(a) A credit union shall keep the books and records that the Commissioner requires to determine compliance with this title.
(b) Unless a longer period is expressly required by State or federal law, a credit union shall retain the books and records required under subsection (a) of this section for a period of at least 5 years.
(c) A credit union may retain the books and records required under subsection (a) of this section at any location, provided that the credit union:
(1) Notifies the Commissioner in writing of the location of the books and records; and
(2) Makes the books and records available at the credit union’s principal place of business, as agreed by the Commissioner and the credit union, within 7 days of a written request for examination by the Commissioner.
(d) A credit union shall retain the books and records required under subsection (a) of this section in one of the following ways:
(1) Original form;
(2) An electronic equivalent approved by the Commissioner; or
(3) A microphotographic copy approved by the Commissioner.