Feature Request: Mechanism that removes records after x days/months/years

Could you create a feature that removes records older than a certain amount of time automatically on a daily basis? Maybe those records could optional be exported to a file first and mailed to the administrator.
This helps complying to regulations that demands that storing personal information (i.e. names, e-mail addresses, ip addresses, phone numbers, etc. is only allowed for the duration of it’s purposes.