NCUA Accepting Comments on Proposed Succession Planning Rule

The NCUA is accepting comments on a proposed rule related to succession planning at federally insured credit unions.

The NCUA Board approved a revised proposed rule that requires boards of directors at federally insured credit unions to implement and regularly review written succession plans for key positions. Additionally, each board of directors would be required to review the succession plan in accordance with a schedule it establishes, but no less than annually. The plan would be required to address the credit union's strategy for recruiting candidates and promote the credit union's safe and sound operation.

The Board emphasizes the importance of such planning for institutions of all sizes and has provided a template to assist smaller credit unions.

Comments on the proposed rule must be received no later than September 23. For more information, visit Regulations.gov.