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NCUA RIN: 3133-AF42 Publication ID: Fall 2024 
Title: Succession Planning 
Abstract:

In February 2022, the NCUA Board published a proposed rule that would require that federal credit union boards of directors establish and adhere to processes for succession planning. The succession plans would help to ensure that the credit unions have 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 credit union's succession plan. After reviewing the comments, the NCUA Board published a second proposed rule in July 2024 that extends the proposed requirements to all consumer federally insured credit unions and offers additional details and guidance for small credit unions, including an optional succession planning template. 

 
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    12 CFR 741   
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. 1781 to 1790    15 U.S.C. 3717    15 U.S.C. 1601 et seq.    42 U.S.C. 1981    31 U.S.C. 3717    42 U.S.C. 4311 to 4312   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  02/03/2022  87 FR 6078   
NPRM Comment Period End  04/04/2022 
Second NPRM  07/25/2024  89 FR 60329   
Second NPRM Comment Period End  09/23/2024 
Final Rule  12/00/2024 
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