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NCUA | RIN: 3133-AF42 | Publication ID: Fall 2022 |
Title: Succession Planning | |
Abstract:
The NCUA Board (Board) previously issued a proposed rule that would require that Federal Credit Union (FCU) boards of directors establish and adhere to processes for succession planning. The succession plans will help to ensure that the credit union has plans to fill key positions, such as officers of the board, management officials, executive committee members, supervisory committee members, and (where provided for in the bylaws) the members of the credit committee to provide continuity of operations. In addition, the proposed rule would require directors to be knowledgeable about the FCU’s succession plan. Although the proposed rule would apply only to FCUs, the Board’s purpose is to encourage and strengthen succession planning for all credit unions. The proposed rule would provide FCUs with broad discretion in implementing the proposed regulatory requirements to minimize any burden. The Board will review the comments and consider final action. |
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Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 701 | |
Legal Authority: 12 U.S.C. 1752(5) 12 U.S.C. 1755 to 1759 12 U.S.C. 1761a to 1761b 12 U.S.C. 1766 to 1767 12 U.S.C. 1782 12 U.S.C. 1784 to 1787 12 U.S.C. 1789 15 U.S.C. 3717 15 U.S.C. 1601 et seq. 42 U.S.C. 1981 42 U.S.C. 4311 to 4312 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.ncua.gov/regulation-supervision/rulemakings-proposals-comment | |
RIN Data Printed in the FR: No | |
Agency Contact: Ariel Pereira Senior Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 548-2778 Fax:703 518-6569 Email: apereira@ncua.gov |