Comments on the NCUA Board's revised succession planning rule are due by September 23. The NCUA Board approved by a vote of 2-1 a proposed rule at its July Board meeting that requires boards of directors at federally insured credit unions to establish and adhere to processes for succession planning. This new proposed rule modifies the 2022 proposal based on the public comments received and upon further consideration of the issues.
The NCUA Board encourages all credit unions, regardless of asset size, to have a succession plan to fill key positions and ensure continuity of their operations. These succession plans should be consistent with the size and complexity of the credit union.
Comments on NCUA's Revised Succession Planning Rule Due Sept. 23
Comments on the NCUA Board's revised succession planning rule are due by September 23. The NCUA Board approved by a vote of 2-1 a proposed rule at its July Board meeting that requires boards of directors at federally insured credit unions to establish and adhere to processes for succession planning. This new proposed rule modifies the 2022 proposal based on the public comments received and upon further consideration of the issues.
The NCUA Board encourages all credit unions, regardless of asset size, to have a succession plan to fill key positions and ensure continuity of their operations. These succession plans should be consistent with the size and complexity of the credit union.