PRESERVATION OF RECORDS.

SEC. 723. PRESERVATION OF RECORDS.(a) Insured Depository Institutions.—Section 10(f) of the Federal Deposit Insurance Act (12 U.S.C. 1820(f)) is amended to read as follows:“(f) Preservation of Agency Records.—“(1) In general.—A Federal banking agency may cause any and all records, papers, or documents kept by the agency or in the possession or custody of the agency to be—“(A) photographed or microphotographed or otherwise reproduced upon film; or“(B) preserved in any electronic medium or format which is capable of—“(i) being read or scanned by computer; and“(ii) being reproduced from such electronic medium or format by printing any other form of reproduction of electronically stored data.“(2) Treatment as original records.—Any photographs, microphotographs, or photographic film or copies thereof described in paragraph (1)(A) or reproduction of electronically stored data described in paragraph (1)(B) shall be deemed to be an original record for all purposes, including introduction in evidence in all State and Federal courts or administrative agencies, and shall be admissible to prove any act, transaction, occurrence, or event therein recorded.“(3) Authority of the federal banking agencies.—Any photographs, microphotographs, or photographic film or copies thereof described in paragraph (1)(A) or reproduction of electronically stored data described in paragraph (1)(B) shall be preserved in such manner as the Federal banking agency shall prescribe, and the original records, papers, or documents may be destroyed or otherwise disposed of as the Federal banking agency may direct.”.(b) Insured Credit Unions.—Section 206(s) of the Federal Credit Union Act (12 U.S.C. 1786(s)) is amended by adding at the end the following:“(9) Preservation of records.—“(A) In general.—The Board may cause any and all records, papers, or documents kept by the Administration or in the possession or custody of the Administration to be—“(i) photographed or microphotographed or otherwise reproduced upon film; or“(ii) preserved in any electronic medium or format which is capable of—“(I) being read or scanned by computer; and“(II) being reproduced from such electronic medium or format by printing or any other form of reproduction of electronically stored data.“(B) Treatment as original records.—Any photographs, micrographs, or photographic film or copies thereof described in subparagraph (A)(i) or reproduction of electronically stored data described in subparagraph (A)(ii) 120 STAT. 2001 shall be deemed to be an original record for all purposes, including introduction in evidence in all State and Federal courts or administrative agencies, and shall be admissible to prove any act, transaction, occurrence, or event therein recorded.“(C) Authority of the administration.—Any photographs, microphotographs, or photographic film or copies thereof described in subparagraph (A)(i) or reproduction of electronically stored data described in subparagraph (A)(ii) shall be preserved in such manner as the Administration shall prescribe, and the original records, papers, or documents may be destroyed or otherwise disposed of as the Administration may direct.”.