096 - U.S. Information Return (summary report of Form 1099) - 7 yearsConn. Agencies Regs. § 36a-40-4
Effective June 29, 1994; ; Amended January 30, 1996